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Tax on Rent
03-11-2016, 03:30 PM,
#1
Tax on Rent
While Data inserting in IRIS for the month of February 2016. I found tax rates on Rent on Property Section 155, automatically calculated 15% of any value. Whereas we are Pvt Ltd firm and we are deducting tax on individual Landlord.

I already check tax rates on FBR portal WHT Rates Card. Its already said for individual and AOP Exempted Tax 150,000 and exceeeding 150,000 to 1000,000 tax deduction with 10% and above from 1 million tax deduct 15% with plus 85000/-

and for deduction COmpany's Rent it would be 15%.

Then why IRIS deducting 15% on Rent amount whereas payments belong to individual not a company.

Please confirm me, am i right side or not ? Is that Iris mistakes ?


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03-11-2016, 03:56 PM,
#2
RE: Tax on Rent
Dear first you need to select correct payment section 155 instead 153(1)(b). IRIS is calculating 15% tax on service as all of them are non-filers and individuals.
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