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If tax is paid in surplus of tax payable to the Government, or if the Net Tax is negative, in that case the sum should be carried forward up to six Tax periods. Afterwards if the amount of Negative Tax appears to be over 50,000, that sum of money shall be refunded. In such a case refund has to be made within 3 months of application. In relation to mcw19 login an economic activity involving construction, house building, land or property development, negative net payable of amount of money shall be carried forward indefinitely and may be deducted in subsequent tax periods. In relation to other cases, this type of money shall be carried forward and may be deducted over the following six periods remaining excess money shall be refunded.

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What will be the effect of VAT if salary of the staff is paid by produced…

Supplementary Duty is realized at the same time of supply of Supplementary Duty imposable goods or service when VAT is realized. Adult supplements are generally applicable for the goods or services that are generally meant for luxury or discouragement. In such case there is no need of maintaining hard copy along with the digital method simultaneously.

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(c) Performing any other duty or responsibility and activities assigned by the Board with a view to achieving objectives of this law. The commissioner can determine tax within 5 years and a notice has to be issued within 45 working days after tax determination. Non submission of Return is tantamount to failure or irregularity. Turnover Tax payable by any individual for any Tax Period has to be paid before furnishing Return for the said Tax Period.

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