Dear All,
I received my Honda City on June 27th this year which is financed from a bank and paid the withholding tax myself before receiving the car.
Withholding Tax Adjustment:
Is it that the withholding tax on car purchase can only be adjusted in the same fiscal year?
Fiscal year closed on June 30th.
Invoices/Withholding Tax Certificate Received in 2nd week of July
When I asked my employer to adjust the withholding tax PKR.50,000 in my income tax, they refused stating that this could only be adjusted in the same fiscal year.
If yes, how can I claim a refund? Where to put the claim? If on IRIS, which form exactly?
If employer can still adjust it, any reference to FBR rules will be very much appreciated.
Under which heading should I file the down-payment and installments while filing tax returns?
I made around 50% downpayment, paid around 48K for car registration and the monthly installments(Only one for the tax year in subject). Where exactly should all these numbers go in the 'returns statement'?
Your thorough help will be very appreciated.
@capsat I read your answers on such related subjects and hope you can shed some light on my questions as well. Your time is much appreciated.