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+--- Thread: WHT exepmtion on profit received on money in bank (/thread-wht-exepmtion-on-profit-received-on-money-in-bank)
WHT exepmtion on profit received on money in bank - asimlink - 10-18-2009
Dear Friends,
Please answer
does an employee need to mention the profit as his earning? which he/she earned on his/her saving kept in any bank?
for example if an employee earns 400k per year as his salary and 100k as profit on his saving from bank does this employee needs to mention his earning as 400k+100k=500k?
2. if this employee's tax on his salary is 20,000 can that employee minus the WHT he already have paid on the profit he/she earned on his saving?
Regards,
Asim
- LapTop - 10-19-2009
No, According to ITO Separate block of income, separate block of Tax,
Salary income is separate block of income & Profit of Debts separate Block of income,
Your Profit is FTR income, so at the time of payment Bank deducted WHT 10% of profit, after that this profit has been discharged from any other tax liability,