(Shah Nawaz Bokhari, Rawalpindi)

A bed debt was allowed to deducted in a tax year. There is reasonable ground to pay the tax in a tax year that is deducted from particular amount which is received in a previous year. Whenever any cash or any kind of money received in a year which is due shall be payable as arrears. The calculation of tax is being seen as per annual income which is calculated then it shall pay in a tax year. Each amount shall deduct three percent in a year. Any extra money which is received by merchant in a financial year which is essential to pay the tax that which is consider as arrears of tax. This amount shall count as previous income tax formula and same deducted from income from business.

The taxpayer is received loan from the banking company that there is not deducted income tax of that particular amount. The taxpayer is bound to pay the tax according to rule. However, the taxpayer is not bound to pay the tax on any loan which he has taken from banking companies. Nevertheless, tax is imposed upon only specified condition i.e. profit of debts which came from income from business in a tax year.

The loyalty is come from other source of income. It is payable to tax on all types of loyalty which is come from income from business. Similarly, is that amount which is received from any source of income to bind to the taxpayer to pay the actual tax which is mentioned under income tax ordinance, 2001. By and large, the taxpayer is bound under the income tax ordinance to pay taxes regularly in a year or whichever is earlier.

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