Limit of Purhcases agt Tax Deduction at Source

[AbdulSamad]

Aslamo Alekum

What is the limit of Purhcases of agt Tax Deduction at source of Services, Rent , Sales of Goods & Commissions.

Our Monthly Income tax statement which we submit date of all tax deducture source and salary tax input therein. That statment consist in two parts. Part A about Tax deduct which we submit tax challan thier location (NBP and SBP).

The question is about Part B, what we do in part B.

i know about part B is , if some parties which are exemption we input their data . my question is there anyone more data submit here ?

Please indicate if there is more data submit there?

[sara-i]

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by AbdulSamad</i>
<br />Aslamo Alekum

What is the limit of Purhcases of agt Tax Deduction at source of Services, Rent , Sales of Goods & Commissions.

Our Monthly Income tax statement which we submit date of all tax deducture source and salary tax input therein. That statment consist in two parts. Part A about Tax deduct which we submit tax challan thier location (NBP and SBP).

The question is about Part B, what we do in part B.

i know about part B is , if some parties which are exemption we input their data . my question is there anyone more data submit here ?

Please indicate if there is more data submit there?


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



part B is basically for payments made against which tax has not been deducted
u also write there why tax not deducted

there will be some reasons
like
some companies will be there which didnt deduct tax bcoz of having exemption certificate
some transactions will be below taxable limit

just write those transactions or payments on which tax not deducted
no other is required

[AbdulSamad]

thanks for confirmed..

Please can u tell me what is the taxable limit againt purchase of goods, service and rent.
as i know which detail below -

Service Below Rs 25,000 in one year, tax is not apply
Good Below Rs 25,000 in one year, tax is not apply
Rent Below Rs 25,000 in one month, tax is not apply

please confirm me again.
is there any changes please write also.

[msc286]

For Services the limit is Rs. 10,000
For Goods 25,000
And as for as the rent is concerned, there is no limit for withholding agent. If you are the withholding agent, you have to deduct tax whatever is the amount of rent.

[abdusalam]

What about those purchases for which seller does not interested mean they do not sale if we ask about tax.

As i purchase many goods and services without any tax deduction because sellers are not interested and i do not prefer those who are interested because of price...

Might be my question is wired..... but please answer....

[kamranACA]

Dear,



Illegal cannot be converted to legal by whatever reason we may quote.

I never advised any one to hide / save taxes. If we have concerns over usage, we need to correct the system of usage.

However, taxes are our social responsibility and as such we should be honest with our responisibilities.


Regards,




Kamran.

[abdusalam]

yes i feel & accept my responsibility thats why i asked this....

but what about those auditing & Tax firms who are doing nice job...! i know that my ex company has nothing related IAS, Company Ordinance Tax rules etc but ..... ) D

i could not understand how firms settle our accounts and my question is also this that i want to know how & what they do with this kind of case?

please because i want to set my accounts myself rather leaving on them upto some level....

[kamranACA]

Dear,

Firms are continuously monitored by ICAP and this monitoring is going to be and should be made more strict.

I dont personally appreciate any one who committs wrong things. Every one should do what his position requires from him. I personally do it. I never saved a penny of income tax on my own income and never ever advised any client to do it unless some over taxation is unjustifiable in accordance with law. Yes, wherever unjustified liability is imposed, it should be honestly pleaded at appellate forums.

Still, if some one is doing wrong, it does not make a reason for me or you to do it as well. This is the essense. We cannot correct the whole mankind at our own. Yes, we can start it from our ownselves.

Further to above all words, I still feel CA firms audit documents and records, and audit is never meant for absolute assurance (quality of an audit must not be jeopardized due to this reason) but audits always have inherent limitations. Thats why firms get Management Representation Letters on conclusion of audits from the management in which again every responsibility of fair presentation is taken by management. Auditors are meant to get moderate assurance in audits. Concept of "TRUE and FAIR" and not the conecpt of "TRUE and CORRECT" has to be followed. It is long story and you can understand it only if you know ISAs.

Furthermore, ISA pertaining to legal compliance states that the responsibility of compliance with law is of management which is charged with governance (higher management like board of directors). Auditor is not responsible for compliance of law within an entity. In so many cases, as per ISA, it is sufficient for auditor to inform/notify such higher management regarding non-compliances noticed by him. In extreme cases auditor has to decide otherwise which can include resigning from the engagement or qualifying the opinion depending upon situation and confidentiality of the client. It is not that simple. It has to be done as per laid down procedures. Auditor cannot straight-a-way, without considering anything, report the non-compliances to stakeholders or authorities. Mind it.


Despite above limitations and discussion, I agree that one should do his job honestly and there should be no compromise on quality.

Any one's wrong deed cannot make it justifiable for me or you.


Regards,


Kamran.