Salary persons require retaining a tax deduction certificate for six years
ISLAMABAD: a private account gain payment is required to retain payment certificate indicating the amount of normal payment and tax subtracted for six years, sources said on Fri.
The sources said that the necessity of holding the record for six years is important below taxation laws.
Similarly, taxpayers account to gain from property area unit required to retain the following records for six years:
a. occupancy agreement, if executed;
b. occupancy termination agreement, if executed;
c. Receipt for the amount of rent received; and
d. proof of deductions claimed in respect of premium paid to insure the building, local rate, tax, charge or cess, rent, profit/interest or share in rent on money borrowed, expenditure on aggregation the rent, legal services and unpaid rent.
In case taxpayers account to gain from capital gains, the following documents shall be maintained for six years:
a. proof of the worth of effort the capital assets;
b. proof of deduction for the opposite costs claimed; and
c. proof in respect of thought received on disposal of the capital quality.
In case taxpayers account to gain from various sources area unit required to remain following records for six years:
a. Dividend; dividend warrants.
b. Royalty; Royalty agreement
c. Profit on debt: proof and detail of profit yielding debt; proof of profit on debt and tax subtracted on that, like certificate among the prescribed kind or bank account statement; and proof of charity subtracted if any.
d. rent, rent from the sub-lease or land or building, gain from the lease of any building beside plant or machinery and thought for vacating the possession of a building or [*fr1] thereof: Lease agreement; and lease termination agreement.
e. payment or pension: proof of amount received.
f. prize on bond, winning from a raffle, lottery or crossword puzzle: proof of monetary gain and tax subtracted on that, like certificate among the prescribed kind.
g. Provision use or exploitation of property: the agreement
h. Loan, advance, deposit or gift: proof of model of receipt of a loan, advance, deposit or gift i.e. by a crossed cheque or through a banking channel.
i. General: proof of deduction for the opposite expenditure claimed.
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