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+--- Forum: Tax (https://www.accountancy.com.pk/forum/forum-tax)
+--- Thread: Electronic Tax Return and Wealth statement (/thread-electronic-tax-return-and-wealth-statement)
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- tas - 09-25-2010
Dear
if there is a manufacturing business and they purchased some goods from a company, lets say XYZ... However, when they pay XYZ, they will have to pay the income tax on behalf of XYZ ..... but if XYZ is exempted from the income tax beacuse of imported goods, how will they be shown in e-filing income tax.??????? should it be filed as nil statement or........???????????
Regards
Taha Siddiqui
- mshahbazakhtar - 10-13-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by tas</i>
<br />Dear
if there is a manufacturing business and they purchased some goods from a company, lets say XYZ... However, when they pay XYZ, they will have to pay the income tax on behalf of XYZ ..... but if XYZ is exempted from the income tax beacuse of imported goods, how will they be shown in e-filing income tax.??????? should it be filed as nil statement or........???????????
Regards
Taha Siddiqui
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear any gain earned on the disposal of property is exempt from tax, so there is no tax liability upon u. however it will be shown in ur return as an exempt income, furthermore this gain shall also be inculded in income while giving the reconciliation of wealth statement.
- faisal_desperado - 10-13-2010
Dear mshahbazakhtar,
I am disagreed with you, since, the information which you have provided, at this thread, is incorrect.
Irrespective of your reply, i would request you to kindly keep posting and keep helping others by your valueable comments, since currently we dont have professionals at our tax forum, who could reply technical queries efficiently.
Please go through section 22 and 77 for reference purpose.
Best Regards,
Faisal.