How to deduct Income tax on Purchase Invoice | Section 153 | Income Tax | FBR

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  • Опубликовано: 11 дек 2024

Комментарии • 84

  • @anjumanwar3456
    @anjumanwar3456 2 года назад +1

    1- Section 153 deals with "withholding" of income tax rather than "tax collection" so in your example there is a technical error that the amount of payment will be Rs 116,415/- (after deduction of tax) instead of Rs. 117,585/-
    2- Section 153 dictates that the "tax deductible" say on goods shall be "minimum tax" (e.g.: a company engaged in trading activities). The phrase "tax deductible shall be minimum tax liability" means that tax withheld (as a product of applicable rate of tax withholding and value of supply inclusive of sales tax) shall all relate to the current year's liability no question of tax carryforward shall arise. Product of applicable rate of tax withholding and value of supply inclusive of sales tax shall become a rule of thumb to workout minimum tax threshold. section 153 by no mean guides that minimum tax u/s 153 shall be applicable on sales net of sales tax but section 113 has specific guidance in this respect.
    If have contradictory arguments you may please share the circular/ case law citation.

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      Tax deducted on invoice including sale tax, and income tax return calculation based on turnover that is excluding sale tax, IRIS calculations on this value,
      For example tax deducted on 117,000
      Where as turnover is 100,000
      Suppose tax on 117,000 is 5000
      While on 100,000 is 4,000
      This means 1,000 more tax deducted
      Iris calculation is on 100,000
      Income tax payable is also 4000
      Actual deduction is 5,000
      1,000 carry from this year
      This is not based on any circular we just follow IRIS, practically it is different as mentioned in 153,
      2nd 153, deal with collection/ withholding after withholding deposit same , in treasury
      Different person have different opinions, practical example and experience we can linked

  • @muhammadyaqoobmughal6209
    @muhammadyaqoobmughal6209 2 года назад +2

    Dear expert.
    Pls guide me. FBR k liey Kitny saal ka record rakhna zarori hey.
    Or Phichley kitney sall ka Audit ho / kr Sakta hey ?
    M. YAQOOB.

  • @asifjaved3146
    @asifjaved3146 2 года назад +3

    Sir how tu adjust credit and debit note on new iris portal for sales tax return?

  • @madhwanisooraj1004
    @madhwanisooraj1004 2 года назад +2

    Sir, agr possible ho to kindly Budgeting per video bannae ke practically budget kaise bannaya jata ?

  • @mohammadasif3804
    @mohammadasif3804 Год назад +1

    Aoa
    Hum nay party ko 100k pay kerna tha or 4% tax katna tha but hum nay tax tu kat liya lakin cheque uss ko pura dy diya 100k ab tax ki calculation kesy ho ge 100k py?? Plz reply

  • @SAS.PISCES
    @SAS.PISCES 2 года назад +2

    Sir agar koi non company supplier/vendor WHT tax deduction ka mana kardey ya esi koi practice nahi hai market mn tou kesay deal karen?

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      If applied then we need to deduct or deposit on his behalf, because as per rules we need to follow

  • @imranmustafa7121
    @imranmustafa7121 2 года назад +1

    Sir ap na video ma bataya tha ka unregistered ki sale kaisy enter karni ha , lakin agar unregistered person ka CNIC number na ho and sale b 50k sa above na ho to usay kaisy enter karna ha ???

  • @motions7256
    @motions7256 2 года назад +2

    Well explained sir thanks

  • @amirsajjad8976
    @amirsajjad8976 2 года назад +1

    Mashallah Great

  • @zubairimtiaz9549
    @zubairimtiaz9549 2 года назад +2

    brother, second example is elaborated wrongly, withholding us 153 is always on net amount inclusive of everything( taxation or discounts). the word you are using by giving reference ( inclusive of sales tax). In ordinance law removes doubts that even if it includes sales tax you still need to withheld on final amount. aise tu agar aik invoice mein sales tax trade discounts promotional discounts income taxes includes honm payment karne wala tu bechara aik invoice ko le k baith jaega.

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      Dear exclusive of discount but inclusive of sale tax, pls read rules

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      Income tax applicable on gross amout after justified discount

    • @zubairimtiaz9549
      @zubairimtiaz9549 2 года назад +1

      @@faheempracticallearning im just making clear to myself. sec 153(1) reproducing as it is: ... Shall at the time of making payment, deduct tax from gross amount payable (means whatever you are liable to pay even you are paying advance tax) including sales tax if any, as per applicable rate. And im working with giant automobile companies. They never ever made any issue regarding my withholding. Again saying im just making myself clear as im regular use to watch your videos to get updates♥️

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      @@zubairimtiaz9549 gross amout means including sale tax, clearly mentioned in section 153

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      @@zubairimtiaz9549 yes this is good we are discussing this to improve our knowledge and thinking, some time other person don't know about this, same like you deducted but may be they Don't know, but if they know this then 100% they will ask for accurate deduction of income tax, 😀

  • @usmanumar9290
    @usmanumar9290 Год назад +1

    Sir rate company filler ka 4% hi ha (good or servies) dono ka

  • @UmarFarooq-yp5ym
    @UmarFarooq-yp5ym Год назад +1

    I am a vendor, pra sales tax ki invoice bnata hn , company kabi 4.5%W.H.T deduct krti hy or kabi 10%W.H.T
    Please brief!

  • @usmansial5101
    @usmansial5101 2 года назад +2

    انڈڈویجل امپورٹرز 236چارج کرے گا ؟
    پرائیوٹ کپنی امپورٹرز کو236 چارج کرنا ہیں؟

  • @umairtaxconsultant1
    @umairtaxconsultant1 2 года назад +1

    Jazakallah sir

  • @MuhammadTayyab-po7yw
    @MuhammadTayyab-po7yw 2 года назад +1

    Please make video on final account preparation from general ledger and trial balance.

  • @waqasijaz1826
    @waqasijaz1826 2 года назад +1

    Kindly guide if pay electricity and telephone bill we dont withhold income tax on these can we report these in withholding quarterly statement?

  • @attarehman7276
    @attarehman7276 2 года назад

    Sir commercial importer agr textile ko sales invoice issue krta h to invoice ki payment krty wkt textile firm hmra 1% wth nai kr skta ku k hm commercial importer hn..

  • @AhmadKhayyam
    @AhmadKhayyam 2 года назад +2

    Sir Agr Gross Receipt ya inclusive of Sales tax ki amount pr 236 G or H apply kiya jaay tu yeh Double Taxation mn fall nh kray ga.
    Plz elaborate.

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      Income tax charged on gross amount 236H or G

    • @AhmadKhayyam
      @AhmadKhayyam 2 года назад +2

      @@faheempracticallearning sir my doubt is still not clear Income Tax Return file krty wqt Gross Revenue ki tab mn Excluding of Sales tax and FED amount likhi jati hai jb k hr receipts pr inclusive of sales tax charge kiya jata hai 236 H and G
      Don't u think its double taxation

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      @@AhmadKhayyam yes already explained in lecture, pls check again lecture. This is rule we need to follow

  • @liaqatkhan9266
    @liaqatkhan9266 10 месяцев назад

    Sir we are taking security services from a co. They sent us an invoice for payment in which they did not charge GST 16 percent on the gross amount why

  • @shakeelasadaqat8471
    @shakeelasadaqat8471 3 месяца назад +1

    How to join proper tax classes? And what are charges and course duration?

    • @faheempracticallearning
      @faheempracticallearning  3 месяца назад

      Click on below WhatsApp link for further details of Practical Taxation Course
      wa.me/message/5BNUTBJFAPHUN1

  • @amirsajjad8976
    @amirsajjad8976 2 года назад +3

    if the invoice are below Rs.50k than 153 applicable?

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +2

      One vendor one year if equal or less then 75K annual no deduction

    • @amirsajjad8976
      @amirsajjad8976 2 года назад +2

      oooh yes thanks i will forget

    • @waqasijaz1826
      @waqasijaz1826 2 года назад +2

      @@faheempracticallearning equal or below 75000 rule apply to per year per vendor or only per year to all vendors?

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      @@waqasijaz1826 single vendor

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      @@waqasijaz1826 means on each single vendor apply this rules

  • @muhammadfaheem9946
    @muhammadfaheem9946 2 года назад +1

    Sir adjustable and final fixed ka concept clear kar da. Kon sa items adjustable hai or Kon sa items final fixed hai

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      what is the difference between final and adjustable tax check lecture from channel

  • @asimiqbal01
    @asimiqbal01 2 года назад +1

    Sir please in case of npo/ngo, how they will record because they are exempt tax.

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      this tax need to deducted, only when seller have exemption certificate or exempt as per rules, otherwise need to deduct

    • @asimiqbal01
      @asimiqbal01 2 года назад

      @@faheempracticallearning thanks

  • @waqarch134
    @waqarch134 2 года назад +1

    Your tax guru

  • @wrfriends
    @wrfriends 2 года назад +2

    JAZAK ALLAH
    SIR IF U HV ANY VEDIO ON ANNEX F OF MANUFACTURING UNIT
    PLZ SHARE THE LINK

  • @waqarch134
    @waqarch134 2 года назад +1

    Nice boss

  • @asifjaved3146
    @asifjaved3146 2 года назад +1

    Sir tax deduct U/s 236g by withholding agent or by withholdee will be considered in withholding statement u/s 165 or not?

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      no, because this is advance tax, not withholding

    • @asifjaved3146
      @asifjaved3146 2 года назад

      Thank you very much sir you are Great
      My best wishes with you
      Allah apky channel ko jaldi monetize krwaye 😃😜

  • @asif6140
    @asif6140 Год назад +1

    Good

  • @SamiUllah-jk5wp
    @SamiUllah-jk5wp 2 года назад +1

    Aoa sir, hopefully you be fine. Sir on execution of contract includes supply and services. Here question is. Would i get separate invoices of supply and services with GST and PST respectively?

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      Better to prepare separate

    • @SamiUllah-jk5wp
      @SamiUllah-jk5wp 2 года назад +2

      Thax for. Sir as per law i thick we obliged to get separated invoice or bill.

    • @faheempracticallearning
      @faheempracticallearning  2 года назад +1

      @@SamiUllah-jk5wp you can prepare combine, by charging relevant PST and GST, but for further reconciliation better to prepare, easy and separate

  • @Jamalhappy
    @Jamalhappy Год назад

    Zabardast

  • @farooqhaider7013
    @farooqhaider7013 2 года назад +1

    Client ko 565,000 ki invoice ki thi lekin amount 561,050 receive hoi. Kia aap ic
    Amount: 500,000
    Tax @13%: 65,000
    Total Amount: 565,000
    Amount Received: 535,050
    Kia aap bata sakte hain k SRB ko kitna return karna hoga?

  • @kharedosubkuch6313
    @kharedosubkuch6313 2 года назад +1

    Thanks .

  • @muhammadhamzashahbaz4426
    @muhammadhamzashahbaz4426 2 года назад +1

    Assalam o Alaikum,
    Sir, Is it necessary to file withholding returns of AOP if they are only registered for Income tax?

  • @AmnaMarvel
    @AmnaMarvel 2 года назад +1

    Thanks 👍

  • @ShanNoor
    @ShanNoor 2 года назад +1

    Invoice book bnti h kiya process h

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      Not get your point? Explain again

    • @ShanNoor
      @ShanNoor 2 года назад +1

      GST bnane k bad kisi company ko Kuch sell krna ho to Invoice Company ko kesy dety hain... Koi book bnani parti h ???

    • @faheempracticallearning
      @faheempracticallearning  2 года назад

      @@ShanNoor yes need to report doubt entry in Softwares or daily book

  • @usmansial5101
    @usmansial5101 2 года назад

    میرے دو سوال
    ایک رجسٹرڈ کپنی ان رجسٹرڈ کپنی سے سامان خریدے
    اس پر سیلز ٹیکس کتنا چارج کریں گا اور سیلز ٹیکس پلس والیو 153 چارج کرے گا ؟
    ایک عدد کوکا کولہ1.5 لیٹر کی بوتل جس کی قیمت 100 روپے ہیں اُ س کے اندر %20
    سیلز ٹیکس جمع ہیں اگر ہم %20سیلز ٹیکس نکال لے بوتل کی قیمت کیا ہو گی اور%20سیلز ٹیکس کتنا ہو گا
    جواب