06-14-2011, 03:57 PM
As far as the mater of income tax and bank balances are concerned here, they will be carried forward to the balance sheet of the company which acquired the running business. since the organization has been taken over by our entity, it is our asset, whereas, in case of sales tax it has not really defined rules in such circumstances that we are facing here "What to do with input Balance" Should Be claimed If Yes the rule says only Destroyed or Lost goods can be reclaimed or return in form of cash. on the other hand the amount of income tax recorded as asset can be claimed from FBR by presenting Taking over agreement. and the balance can be set off against the current tax provisions
