01-07-2009, 01:02 AM
PTR (or FTR as it is called now) is the full and final discharge of tax liability and furthermore no loss/expense can be adjusted against FTR income.
e.g. Rent falls under FTR. Assume you're earning Rs. 10,000 per month in rentals.
UNDER NORMAL TAX
Rent 10,000
Less expense (xxxx)
--------------------
taxable income
UNDER FTR
Rent 10,000
tax @ x%
i.e. no adjustment, tax paid is full and final discharge of liability.
I would again reiterate that this is very basic stuff, you should have a look at the CBR's website.
e.g. Rent falls under FTR. Assume you're earning Rs. 10,000 per month in rentals.
UNDER NORMAL TAX
Rent 10,000
Less expense (xxxx)
--------------------
taxable income
UNDER FTR
Rent 10,000
tax @ x%
i.e. no adjustment, tax paid is full and final discharge of liability.
I would again reiterate that this is very basic stuff, you should have a look at the CBR's website.
