How to deduct Income tax on Purchase Invoice | Section 153 | Income Tax | FBR
Вставка
- Опубліковано 10 лют 2025
- • SALE TAX AND INCOME TA...
Watch this demo video before class
/ practicallearninghouse
Like this page for future tax updates
Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231A Advance tax on cash with drawl
7. Section-231AA and 236P Advance tax on certain banking transection
8. Section-231B Advance tax at the time of registration of private motor vehicle
9. Section-235A Tax collection from domestic electric bills
10. Section-236 Tax collection from telephone users
11. Section-236B Advance tax on purchase of domestic air ticket
12. Section-236D advance tax on function and gathering
13. Section-236F Advance tax on cable operator and other electronic media
14. Section-236G Advance tax on sale to distributor, dealer and wholesalers
15. Section-236H Advance tax on sale to retailers
16. Section-236I Advance tax by educational institutions
17. Section-236U Advance tax on insurance premium
18. Section-236X Advance tax on Tobacco
19. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
20. Fine and penalties
21. Section-177 Audit
22. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.
#incometaxonivoice#
Regards,
Faheem Mehboob
ACCA Member
03007574731
Aoa
Hum nay party ko 100k pay kerna tha or 4% tax katna tha but hum nay tax tu kat liya lakin cheque uss ko pura dy diya 100k ab tax ki calculation kesy ho ge 100k py?? Plz reply
Dear expert.
Pls guide me. FBR k liey Kitny saal ka record rakhna zarori hey.
Or Phichley kitney sall ka Audit ho / kr Sakta hey ?
M. YAQOOB.
6
Sir how tu adjust credit and debit note on new iris portal for sales tax return?
Wait for next updates from FBR side, I will update
Well explained sir thanks
Jazak Allah
Sir agar koi non company supplier/vendor WHT tax deduction ka mana kardey ya esi koi practice nahi hai market mn tou kesay deal karen?
If applied then we need to deduct or deposit on his behalf, because as per rules we need to follow
Sir, agr possible ho to kindly Budgeting per video bannae ke practically budget kaise bannaya jata ?
Ok, in future I will upload
@@faheempracticallearning Thanks sir, Waiting for this.
Jazakallah sir
Mashallah Great
Jazak Allah
Nice boss
Jazak Allah
Thanks 👍
Welcome 👍
Sir ap na video ma bataya tha ka unregistered ki sale kaisy enter karni ha , lakin agar unregistered person ka CNIC number na ho and sale b 50k sa above na ho to usay kaisy enter karna ha ???
9999998888888 (13digits use this) ;) enjoy
Zabardast
Sir commercial importer agr textile ko sales invoice issue krta h to invoice ki payment krty wkt textile firm hmra 1% wth nai kr skta ku k hm commercial importer hn..
Good
1- Section 153 deals with "withholding" of income tax rather than "tax collection" so in your example there is a technical error that the amount of payment will be Rs 116,415/- (after deduction of tax) instead of Rs. 117,585/-
2- Section 153 dictates that the "tax deductible" say on goods shall be "minimum tax" (e.g.: a company engaged in trading activities). The phrase "tax deductible shall be minimum tax liability" means that tax withheld (as a product of applicable rate of tax withholding and value of supply inclusive of sales tax) shall all relate to the current year's liability no question of tax carryforward shall arise. Product of applicable rate of tax withholding and value of supply inclusive of sales tax shall become a rule of thumb to workout minimum tax threshold. section 153 by no mean guides that minimum tax u/s 153 shall be applicable on sales net of sales tax but section 113 has specific guidance in this respect.
If have contradictory arguments you may please share the circular/ case law citation.
Tax deducted on invoice including sale tax, and income tax return calculation based on turnover that is excluding sale tax, IRIS calculations on this value,
For example tax deducted on 117,000
Where as turnover is 100,000
Suppose tax on 117,000 is 5000
While on 100,000 is 4,000
This means 1,000 more tax deducted
Iris calculation is on 100,000
Income tax payable is also 4000
Actual deduction is 5,000
1,000 carry from this year
This is not based on any circular we just follow IRIS, practically it is different as mentioned in 153,
2nd 153, deal with collection/ withholding after withholding deposit same , in treasury
Different person have different opinions, practical example and experience we can linked
Please make video on final account preparation from general ledger and trial balance.
This part covered in proper classes
Thanks .
You're welcome!
Your tax guru
;)
Kindly guide if pay electricity and telephone bill we dont withhold income tax on these can we report these in withholding quarterly statement?
Check lecture of withholding statement I have already explained in details
How to join proper tax classes? And what are charges and course duration?
Click on below WhatsApp link for further details of Practical Taxation Course
wa.me/message/5BNUTBJFAPHUN1
Sir rate company filler ka 4% hi ha (good or servies) dono ka
for normal goods 4% if filer and for normal Serices
8% if filer
Sir we are taking security services from a co. They sent us an invoice for payment in which they did not charge GST 16 percent on the gross amount why
I am a vendor, pra sales tax ki invoice bnata hn , company kabi 4.5%W.H.T deduct krti hy or kabi 10%W.H.T
Please brief!
check invoice, maybe they deduct tax on service.
Sir Agr Gross Receipt ya inclusive of Sales tax ki amount pr 236 G or H apply kiya jaay tu yeh Double Taxation mn fall nh kray ga.
Plz elaborate.
Income tax charged on gross amount 236H or G
@@faheempracticallearning sir my doubt is still not clear Income Tax Return file krty wqt Gross Revenue ki tab mn Excluding of Sales tax and FED amount likhi jati hai jb k hr receipts pr inclusive of sales tax charge kiya jata hai 236 H and G
Don't u think its double taxation
@@AhmadKhayyam yes already explained in lecture, pls check again lecture. This is rule we need to follow
JAZAK ALLAH
SIR IF U HV ANY VEDIO ON ANNEX F OF MANUFACTURING UNIT
PLZ SHARE THE LINK
Later I will upload
Sir adjustable and final fixed ka concept clear kar da. Kon sa items adjustable hai or Kon sa items final fixed hai
what is the difference between final and adjustable tax check lecture from channel
brother, second example is elaborated wrongly, withholding us 153 is always on net amount inclusive of everything( taxation or discounts). the word you are using by giving reference ( inclusive of sales tax). In ordinance law removes doubts that even if it includes sales tax you still need to withheld on final amount. aise tu agar aik invoice mein sales tax trade discounts promotional discounts income taxes includes honm payment karne wala tu bechara aik invoice ko le k baith jaega.
Dear exclusive of discount but inclusive of sale tax, pls read rules
Income tax applicable on gross amout after justified discount
@@faheempracticallearning im just making clear to myself. sec 153(1) reproducing as it is: ... Shall at the time of making payment, deduct tax from gross amount payable (means whatever you are liable to pay even you are paying advance tax) including sales tax if any, as per applicable rate. And im working with giant automobile companies. They never ever made any issue regarding my withholding. Again saying im just making myself clear as im regular use to watch your videos to get updates♥️
@@zubairimtiaz9549 gross amout means including sale tax, clearly mentioned in section 153
@@zubairimtiaz9549 yes this is good we are discussing this to improve our knowledge and thinking, some time other person don't know about this, same like you deducted but may be they Don't know, but if they know this then 100% they will ask for accurate deduction of income tax, 😀
Aoa sir, hopefully you be fine. Sir on execution of contract includes supply and services. Here question is. Would i get separate invoices of supply and services with GST and PST respectively?
Better to prepare separate
Thax for. Sir as per law i thick we obliged to get separated invoice or bill.
@@SamiUllah-jk5wp you can prepare combine, by charging relevant PST and GST, but for further reconciliation better to prepare, easy and separate
if the invoice are below Rs.50k than 153 applicable?
One vendor one year if equal or less then 75K annual no deduction
oooh yes thanks i will forget
@@faheempracticallearning equal or below 75000 rule apply to per year per vendor or only per year to all vendors?
@@waqasijaz1826 single vendor
@@waqasijaz1826 means on each single vendor apply this rules
Sir tax deduct U/s 236g by withholding agent or by withholdee will be considered in withholding statement u/s 165 or not?
no, because this is advance tax, not withholding
Thank you very much sir you are Great
My best wishes with you
Allah apky channel ko jaldi monetize krwaye 😃😜
انڈڈویجل امپورٹرز 236چارج کرے گا ؟
پرائیوٹ کپنی امپورٹرز کو236 چارج کرنا ہیں؟
yes
@@faheempracticallearning
انڈویجل امپورٹرز کیسے 236 چارج کریں گا ؟
Sir please in case of npo/ngo, how they will record because they are exempt tax.
this tax need to deducted, only when seller have exemption certificate or exempt as per rules, otherwise need to deduct
@@faheempracticallearning thanks
Assalam o Alaikum,
Sir, Is it necessary to file withholding returns of AOP if they are only registered for Income tax?
yes same already explained
Client ko 565,000 ki invoice ki thi lekin amount 561,050 receive hoi. Kia aap ic
Amount: 500,000
Tax @13%: 65,000
Total Amount: 565,000
Amount Received: 535,050
Kia aap bata sakte hain k SRB ko kitna return karna hoga?
check from customer, what he withheld income tax or sale tax?
Invoice book bnti h kiya process h
Not get your point? Explain again
GST bnane k bad kisi company ko Kuch sell krna ho to Invoice Company ko kesy dety hain... Koi book bnani parti h ???
@@ShanNoor yes need to report doubt entry in Softwares or daily book
میرے دو سوال
ایک رجسٹرڈ کپنی ان رجسٹرڈ کپنی سے سامان خریدے
اس پر سیلز ٹیکس کتنا چارج کریں گا اور سیلز ٹیکس پلس والیو 153 چارج کرے گا ؟
ایک عدد کوکا کولہ1.5 لیٹر کی بوتل جس کی قیمت 100 روپے ہیں اُ س کے اندر %20
سیلز ٹیکس جمع ہیں اگر ہم %20سیلز ٹیکس نکال لے بوتل کی قیمت کیا ہو گی اور%20سیلز ٹیکس کتنا ہو گا
جواب