WHT on Profit

[olympia]

If we received profit from bank on PLS A/C Bank deduct Withholding Tax on Profit @ 10%

Is this profit is adjustable in our income tax return?

[Information Consultant]

For companies adjstable in final tax liability
for individual final tax

[Marium Khan]

Consultant it comes under FTR na as profit on debt?

[Sarfaraz Khan]

BHAI individual ka bhi hota hai...hamare to sab employees ka ho ta hai..

[olympia]

so hum ise Income Tax Return main adjust kerain ge (In case of Salaried Individual)

"Annex-B" Sr. 6 "On Profit on Debt (Other than tax deduction treated as final tax).....

[Information Consultant]

Let me check it

meanwhie pls see sec 151 clause 3

9[(3) Tax deducted under this section shall be a final tax on the profit on debt arising to a taxpayer other than a company from transactions referred to in clauses (a), (b) and (d) of sub-section (1).]

[olympia]

OK

waiting 4 ur reply

[Marium Khan]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Sarfaraz Khan</i>
<br />BHAI individual ka bhi hota hai...hamare to sab employees ka ho ta hai..
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


R U talking about IT3 (adjustment for Salaried Individuals)

[olympia]

151. Profit on debt. —

[(3) <font color="red">Tax deducted under this section shall be a final tax on the profit on
debt arising to a taxpayer other than a company from transactions referred to in
clauses (a), (b) and (d) of sub-section (1).]</font id="red">
as per this section i think we can't adjust this in our ITR coz this tax is consider as "FINAL TAX"

right

[Information Consultant]

yes only for ind not for companies

[olympia]

theek he

Thank u )

[Information Consultant]

i hope laptop join this dicussion later in the eveniing and post his comments

[mirfawad]

Tax deducted on bank profit is final tax for Individuals and cannot be adjusted against income tax liability. However the amount of bank profit is to be shown under FTR Income.

Tax Deducted on Profit is a normal tax for companies. Companies will show the income from Profit under the head " Income From Other Sources" and tax deducted will be adjusted against the Income Tax Liability.

[olympia]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />i hope laptop join this dicussion later in the eveniing and post his comments
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

g..... its gud for us if he give his opinion

[LapTop]

LO ji may aagya,

sab ka kahyna theek hay k FTR may aaye ga Profit from bank ik Individual k liye,,,,

Prifit amount Return k Col. No. 48 may aaye ga.
or jo tax amount withheld howa hay wo Annex-B k Col. No.21 may aaye gay.