1.       Need to have general knowledge on VAT and also justify whether VAT is needed for his Business or not. 2.       If VAT is required for his business, then accordingly apply for the VAT registration. 3.       If any information has been changed, then immediately inform VAT authority 4.       Need to maintain Musok-6.3 Chalan, when buy or sell product 5.       Maintain Sales & Purchase book. 6.       At the end of every month, need to submit a VAT return and accordingly deposit … Continue reading “Responsibilities of VAT payer”

VAT and Income tax are totally different and two different types of tax . Virtually , VAT is being paid by individual end user when he/she pay /expend to obtain goods or service. That is VAT is paid on individual’s expenditure. Income Tax is a tax when it is being paid by Individual when earn money . Thais is Income Tax paid on Individuals earning. VAT is indirect tax and Income Tax is direct TAX. Under NBR (National Board of … Continue reading “VAT vs Income Tax”

Income Year and Assessment Year Income year Sec-2(35) ITO-1984 Indicates income as the period for which the total income of an assessee is calculated. Assessment year Sec 2(9) ITO-1984 Indicates the period of twelve months commencing on the first day of July every year ; and includes any such period which is deemed, under the provision of his Ordinance, to be assessment year in respect of any income for any period. Income Period = 1-7-2019 to 30-6-2020, for that, Income … Continue reading “Income Year vs Assessment Year”