Daska's city centre, around the main bazaar, the grain market and the roads to Sialkot and Gujranwala, is where the town's traders, doctors, schools and money transfer agents work. This page covers the businesses at the heart of the town.
Jewellers
Daska's jewellers sell gold to families preparing for weddings, often bought with money sent from abroad. Gold sales, purchases and making charges should be recorded, with stock weighed at 30 June. Customers' old gold taken in exchange is also recorded.
Grain Market Arhtis
Commission agents dealing in rice and wheat earn commission; advances given to farmers are assets at year end.
Clinics and Pharmacies
Doctors' fees, laboratory income and pharmacy sales are taxable, with distributor invoices and fee registers forming the records.
Private Schools and Academies
Schools and coaching centres keep fee registers and teachers' salary sheets.
Money Transfer and Mobile Shops
Agents of banks and mobile wallets earn commission on remittances and payments. The commission, not the amounts transferred, is their income, and banks deduct tax on it.
Rent from Shops
Families renting out shops in the bazaar declare rent as property income.
Wedding Season
Wedding halls, caterers, tent services and boutique tailors near the city centre do much of their year's business between October and March. Advance bookings should be recorded when received, and each event's costs noted, so that the profit is assigned to the right tax year.
Frequently Asked Questions
Is a remittance agent taxed on money transferred?
No, only on commission earned.
How do jewellers record exchanges of old gold?
By weight and value, as both a purchase and a sale.
Is shop rent taxable?
Yes, it is property income.
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