03-30-2005, 03:54 PM
hi,
Thanx for ur advice, which was very helful for me in brain storming over this topic. but i think u r confusing the deduction of tax under Income tax Ordinance 2001 (ITO 2001) wiht the levy of Sales Tax.
You are right in a way, as the captal gain on the immoveable property dose not fall wihtin the jurisdiction of the Fedral Taxes.
Section 153 of the ITO 2001 requires the prescribed person to deduct the income tax from the 'sale of goods'. i think an example will depict the problem i m having more clearly
Prescribed person will have to deduct the tax from the payment it is making for the shopping at a mall or dinning at a restaurant, as this will be the sale of goods for that shopkeeper and the restaurant.
hope that will make my problem more understandable.
Regards,
Zahid
Thanx for ur advice, which was very helful for me in brain storming over this topic. but i think u r confusing the deduction of tax under Income tax Ordinance 2001 (ITO 2001) wiht the levy of Sales Tax.
You are right in a way, as the captal gain on the immoveable property dose not fall wihtin the jurisdiction of the Fedral Taxes.
Section 153 of the ITO 2001 requires the prescribed person to deduct the income tax from the 'sale of goods'. i think an example will depict the problem i m having more clearly
Prescribed person will have to deduct the tax from the payment it is making for the shopping at a mall or dinning at a restaurant, as this will be the sale of goods for that shopkeeper and the restaurant.
hope that will make my problem more understandable.
Regards,
Zahid
