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Accountancy Forum The Profession Tax v
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Differentiate

 
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Differentiate
AslamK
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#1
06-27-2009, 11:32 PM
Dear Experts

Please advise that what is among income tax, witholding tax and payroll tax

thanks in advance
faisal_desperado
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#2
06-27-2009, 11:54 PM
Dear,
<b>Income tax</b> is a direct tax , which is imposed on the income of individuals, AOPs and Corporates.
<b>Withholding Tax</b> is the amount of tax withheld by the employer/agent on behalf of its employees/principal to be paid in future time priod ,
There is a time dfferentiation in between deduction of taxation and its payment, the same Gap is called the time of tax withheld.
<b>Payroll Tax </b> is amount of tax, deducted on payment of payroll.


Best Regards,
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