ADVANCE TAX ON IMPORTS, SECTION 148, ADVANCE TAX, ADJUSTABLE TAX, MINIMUM TAX

Section 148 of income tax ordinnace is regarding imports. section desribes the collection of advance tax at imports according to the value of imports goods. The custom collector, now section amended to this extent and through digital process advance tax on import shall be collected by the importer. That by virtue of section collected tax is adjustable in some cases and in most cases it shall be a minimum tax and after bare reading of first schedule Part, II and twelth Schedule part I,II,III, we find out that in which cases advance tax shall be adjustable and in which cases it shall be minimum tax. For example if importer imports raw material etc for processing purpose then advance tax shall be adjustable and same way if importer imports for own use mean industrial purpose and he issues undertaking the advance tax also adjustable, and in all other commercial import cases the advance tax shall be minimum tax #advancetax #import #adjustabletax #minimumtax #taxfiling #return