What is the main difference between Withholding and Advance Income Tax | FBR | Income Tax

Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Click on below WhatsApp link for further details of Practical Taxation Course
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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-231AA and 236P Advance tax on certain banking transection
7. Section-231B Advance tax at the time of registration of private motor vehicle
8. Section-235A Tax collection from domestic electric bills
9. Section-236 Tax collection from telephone users
10. Section-236B Advance tax on purchase of domestic air ticket
11. Section-236F Advance tax on cable operator and other electronic media
12. Section-236G Advance tax on sale to distributor, dealer and wholesalers
13. Section-236H Advance tax on sale to retailers
14. Section-236I Advance tax by educational institutions
15. Section-236U Advance tax on insurance premium
16. Section-236X Advance tax on Tobacco
17. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
18. Fine and penalties
19. Section-177 Audit
20. 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.
Regards,
Faheem Mehboob
ACCA Member
03007574731

[@gillyk3466]

Thats what i want to understand thank you sir i really appreciate your efforts.

[@faheempracticallearning]

👍 👍

[@Accountant2023]

Very great video, well explained Great 👍 Job Sir Thank you alot

[@faheempracticallearning]

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[@aliusmanhashmi5222]

Useful and easily understandable 😇💯🤲🏻

[@faheempracticallearning]

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[@user-xf2ct7cz3l]

very nice information, thank for updates us on time

[@faheempracticallearning]

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[@KashifKhan-ms1vh]

thanks for information. God bless you

[@faheempracticallearning]

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[@babarali3839]

Fabulous Brother Explain

[@faheempracticallearning]

👍

[@SyedAsif-tr3zb]

Masahallah sir this vedios

[@faheempracticallearning]

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[@syedasss7468]

Good 💯

[@faheempracticallearning]

👍 👍

[@afvlog3954]

Great sir. Always informative.

[@faheempracticallearning]

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[@jamilhfl]

excellent

[@faheempracticallearning]

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[@malikshukat7287]

Good information 👍 Shaukat awan advocate

[@faheempracticallearning]

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[@HasanDiary786]

Medicine purchase karte waqt .5% advance tax add hota hai 236H wo be FBR submit karte hai on our behave aur hum jab payment karte hai uska wht tax deduct karte hai 153 its right both adjust at the end of year

[@faheempracticallearning]

236 h is advance tax, if supplier charged on invoice, then you can claim in annual income tax return, and same if at the time of sale if your customers also deduct under section 153, thn same this also advance tax, you can claim both in annual tax return.

[@muhammadabdullah3002]

Can my employer, a private company, adjust my withholding tax and advance tax against my income tax if I provide proof?

[@faheempracticallearning]

Yes, pls watch how to save tax from Salary income. Just need to submit iT 03 form, explained in lecture

[@riasatali4822]

بہت شکریہ سر بہت اچھی معلومات ہیں۔ کیا ملازم کے سیونگ اکاؤنٹ کے منافع سے کٹوتی شدہ انکم ٹیکس کو اسکی تنخواہ سے سالانہ انکم ٹیکس کی کٹوتی سے منفی کیا جاسکتا ہے۔

[@shehzadshah6844]

mashallah

[@faheempracticallearning]

👍

[@ayazahmad3566]

please create video on IT enabled services witholding tax of 1% and which option to select to pay it

[@usamaalmas9461]

Thanks alot sir. Sir aik question ha mera , Adv Tax ka leger hamary pas Asset wali side pa Debit balance a rha ho ga. Ab year end ma adjustment IRIS ma krny k bd. Ux debt balance ko nill kaisy krain gy apny trail balance ma/financial statements ma??

[@Arsalan-mp8yc]

Out class.

[@faheempracticallearning]

👍

[@faisalhmirajkhan2293]

Sir plz make a video on windfall income on banks regarding latest SRO

[@shnaveed110]

if advance tax debit balances becomes more than the tax liability on tax return then what will happen? Will FBR return back extra amount ?

[@user-ku3qh7po4l]

If total billing is included with advance tax 15% (Telecommunication), what WHT rule is applicable either we withhold Income tax on the total billing invoice inclusive advance tax or before advance tax amount , please share reference

[@saaimasif]

Assalamualaikum @faheem sir kindly reply

[@rehmanyousuf7098]

Faheem sir kindly ye btayen k export ki Jo payment rec horhi hai kia woh adjustable hogi ya just local sales ki receivable amount ko hi adjust krenge?

[@faheempracticallearning]

Final tax.

[@rehmanyousuf7098]

@@faheempracticallearning means local sales pr Jo tax deduct hoga woh adjustable tax me lenge aur export receipt pr Jo tax deduct hoga tau oh final tax me jaega Right?

[@faheempracticallearning]

@@rehmanyousuf7098 yes

[@zahidmehmoodmalik5429]

Can WHT deducted on Bank Deposit Profit be adjusted in applicable tax during tax return filing

[@faheempracticallearning]

@@zahidmehmoodmalik5429 yes

[@ibrarahmad8488]

👍

[@faheempracticallearning]

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[@hashimkhanACA]

Whats the withholding Tax rate charge by company on a commission paid to distributor (Filer) of sale of 3rd schedule items (Tea).

[@faheempracticallearning]

Read section 233 commission

[@amirsajjad8976]

Respected Sir if invoice value is under Rs.50k then U/S 153 WHT is applicable? And also guide in case of an individual then what will be the WHT rate?

[@faheempracticallearning]

Yes if your withholding agent

[@amirsajjad8976]

@@faheempracticallearning Sir ind & co WHT rate is same?

[@shafqatali3741]

How to record bank loan liability for a salaried person.

[@faheempracticallearning]

Report in liability and in bank account same time

[@javedraza2307]

Assalam o Alaikum, sir plz add a lecture on steel casting units and method of sales tax return for these units....Thanks

[@faheempracticallearning]

I think already have on channel

[@javedraza2307]

@@faheempracticallearning ok i check

[@javedraza2307]

Sir I have checked but not found any video on steel casting sales tax

[@saraiki2023]

Hello! what is the rate of u/s 153(1) rate of Incom tax deduction at source for company & individual tax payer i.e. 5.5% or 4.5%, if you please guide.

[@faheempracticallearning]

@@saraiki2023 5% for company if filer and 10% for non filer

[@faheempracticallearning]

@@saraiki2023 other thn company 5.5% and for non filer 11%

[@AghaJaswer]

I have a question sir: if we withhold income tax of our vendor and deposit the same and get CPR but forgot to add it in quarterly withholding statement and in annual withholding statement its not showing what legal and financial problems it can create?

[@faheempracticallearning]

No issue, for this,

[@zohaibalvi5390]

What about sales tax withholding ?

[@faheempracticallearning]

Watch withholding lecture

[@jamilhfl]

make some videos on sales tax treatment specail FBR portal

[@faheempracticallearning]

Already have on channel, check

[@SyedAsif-tr3zb]

Sir jee eik ase hain sindh service tax rate 13% per payment waqat per comperesion vedios bana hain

[@faheempracticallearning]

Yes, sure in future

[@naatslike9243]

Aoa sir....Fata and Pata taxation guidance video requested

[@faheempracticallearning]

Yes sure.

[@azram143]

bank jo FED ke nam pa deduct karta ha wo kya ha aur return me kahan enter ho ga

[@faheempracticallearning]

Part of expenditures

[@azram143]

@@faheempracticallearning and Sir 7E tax is also part of income tax?

[@faheempracticallearning]

@@azram143 yes it is expense

[@sarfrazfertilizer6257]

Sir, A company which is exempted from WHT, they charge distributor advance income tax u/s 236G which we adjust in our tax returns but FBR send us notices of Sec 147 to pay advance tax. How can we pay that?

[@faheempracticallearning]

Prepare working and watch 147 lecture, already explained in details

[@buttnidal7608]

Jnb windfall tax 40% py detail video bna dain kindly

[@faheempracticallearning]

Yes sure in future.

[@MuhammadBilal-ly1bu]

Brother jo marriage hall par with holdeding tax pay karte hai kiya who refundable hai?

[@faheempracticallearning]

Yes we can take or file refund

[@MuhammadBilal-ly1bu]

One more question, grocery par jaise chase up ya imtiaz se shoping ya phir shoes ya cloths wagera par sales tax lagta hai kia who return claims hota hai? I recently buy a shoes worth rs. 2500 and they added 200 sales tax in the invoice.

[@jamilhfl]

Who much amount is exempted for WH Tax?

[@faheempracticallearning]

in case of supplies for single vendor, invoice less thn or equal to 75K annual and in case of services 30K annual

[@sardarlatifullah8827]

Peole are the most weakest in this country, and hardly know the technicalities, except to bow down before the masters, Govt. In powers, and the institutions concerned with govt.taxation and the policy makers. Guidance, any way, is appreciable.

[@faheempracticallearning]

Yes, agreed

[@mrhumman9100]

Salam sir 153(1)(b) deducted on Shaht Card hospital is final or minimum for that hospital plzz sir reply

[@faheempracticallearning]

Minimum