01-29-2009, 01:08 AM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by unseendemon</i>
<br />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.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Very well explained I must say... Simple yet precise and understandable, I couldn't have explained it better myself..
<br />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.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Very well explained I must say... Simple yet precise and understandable, I couldn't have explained it better myself..
