There are major advantages of being a tax file and the disadvantages of non-filers, after completing income tax returns, the file name will be registered on the applicable taxpayers list (ATL). Similarly, if tax files have the potential to withhold tax, the file will have to pay only half the reserved tax as compared to non-filers. In any transaction conducted by the bank you will be able to maintain the WHT compared to non-filers. Withdrawal (Over $ 50,000): Filer – 0,3%, Non-File – 0,6% Rs. 300 per lac for files and Rs. 600 per lac for non-filers. No taxes are filed on bank transactions (Cross check, pay order, seek draft etc.).
If you own a business and you are a Filer then the withholding taxes will be reduced on your invoices compared to the non-file business. When any business person makes a payment, the following tax difference applies to file and non-file users:
Provided by distributors:
Filer – 3%, Non-filer 3.5% Exports:
Filer – 4%, Non-filer – 6% For Sale Of Other Goods (Exclusive):
Filer – 4.5%, Non-filer – 6.5% Electronic Payment or Print Ad Media:
Filer – 1.5%, Non-filer – 12 to 15% For Travel Operations (Company):
Filer – 8%, Non-filer – 12% For Travel Services (Outside Company):
Filer – 10%, Do Not File – 15% Implementation of Any Other Contract (Company):
Filer – 7%, Non-filer – 10% Execution of Other Contract (Outside Company):
Filer – 7.5%, Non-filer – 10.5% In selling petrol products at the gas pump:
Filer – 12%, Non-filer – 15% a