Gujrat's city centre, around the main bazaars, the GT Road showrooms and the courts, is where many of the district's traders, jewellers, lawyers and money transfer businesses work. This page covers their tax questions.
Jewellers and Gold Traders
Weddings funded by relatives abroad keep Gujrat's jewellers busy. Sales, purchases of gold, making charges and old gold taken in exchange should all be recorded, with stock weighed at 30 June.
Showrooms on the GT Road
Fan, furniture and electronics showrooms sell to customers from across the district and beyond. Card and bank transfers, online orders and courier deliveries create records that should match the showroom's books.
Lawyers and Courts
Advocates practising at the district courts earn fees from clients. Their income is fees less chamber rent, clerk's salary and other costs, and some clients deduct tax.
Doctors and Clinics
Doctors' fees and clinic income are taxable, with fee registers supporting the figures.
Money Transfer Agents
Agents handling remittances from Europe earn commission; only commission is their income.
Rental Income
Owners of shops and offices in the city centre declare rent as property income.
Travel Agents
Agents booking tickets and visas for Gujrat's travellers to Europe and the Gulf earn commission and service charges; only these are income, not the ticket prices passed to airlines.
Property Dealers
Estate agents in the city centre earn commission on sales and rentals, often from buyers abroad. Their income is commission, and advance tax collected at transfers belongs to the buyer and seller, not the dealer.
Frequently Asked Questions
How do jewellers handle old gold exchanged by customers?
It is recorded by weight and value as a purchase.
Is a lawyer's fee income taxable?
Yes, fees less professional expenses are taxable.
Is a remittance agent taxed on amounts transferred?
No, only on commission.
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