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Income Tax Department initiated proceedings against Yasir Limited for monitoring of withholding taxes, after examining the statements filed and the information submitted by YL The
Income Tax Department initiated proceedings against Yasir Limited for monitoring of withholding taxes, after examining the statements filed and the information submitted by YL The Commissioner has issued a show cause notice to Yank Limited (YL) in respect of the following: 1. YL made a payment of Rs. 80,000 to MRX Associates as advance against services but no tax was deducted at the time of payment. 2. YL deducted tax at 12% from payment of commission to its sales stat. Required: For each of the above cases comment on YL's position including consequences (05) in the light of relevant provisions of the Income Tax Ordinance, 2001. Income Tax Department initiated proceedings against Yasir Limited for monitoring of withholding taxes, after examining the statements filed and the information submitted by YL The Commissioner has issued a show cause notice to Yank Limited (YL) in respect of the following: 1. YL made a payment of Rs. 80,000 to MRX Associates as advance against services but no tax was deducted at the time of payment. 2. YL deducted tax at 12% from payment of commission to its sales stat. Required: For each of the above cases comment on YL's position including consequences (05) in the light of relevant provisions of the Income Tax Ordinance, 2001
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