10-30-2011, 12:21 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 amerrafique</i>
<br />Assalam o Alaikum to all forum members
after omission of section 155(2) and keeping in view section 15 please also give your opinion (specially student of law and lap top) concerning tax credits under sections 61,62,63,64. If a taxpayer has income from property alongwith other taxable income Should we add tax on income from property in component "A" and income from Property in component "B".
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
General rule is that all taxable income and all taxes including surcharge should be taken into account while working tax credit.
Exception to this rule is that income subject to final tax and tax deducted thereon is not included in Compnonent A and B while calculating tax credit. Reason therefor is that s.8(d) & s.169(2)(d), says that tax deducted as final tax would not be reduced by any tax credit.
S.155 is neither mentioned in s.169 nor in s.8, hence tax deducted u/s 155 or payable u/s 15 along with the corresponding rental income, should be taken into account while calculating tax credit. BUT what with the FBR that has ignored this aspect in its erroneous return.
<br />Assalam o Alaikum to all forum members
after omission of section 155(2) and keeping in view section 15 please also give your opinion (specially student of law and lap top) concerning tax credits under sections 61,62,63,64. If a taxpayer has income from property alongwith other taxable income Should we add tax on income from property in component "A" and income from Property in component "B".
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
General rule is that all taxable income and all taxes including surcharge should be taken into account while working tax credit.
Exception to this rule is that income subject to final tax and tax deducted thereon is not included in Compnonent A and B while calculating tax credit. Reason therefor is that s.8(d) & s.169(2)(d), says that tax deducted as final tax would not be reduced by any tax credit.
S.155 is neither mentioned in s.169 nor in s.8, hence tax deducted u/s 155 or payable u/s 15 along with the corresponding rental income, should be taken into account while calculating tax credit. BUT what with the FBR that has ignored this aspect in its erroneous return.
