09-29-2011, 07:20 PM
I know this topic might be repeated again but please this is important for me to clear everything as I am very young and these tax rules are very confusing for me. I will really appreciate if you can give references of statement from Tax Ordinance or any other legal book.
1) We are an AOP firm, who are unregistered but have a NTN and GST registration. We are registered as suppliers and whole sellers.
2) This is our first year of filling tax returns and according to our lawyer when we purchase goods from the market and it exceeds Rs 25000 than we have to deduct 3.5% Income tax from the payment regardless that the seller is registered(NTN) or not.
3) We have never deducted any taxes while purchasing good from unregistered sellers and have ALWAYS deducted tax while purchasing from registered sellers.
4) Our yearly turnover was around Rs 4.5m
5) Is there really any such regulation and if there is than what should we do with the taxes that we have not deducted before
Please help me with this matter, I would be grateful.
1) We are an AOP firm, who are unregistered but have a NTN and GST registration. We are registered as suppliers and whole sellers.
2) This is our first year of filling tax returns and according to our lawyer when we purchase goods from the market and it exceeds Rs 25000 than we have to deduct 3.5% Income tax from the payment regardless that the seller is registered(NTN) or not.
3) We have never deducted any taxes while purchasing good from unregistered sellers and have ALWAYS deducted tax while purchasing from registered sellers.
4) Our yearly turnover was around Rs 4.5m
5) Is there really any such regulation and if there is than what should we do with the taxes that we have not deducted before
Please help me with this matter, I would be grateful.
