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Tax Exemption "Software Export"

 
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Tax Exemption "Software Export"
student_of_law
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#7
11-01-2011, 11:54 PM
Regarding costs and expenses, in calcuating your taxable income under normal regime, i.e. income from local sales, you will only deduct the expenses relating to income generated through local sales. How to apportion these expenses is discussed in detail FBR circular No.12 of 1991, link to that is pasted below

http//www.fbr.gov.pk/Docs/20101249124912621991cir12.pdf

Regarding how to mention sales, in a recent post at accountancy.com.pk one of the valued members has explained this. Link is pasted below;

http//www.accountancy.com.pk/forum/topic.asp?topic_id=26797

According to this post total sales, including FTR, is to be mentioned in Net Sales, while later FTR sales would be deducted by adding it to the columns of admissible deductions.

I don't know whether this method is backed by any SRO or practice etc. However, I would personally prefer, if it is not barred by law, that only sales relating to normal tax regime should be mentioned at page 1 as well as expenses relating to the same. While exports/ supplies falling under FTR should only be mentioned at page 2, of the return. (Provided such export is not exempt as in the case of export of software)


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Messages In This Thread
Tax Exemption "Software Export" - by Aikkhilari - 10-26-2011, 06:38 AM
[No subject] - by student_of_law - 10-28-2011, 06:53 PM
[No subject] - by Aikkhilari - 10-29-2011, 01:02 AM
[No subject] - by student_of_law - 10-29-2011, 04:03 PM
[No subject] - by Aikkhilari - 10-30-2011, 12:07 AM
[No subject] - by rehanjaved00 - 10-30-2011, 01:16 AM
[No subject] - by student_of_law - 11-01-2011, 11:54 PM
[No subject] - by rehanjaved00 - 11-03-2011, 03:45 AM
[No subject] - by student_of_law - 11-03-2011, 04:39 AM

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