10-19-2011, 04:48 PM
Dear,
Hope the below mentioned detail will clear your understanding regarding aforesaid subject.
I like to think of income as the amount of money someone receives on a regular basis, while wealth is the length of time that person (or family) could maintain their current lifestyle without receiving compensation for performing additional work.
3.5% Tax deduction.
If the person provide you the exemption certificate you can not deduct the amount from his invoice, if he is not providing to you then you will have to deduct his amount from his stated amount on invoice.
for Example.
whenever our transporter submit bill of transportation we deduct their 2% amount from their bill.
Kind Regards,
Muhammad Umar Farooq
Hope the below mentioned detail will clear your understanding regarding aforesaid subject.
I like to think of income as the amount of money someone receives on a regular basis, while wealth is the length of time that person (or family) could maintain their current lifestyle without receiving compensation for performing additional work.
3.5% Tax deduction.
If the person provide you the exemption certificate you can not deduct the amount from his invoice, if he is not providing to you then you will have to deduct his amount from his stated amount on invoice.
for Example.
whenever our transporter submit bill of transportation we deduct their 2% amount from their bill.
Kind Regards,
Muhammad Umar Farooq
