FED payment in sales tax account

umairahmed · 09-18-2009, 04:36 AM

We had the liability of Sales Tax & Federal Excise in August 2009 return.

Instead of making separate payments of Sales Tax & Federal Excise, we made the whole payment Sales Tax Account.

FED that was payable under "A/C B02485 - FED excluding natural gas" has paid in "A/C B02367 - Federal Excise Duty in VAT mode" account. Return has been correctly submitted.

Please inform the consequences & corrective action.

Please reply at your earliest

Thanks & Regards,
Umair Ahmed

faisal_desperado · 09-26-2009, 04:26 PM

Dear Umair,

If the excess amount has been deposited on account of sales tax, then, subject to the specified conditions, it may be adjusted in the next return.

With regards to FED, Practically, there is no bar if the said mistakes have been made, many such discrepancies are noted/found in many cases. No need to worry, actual purpose is to pay tax, head of account is not as much mandatory that it will be tantamount to attract any consequences or penalties.

Regards,

umairahmed · 09-29-2009, 04:45 AM

Dear Faisal,

Thanks for your very kind reply

Regards,
Umair

M_zeeshanuddin · 10-01-2009, 01:19 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by faisal_desperado
 Dear Umair,

If the excess amount has been deposited on account of sales tax, then, subject to the specified conditions, it may be adjusted in the next return.

With regards to FED, Practically, there is no bar if the said mistakes have been made, many such discrepancies are noted/found in many cases. No need to worry, actual purpose is to pay tax, head of account is not as much mandatory that it will be tantamount to attract any consequences or penalties.

Regards,
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear Fesal,

Excess amount paid is sales tax will be adjustable in next period but doesn't the default in payment of FED attracts surcharge?????

i think it will as FED is not paid for current period

faisal_desperado · 10-03-2009, 05:10 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by M_zeeshanuddin
 <blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by faisal_desperado
 Dear Umair,

If the excess amount has been deposited on account of sales tax, then, subject to the specified conditions, it may be adjusted in the next return.

With regards to FED, Practically, there is no bar if the said mistakes have been made, many such discrepancies are noted/found in many cases. No need to worry, actual purpose is to pay tax, head of account is not as much mandatory that it will be tantamount to attract any consequences or penalties.

Regards,
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear Fesal,

Excess amount paid is sales tax will be adjustable in next period but doesn't the default in payment of FED attracts surcharge?????

i think it will as FED is not paid for current period
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear,
No consequences would be attracted, sine return has been filled correctly, as Umair said.
Default has been made in the selection of code used while FED is paid, hence neither this effects practically nor any theoretical information with regards to such errors has been provided in the FED act/rules.

Regards,

umairahmed · 10-04-2009, 06:54 AM

Dear Faisal & Zeeshan,

Thanks for your replies.

I have notified this to FBR through email but haven't yet received any reply from them nor any discrepancy regarding this is shown my account.

So I think that there is no need to worry about the said mistake.

Thanks & Regards,
Umair