Archive for January 2017
Sales Tax Refund
Sales tax refund case arises if the company buys stock in large quantities but could not be able to sell the all stock. Then output tax will be less than the input tax. In this case, the company may apply for sales tax refund.
Income Tax Refund
Income tax refund is possible under two cases:
1. In advance tax case - because advance tax is paid after every quarter on the basis of previous year sales.
2. Withholding tax - if the tax liability of the company is less than the total tax deducted by the suppliers.
