tag:blogger.com,1999:blog-561425759391689092024-03-12T17:54:06.312-07:00FBR, Income Tax and Sales Tax News UpdatesFassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-56142575939168909.post-48618641370923306232017-08-12T04:22:00.001-07:002017-08-12T04:22:21.325-07:00Good news for Contractors and Engineers<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 21.0pt; mso-bidi-font-size: 11.0pt;">SUFI
ASSOCIATES</span></u></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">Office
No.10, 1<sup>st</sup> Floor, Allah abad Plaza, Near Tamaseel Hall, 9-Ferozpur
Road, Lahore</span></u></b></div>
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 9.0pt; mso-bidi-font-size: 11.0pt;">Cell. No.0332-4112278</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<br /></div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;"> </span>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif";">GOOD NEWS FOR
CONTRACTORS AND BUILDERS – AMNESTY SCHEME FOR ENGINEERS AND CONTRACTS ANNOUNCED
BY PAKISTAN ENGINEERING COUNCIL</span></u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif";">The
Pakistan Engineering Council (PEC) has announced amnesty for the engineers and
contractors who could not get their licenses/registration renewed. Such
engineers and contractors now can get their registration renewed by paying fee
for the year 2017 only. They don’t have to pay any arrears / surcharge for
default of non-payment of renewal fee for previous years. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif";">This
means that even if you are registered in 2010 and could not pay the renewal fee
for the next years, you can avail the benefit of this amnesty scheme by paying fee
just for the year 2017. Every contractor/Engineer can avail the benefit of this
scheme in case the application along with fee is received in the office of
Pakistan Engineering Council on or before 31.08.2017.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif";">Please
contact for assistance/help in processing the fee to us, as we specialists in
this field. We process all kind of cases for registration/renewal of membership
with Pakistan Engineering Council.</span></div>
<div class="MsoNormal" style="margin-left: 1.5in; text-align: justify; text-indent: -1.5in;">
<span style="font-family: "Times New Roman","serif";">With you best of
luck and regards.</span></div>
<div class="MsoNormal" style="margin-left: 1.5in; text-align: justify; text-indent: -1.5in;">
<span style="font-family: "Times New Roman","serif";">Yours faithfully,</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.5in; margin-right: 0in; margin-top: 0in; text-align: justify; text-indent: -1.5in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif";">(Sufi Muhammad Akbar)</span></b></div>
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Chief Executive</span></b><br />
<br />
<b><span style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><u>Benefits of registration with Pakistan Engineering Council</u></span></span></b><br />
<b><span style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br /></span></span></b>
<div class="text-justify">
To undertake the civil and mechanical products in the country only those firms are eligible which are registered with the Pakistan Engineering Council. The requirement for registration are very simple and staff members sitting in the office of the Pakistan Engineering Council are very cooperative. </div>
<div class="text-justify">
<br /></div>
<div class="text-justify">
Whether you are a local or foreign contractor intending to undertake construction work of civil/mechanical nature with government agencies or renowned companies, it is mandatory for you to get yourself registered with Pakistan Engineering Council (PEC). </div>
<div class="text-justify">
</div>
<div class="text-justify">
<br /></div>
<div class="text-justify">
Moreover, in order to regulate profession and the engineering education, it is made mandatory for all the graduate engineers of recognized engineering institutions in the country in
Pakistan to get themselves registered with obtain Pakistan Engineering Council. </div>
<br />
The council is the official body having the sole right of providing such authentication
in the country. Such registration also provides one with brighter employment opportunities
& service structures as such rights of Professional Engineers are supported
by the PEC Act & bye laws & the relevant PEC committees strive for the betterment
of such matters.
<br />
<div class="text-justify">
According to Section 27 of the Act it is mandatory for a person who undertakes any
professional engineering work to get himself registered with the Council.
</div>
<div class="text-justify">
It is also binding on all employers to employ only those persons for undertaking
professional engineering work whose names are borne on the Register of the Council.
Violation of Section 27 of the Act attracts penalties.
</div>
</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-36844740828315384752016-11-10T11:53:00.003-08:002016-11-10T11:56:00.311-08:00What are the benefits of filing your tax return in time with FBR in Pakistan?<div dir="ltr" style="text-align: left;" trbidi="on">
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<br /></div>
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Following are the benefits of filing your tax return in time
in Pakistan:</div>
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>In case you are doing business in Pakistan or
earning taxable salary income or under the income tax law require to file your
return, it will prevent you from any penalty or additional tax if you file your
tax return within the stipulated time. Following persons are required to file
their tax returns in Pakistan:<br />
<br />
Who is required to file income tax return in Pakistan? <br />
</div>
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<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(a)<span style="mso-tab-count: 1;"> </span>every company;]</span></div>
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<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">(ab)<span style="mso-tab-count: 1;"> </span>every person (other than
a company) whose taxable income for the year exceeds Rs.400,000</span></div>
<div class="MsoNormal" style="margin-left: 76.5pt; text-align: justify; text-indent: -32.25pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(ac) <span style="mso-tab-count: 1;"> </span>any
non-profit organization or any welfare institution</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 76.5pt; text-align: justify; text-indent: -31.5pt;">
<span style="font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span><span lang="EN-AU">(b) <span style="mso-tab-count: 1;"> </span>any person not covered by above categories but:</span></span></div>
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<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span lang="EN-AU" style="font-size: 10.0pt; mso-bidi-font-family: Arial;">(i) <span style="mso-tab-count: 1;"> </span>has been charged to tax
in respect of any of the two preceding tax years;</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span lang="EN-AU" style="font-size: 10.0pt; mso-bidi-font-family: Arial;">(ii) <span style="mso-tab-count: 1;"> </span>claims a loss carried
forward under this Ordinance for a tax year;<span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="font-size: 10.0pt; mso-bidi-font-family: Arial;">(iii) <span style="mso-tab-count: 1;"> </span>owns immovable property with a land area of
two hundred and fifty square yards or more or owns any flat located in areas
falling within the municipal limits existing immediately before the
commencement of Local Government laws in the provinces; or areas in a Cantonment;
or the Islamabad Capital Territory</span></b></div>
<div class="MsoBodyTextIndent" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<br /></div>
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<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(iv) <span style="mso-tab-count: 1;"> </span><b style="mso-bidi-font-weight: normal;">owns immoveable property with a land area
of five hundred square yards or more located in a rating area;]</b></span></div>
<div class="MsoNormal" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(v)<span style="mso-tab-count: 1;"> </span>owns
a flat having covered area of two thousand square feet or more located in a rating
area;]</span></div>
<div class="MsoNormal" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(vi)<span style="mso-tab-count: 1;"> </span>owns
a motor vehicle having engine capacity above 1000 CC; </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span>(vii)<span style="mso-tab-count: 1;"> </span>has obtained National Tax Number</span></div>
<div class="MsoNormal" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(viii) <span style="mso-tab-count: 1;"> </span>is
the holder of commercial or industrial connection of electricity where the
amount of annual bill exceeds rupees five hundred thousand or</span></div>
<div class="MsoNormal" style="margin-left: 109.4pt; text-align: justify; text-indent: -27.65pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;">(ix) is <span style="color: black; mso-themecolor: text1;">a resident person]</span> registered with any chamber of commerce and
industry or any trade or business association or any market committee or any
professional body including Pakistan Engineering Council, Pakistan Medical and Dental
Council, Pakistan Bar Council or any Provincial Bar Council, Institute of
Chartered Accountants of Pakistan or Institute of Cost and Management
Accountants of Pakistan.]</span></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span>Every individual whose income under the head ‘Income
from business’ exceeds rupees three hundred thousand but does not exceed rupees
four hundred thousand in a tax year is also required to furnish return of
income from the tax year.</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
If you fall in any of the above
category, you are legally bound to submit your tax return. In case the return
is not submitted or submitted after the due date, the following penalties shall
be chargeable.</div>
<div class="MsoNormal" style="margin-left: .25in;">
<i style="mso-bidi-font-style: normal;"><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">Such person shall pay a penalty equal to 0.1% of the tax payable in
respect of that tax year for each day of default subject to a maximum penalty
of 50% of the tax payable provided that if the penalty worked out as aforesaid
is less than twenty thousand rupees or no tax is payable for that tax year such
person shall pay a penalty of twenty thousand rupees.</span></i></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Arial;">By filing your tax return, you not
only protect yourself from levy of any penalty but also get the following
benefits:</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%;">The capital gain tax on disposal of shares and securities
shall be chargeable under the reduced rates as tabulated below:</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="538" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image002.jpg" width="623" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%;">Tax at import stage will be higher in the case of non-filer
importer:</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="751" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image003.png" width="535" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal">
Rate of dividend in respect of non-filer will be 20% as
against 12.5% in respect of filer taxpayer. </div>
<div class="MsoNormal">
Rate of dividend in respect of non-filer will be 20% as
against 12.5% in respect of filer taxpayer. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In case of supplies the rate for filer taxpayer is 4.5% and
in case of non-filer tax is deductible @ 6.5%. For companies the rate shall be
4% and 6% respectively in cases of filer and non-filer.</div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: 27.35pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">The rate of tax to be deducted from a payment on services
under section 153(1)(b) shall be —</span></div>
<div class="MsoNormal" style="margin-left: 54.7pt; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -27.35pt;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span>(i)<span style="mso-tab-count: 1;"> </span>in
the case of transport services, two per cent of the gross amount payable; or</span></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<span lang="EN-AU" style="font-size: 10.0pt;"><span style="mso-tab-count: 2;"> </span>(ii)
<span style="mso-tab-count: 1;"> </span>in the case of rendering of or
providing of services, —</span></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<span lang="EN-AU" style="font-size: 10.0pt;"><span style="mso-tab-count: 3;"> </span></span></div>
<div class="MsoNormal" style="margin-left: 103.5pt; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -21.45pt;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">“</span><span style="color: black; font-size: 10.0pt; line-height: 115%;">(a) in case of a company, 8% of the gross amount payable, if the company
is a filer and 12% if the company is anon-filer; and</span></div>
<div class="MsoNormal" style="margin-left: 103.5pt; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -.25in;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(b)<span style="mso-tab-count: 1;"> </span>in
any other case, 10% of the gross amount payable, if the person is a filer and
15% if the person is a non-filer;</span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 103.5pt; margin-right: 0in; margin-top: 0in; mso-layout-grid-align: none; mso-list: l1 level1 lfo2; text-align: justify; text-autospace: none; text-indent: -.25in;">
<span style="color: black; font-size: 10.0pt;"><span style="mso-list: Ignore;">(a)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: black; font-size: 10.0pt;">in respect of persons making payments to
electronic and print media for advertising services,—</span></div>
<div class="MsoNormal" style="margin-left: 117.0pt; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -13.5pt;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(i) in case of a filer,</span><span style="color: #984806; font-size: 10.0pt; line-height: 115%;"> </span><span style="color: #0070c0; font-size: 10.0pt; line-height: 115%;">[1.5%]</span><span style="color: #984806; font-size: 10.0pt; line-height: 115%;"> </span><span style="color: black; font-size: 10.0pt; line-height: 115%;">of the gross amount payable; and</span></div>
<div class="MsoNormal" style="margin-left: 117.0pt; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -13.5pt;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(ii)<span style="mso-tab-count: 1;"> </span>in
case of a non-filer, 12% of the gross amount payable, if the non-filer is a
company and 15% if the non-filer is other than a company;”;]</span><span style="color: black; font-size: 10.0pt; line-height: 115%;"></span></div>
<div class="MsoHeader" style="tab-stops: 27.35pt center 3.0in right 6.0in; text-align: justify;">
<span lang="EN-AU" style="font-size: 10.0pt;"><span style="mso-tab-count: 1;"> </span>(3)
<span style="mso-tab-count: 1;"> </span>The rate of tax to be deducted from a
payment on account of contractual services referred to in clause (c) of
sub-section (1) of section 153 shall be </span></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 2;"> </span><span style="color: black; mso-themecolor: text1;">“</span></span><span style="color: black; font-size: 10.0pt; line-height: 115%;">(i) 10% of the gross amount payable in case
of sportspersons;</span></div>
<div class="MsoNormal" style="margin-left: 1.0in; mso-layout-grid-align: none; text-align: justify; text-autospace: none; text-indent: -13.5pt;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(ii) in case of a company, 7% of the gross
amount payable, if the company is a filer and 10% if the company is a
non-filer; and</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(iii) in any other case, 7.5% of the gross
amount payable, if the person is a filer and 10% if the person is a non-filer.</span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoBodyText3" style="margin-left: 54.7pt; text-indent: -27.7pt;">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">(1) <span style="mso-tab-count: 1;"> </span>The rate of
tax to be deducted under section 156 on a prize on prize bond or cross-word
puzzle shall be [15]% of the gross amount paid <span style="color: #0070c0;">[for
filers and 20% of the gross amount paid for non-filers]</span>.</span></div>
<div class="MsoBodyText3">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">(2)
<span style="mso-tab-count: 1;"> </span>The rate of tax to be deducted under
section 156 on winnings from a raffle, lottery, prize on winning a quiz, prize
offered by a company for promotion of sale, shall be 20% of the gross amount
paid.</span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 10.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"><span style="mso-tab-count: 1;"> </span>Rate
of collection of tax on petroleum products under section 156A shall be <span style="color: black; mso-themecolor: text1;">[12]</span> of the amount of payment <span style="color: black; mso-themecolor: text1;">for filers and 15% for non-filers”.</span></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">The
rate of tax deducted on brokerage and commission shall be:</span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="247" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image004.png" width="457" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%;">Rate of token tax in the case of motor vehicles:</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="149" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image005.png" width="455" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal">
<span style="color: black; font-size: 10.0pt; line-height: 115%;">(4) <span style="mso-tab-count: 1;"> </span>where the motor vehicle tax is collected in lump sum,</span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="205" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image006.png" width="451" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan; page-break-after: avoid;">
<span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 10.0pt;">Cash withdrawal from a bank</span></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan; page-break-after: avoid;">
<br /></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan; text-align: justify;">
<span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; font-weight: normal;">The
Rate of tax to be deducted under section 231A shall be 0.3]% of the cash amount
withdrawn <span style="color: black; mso-themecolor: text1;">for filers and “0.6” %
of the cash amount withdrawn, for non filers].</span></span><span lang="EN-AU" style="color: #00b0f0; font-family: "arial" , "sans-serif"; font-size: 10.0pt; font-weight: normal;"></span></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan;">
<br /></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan;">
<span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 14.0pt; font-weight: normal;"><span style="mso-spacerun: yes;"> </span>[</span><span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 14.0pt;">Division VIA</span></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan;">
<span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 10.0pt;">Advance tax on Transactions in Bank</span><span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; font-weight: normal;"></span></div>
<div class="C" style="margin-bottom: .0001pt; margin: 0in; mso-pagination: widow-orphan;">
<br /></div>
<div class="MsoNormal" style="margin-left: .25in;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="font-family: "arial" , "sans-serif"; font-size: 10.0pt; line-height: 115%;">The
rate of tax to be deducted under section 231AA shall be at the rate of 0.3% of
the transaction <span style="color: black; mso-themecolor: text1;">[“for filers and
0.6% for non-filers.</span></span></b><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="521" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image007.png" width="623" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="179" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image008.png" width="499" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 115%; mso-no-proof: yes;"><img height="249" src="file:///C:\Users\welcome\AppData\Local\Temp\msohtmlclip1\01\clip_image009.png" width="605" /></span><span style="font-size: 12.0pt; line-height: 115%;"></span></div>
</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com5tag:blogger.com,1999:blog-56142575939168909.post-53999008760115031992016-10-02T11:56:00.003-07:002016-10-02T11:56:53.285-07:00Your tax Calendar for annual return for tax year 2016<div dir="ltr" style="text-align: left;" trbidi="on">
1. Last date for filing of annual income tax return:<br />a. For salaried persons the last date is 30.08.2016 as per Income Tax Act 2001.<br />b. For individuals (other than salaried persons) and Association of persons (AOPS) the last date is 30.09.2016<br />c. For companies having closing date of accounts as a Calendar year (ending on 31st of December) the last date is 30.09.2016.<br />d. Most of the companies having closing date of accounts as financial year (ending on 30th day of June) the last date of filing of annual income tax return is 31st December 2016.<br />All the salaried persons, AOPs corporate cases and other individuals having business, rental income above Rs.500,000 have to submit their return by using online system of FBR. No manual return of such persons shall be admissible.<br />It is important to mention here that in the immediately preceding tax year i.e. tax year 2015 the last date for filing of income tax return was extended many a times and till the end of April 2016 the taxpayers were at liberty to file income tax returns without penalty. <br />The Commissioner Inland Revenue has the powers to give extension up to 15 days on the specific request and under special circumstances.<br />The IRIS system introduced by FBR for filing of return suffered many technical problems and extreme link problem which made it very difficult for the taxpayers to submit the returns and pay their taxes. <br />The FBR is requested ensure that this year the system of Efiling tax returns for tax year 2016 (2015-2016) would function smoothly enabling the taxpayers to efile their tax returns amicably without any difficulty/problem.<br />How to revise the tax return <br />You can revise the return within two months after filing the original return without seeking any approval/permission. After lapse of two months you have to apply before the Commissioner Inland Revenue to revise the return.<br />What if the tax return is not submitted within due time<br />Where no tax is payable a penalty of Rs.20,000<br />Where some tax is payable the minimum penalty is 0.1% of tax payable or Rs.25,000 whichever is higher.<br />Calendar for Sales Tax Returns<br />1. The last date for e-filing of sales tax return and Annexures is as under:<br />2. For e-filing Annexure-C the last date of efiling is 10th day of each month. This is to facilitate the taxpayers to claim input tax correctly and to avoid any entry of incorrect data. This is very positive development on the part of FBR to facilitate the taxpayers. <br />3. The taxpayers should pay their sales tax due by 15th of day month.<br />4. The taxpayers can e-file their returns by 18th of each month.<br />In case of non-submission of return by the due date a fine of Rs.100 for each day of default and after default of 15 days, a penalty of Rs.5,000 shall be charged. Penalty for non-payment of sales tax by the due date is Rs.500 for each day of default and if default continues for more than 10 days the penalty shall be Rs.10,000 or 5% of the tax payable but not paid, whichever is earlier. <br />Calendar for e-filing of withholding statements<br />After person registered with sales tax, an AOP or a company is bound to submit withholding income tax return on monthly basis. The last date for filing of withholding statement u/s 165 of the Income Tax Ordinance 2001. The penalty for late filing of withholding statement is a penalty of Rs. 2500 for each day of default subject to a minimum penalty of ten thousand rupees.<br />How to submit monthly sales tax return in Pakistan with e.fbr.<br />In Pakistan the method of filing of sales tax returns is different for the persons engaged in the following categories of businesses: <br />1. Retail/whole sale<br />2. Manufacturer<br />3. Importer<br />4. Exporter<br />5. Persons engaged in zero rated sectors e.g. manufacturer of footwear, textile products, sports goods.</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com2tag:blogger.com,1999:blog-56142575939168909.post-30629279929113467872016-09-06T00:34:00.003-07:002016-09-06T00:34:24.145-07:00Details/documents required - Transactions on which tax is deducted and credit of which could be claimed <div dir="ltr" style="text-align: left;" trbidi="on">
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
In order to submit income tax return as a business individual or AOP you may need following documents/details:</div>
<ol style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin: 0px 0px 0.75em 2em; padding: 0px;">
<li style="margin: 0px 0px 0.5em; padding: 0px;">In case you enjoy normal income of sales, purchases, you have to prepare your trading account comprising, gross sales, gross purchases (exclusive of sales tax), opening/closing stock and other direct and indirect expenses details. Special care should be given while mentioning opening stock in your trading account which is the closing stock of the previous year. In case you mention some other figure, there is a probability that your case will be selected for audit.</li>
<li style="margin: 0px 0px 0.5em; padding: 0px;">In the equity folder please mention the details of your balance sheet. The data should comprise the machinery, figure, capital employed trade debtors/creditors. Figure of capital should (in normal circumstances) be less than the closing stock.</li>
<li style="margin: 0px 0px 0.5em; padding: 0px;">If you are registered with sales tax as well one should have to mention his sales and purchases as per sales tax record, otherwise F.B.R. will issue you a notice indicating the discrepancies and you will be asked to reconcile the difference.</li>
<li style="margin: 0px 0px 0.5em; padding: 0px;">You have to provide complete details of salaries paid during the year. These should be in consonance with the data declared in the withholding statements u/s 149, if you are obliged to e-file the same.</li>
<li style="margin: 0px 0px 0.5em; padding: 0px;">Detail of rent paid during the year. In case rent is over Rs.150,000 you were required to deduct tax on the same otherwise the department can disallow the expense claimed on this account if the landlord is single.</li>
</ol>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
6. Details of all other business expenses e.g. conveyance, communication, office supplies, lease charges, interest on business loan etc should be provide.</div>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
7. You should be in possession of copies of electricity, telephone/mobile phone certificates and bills of other utilities of business premises as well as of residence so that the expenses under these heads could be mentioned and you may know how much tax is deducted on your electricity bill and telephone/mobile bill.</div>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
8. In case of imports please mention the figure of imports under Final tax regime if the same are not consumed for self manufacturing.</div>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
9. In case tax is deducted on supplies/services or on contracts, a deduction certificate from the relevant institute/(s) should be made available to ascertain the figures and tax deduction details.</div>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
10. Please mention the detail of interest on business loan paid/financial charges paid on leased assets etc.</div>
<div style="background-color: white; color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 13.8px; line-height: 20.7px; margin-bottom: 0.75em; padding: 0px;">
10. In order to fill in your wealth statement detail of any sort of loan as on 30.06.2015.</div>
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11. Bank statements of all the bank accounts maintained personally or in the name of business should be obtained from the banks. You have to mention the end balances as on 30.06.2015 in your wealth statement.</div>
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12. Certificate from banks regarding tax deduction on banking transactions/cash withdrawals as well as profits earned on bank deposits should be obtained to claim tax credits.</div>
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13. In case you have made any local or foreign trip, please keep the copy of air ticket in tact which contains the amount of income tax deduction which you can claim while submitting your income tax return</div>
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14. In case any investment is made in the shares of the company or mutual fund, detail of the same along with details of profits on sale of shares earned during the year please mention the same in the relevant column of “Final/Fixed/minimum tax” folder.</div>
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15. Any cash or capital dividend received should be mentioned in “Final/Fixed/Minimum tax” folder.</div>
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16. Detail of any function/gathering arranged in a marriage hall etc. along with invoice thereof so that credit of tax deducted may be claimed.</div>
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17. Tax is deducted by the educational institutions if the fee is more than Rs.200,000 per annum.</div>
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Following details</div>
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18. In case of purchase or sale of any vehicle during the year, copy of registration book/amount of consideration received.</div>
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19. Documents relating to any immovable or movable property acquired/sold during the year.</div>
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20. Detail of motor vehicles in your name e.g. make, engine capacity, year of acquisition, cost of acquisition and registration No.</div>
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21. Detail of token tax paid during the period 01.07.2014 to 30.06.2015</div>
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22. In case you have acquired any movable or immovable property on lease, the installments paid during the period 01.07.2014 to 30.06.2015.</div>
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23. Detail of any other income e.g.</div>
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a. Income from property (gross rent, tax deduction on rent [if any], property tax paid, insurance premium paid.</div>
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b. Details of profits earned on bank deposits/saving certificates etc. The following details should be provided:</div>
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i. Bank account No.</div>
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ii. Nature of deposits/saving certificates</div>
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iii. Gross profit earned during the year.</div>
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iv. Tax deductions made by the banks/National Savings</div>
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24. Detail of any foreign remittances received during the year.</div>
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25. Complete details of household expenses;</div>
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a. Gross amount of electricity bills</div>
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b. Gross amount of gas bills</div>
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c. Gross amount of telephone bills</div>
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d. Water bills</div>
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e. Insurance premium paid</div>
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f. Expenses on education of children.</div>
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g. Donation/zakat paid.</div>
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h. If you have joined any club detail of club fee.</div>
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i. In case any contribution in expenses is made by any other person, his/her NTN, name and amount contributed by him should be indicated.</div>
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26. Detail of any other income earned/gift/remittances received during the year.</div>
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27. In case of a withholding agents, copies of monthly withholding statements u/s 165/149.</div>
</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-71970642144787875482016-09-06T00:32:00.003-07:002016-09-06T00:32:23.905-07:00Importance of electronic filing instead of manual return?<div dir="ltr" style="text-align: left;" trbidi="on">
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Previously, the taxpayers who submitted their income tax returns manually, as per policy of FBR, faced problems while paying token tax, vehicle registration fee, or making any banking transaction etc, as their returns were not entered in the electronic system by FBR officials. Due to this neglect of FBR officials the name of the taxpayers were not appearing in the Active Taxpayers List and the taxpayers who have filed their returns had to pay enhanced tax which was to be charged on the persons who had not filed their tax returns. So in the interest of taxpayers, it is advisable that all taxpayers should e-file the returns online.</div>
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In order to e-file online returns of taxpayers, who are not registered with FBR earlier, one has to obtain get himself e-enrolled with FBR using the following link.</div>
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<a href="https://iris.fbr.gov.pk/infosys/public/txplogin.xhtml" target="_blank">https://iris.fbr.gov.pk/infosys/public/txplogin.xhtml</a></div>
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<a href="https://www.blogger.com/"></a><span id="goog_1174605568"></span><span id="goog_1174605569"></span></div>
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Procedure for e-filing income tax return 2016</h2>
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Procedure is very simple. The important thing is that you should have at least one mobile SIM in your name. After completing the procedure within five minutes you will receive your password and pincode while username will be your CNIC No. Save the password/pincode in your mobile and email to use the same in future for filing of income tax return for tax year 2016.</div>
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So in order to avoid any penalties/default surcharge for late submission of return it is advisable that you should e-file your return today without wastage of time as online system of FBR i.e. IRIS is not reliable and gone down time and again and create hassles for the users.</div>
<h2 id="42072801_title" style="color: #333333; font-family: arial, helvetica, sans-serif; font-size: 1.2em; margin: 0px 0px 0.6em; padding: 0px;">
Getting ready to filing your tax return</h2>
</div>
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-56121372340947715582016-09-06T00:26:00.000-07:002016-09-06T00:26:45.522-07:00How to submit/efile income tax return online for 2014, 2015 & 2016 as business individual/AOP<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
Introduction</div>
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Easy guide for submitting income tax return and wealth statement for tax years 2014, 2015 and 2016 with FBR. Who is required to file income tax return and how to fill in the return is explained here.<div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLKaAgICMHM14elZigO2-Q0dDNJ9ERYUs3-O_hkXia8goLyC-zVjdIyJ5MhEv0mOXrvOGsC-OQa2FsNTZi8Mx8OEN8AoA3b8GEmRUzNmVBZ8mRqSTOkIcKkAnIDwI1dlpMxepbO5zopA/s1600/12748528_f520.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLKaAgICMHM14elZigO2-Q0dDNJ9ERYUs3-O_hkXia8goLyC-zVjdIyJ5MhEv0mOXrvOGsC-OQa2FsNTZi8Mx8OEN8AoA3b8GEmRUzNmVBZ8mRqSTOkIcKkAnIDwI1dlpMxepbO5zopA/s320/12748528_f520.jpg" width="320" /></a></div>
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<a href="http://income%20tax%20return%20forms%20for%20tax%20year%202014%2C%202015%20and%202016/" target="_blank">Income Tax Return Forms for Tax year 2014, 2015 and 2016</a></div>
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<img src="https://usercontent1.hubstatic.com/12748528_f520.jpg" /></div>
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<h2 id="40257684_title" style="background-color: white; color: #333333; font-family: arial, helvetica, sans-serif; font-size: 1.2em; margin: 0px 0px 0.6em; padding: 0px;">
How to file Income Tax Return for Tax years 2014 and 2015</h2>
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Business individuals having net income of less than Rs.500,000 can file returns mannually, while all other individuals, Association of persons (AOPs) and companies are required to e-file their income tax returns and manual returns are no more acceptable. All individuals registered with Sales Tax are also required to e-file their returns. Tax returns for tax year 2016 can be filed by using the internet portal of FBR of iris . For the individuals having income less than Rs.500,000 can download return form from FBR website and after filling in the date submit the same in the local office of FBR.</div>
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For business/salaried individuals and AOPs the deadline for submission of return is 30th September 2016 which will be extended as is done all the years before.</div>
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com1tag:blogger.com,1999:blog-56142575939168909.post-77195671045475270132016-08-29T11:33:00.000-07:002016-08-29T11:33:30.705-07:00Income Tax Return 2015 with formula Pakistan FBR<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://hubpages.com/money/How-to-submitefile-income-tax-return-online-for-2014-and-2015-as-business-individualAOP" target="_blank">How to file income tax return</a><br /></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-92166489573188831882015-11-14T03:04:00.002-08:002015-11-14T03:04:59.634-08:00Reduction in Minimum Tax Rates on services of certain companies - Presidential order regarding clause (94) and section 153 - Overview<div dir="ltr" style="text-align: left;" trbidi="on">
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As a result of Presidential Ordinance dated 31.10.2015 new
clause (94) is inserted in Part-IV of Second Schedule to the Income Tax Ordinance.
Salient features of this Ordinance are as under:</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span>As per clause (94),
provisions of section 153(3)(b) will not applicable for tax year 2016 in
respect of companies which are engaged in the following service:</div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>I.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Freight
forwarding services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>II.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Air
cargo services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>III.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Courier
services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>IV.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Manpower
out sourcing services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>V.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Hotel
services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>VI.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Security
guard services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>VII.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Software
development services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>VIII.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Tracking
services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>IX.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Advertising
services (other than print or electronic media).</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>X.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Share
registrar services.</span></div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>XI.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Engineering
services.</span></div>
<div align="left" class="MsoListParagraphCxSpLast" style="margin-left: 1.5in; text-indent: -1.5in;">
<!--[if !supportLists]--><span style="font-size: 7pt; font-stretch: normal;">
</span>XII.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span><span style="background: white; color: #7e7e7e; font-family: "Verdana","sans-serif"; font-size: 8.0pt;">Car
rental services.</span></div>
<div class="MsoNormal">
In the proviso it is narrated that such companies should be
filer and has to furnish an undertaking to the concerned Commissioner to effect
that it will produce audited accounts within 30 days from the date of filing of
income tax return for tax year 2016. This undertaking is required to be filed
by 15<sup>th</sup> November 2015. </div>
<div class="MsoNormal">
Provisions of section 153(3)(b) provides that tax deducted
on services shall be minimum tax. As per provisions of section 153(1)(b) read
with Division III of Part III of the First Schedule to the Income Tax Ordinance
2001 the rate of tax deduction in respect of services are prescribed as under:</div>
<div class="MsoNormal" style="margin-left: 54.7pt; mso-layout-grid-align: none; text-autospace: none; text-indent: -27.35pt;">
<span style="font-size: 10.0pt; mso-bidi-font-size: 11.0pt;"> (i) in the case of transport services, two per
cent of the gross amount payable;
or<o:p></o:p></span></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<span lang="EN-AU" style="font-size: 10.0pt;"> (ii)
in the case of rendering of or
providing of services, —<o:p></o:p></span></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
<span lang="EN-AU" style="font-size: 10.0pt;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 103.5pt; mso-layout-grid-align: none; text-autospace: none; text-indent: -21.45pt;">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">“</span><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">(a) in case of a
company, 8% of the gross amount payable,if the company is a filer and 12% if
the company is anon-filer; and<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 103.5pt; mso-layout-grid-align: none; text-autospace: none; text-indent: -.25in;">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">(b) in any other
case, 10% of the gross amount payable, If the person is a filer and 15% if the
person is a non-filer;<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 103.5pt; mso-layout-grid-align: none; text-autospace: none; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraph" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 103.5pt; margin-right: 0in; margin-top: 0in; mso-layout-grid-align: none; mso-list: l4 level1 lfo3; text-autospace: none; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin; mso-themecolor: accent6; mso-themeshade: 128;">(a)<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">in respect of persons making
payments to electronic and print media for advertising services,—<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 76.15pt; mso-layout-grid-align: none; text-autospace: none; text-indent: 27.35pt;">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">(i) in case of a filer, 1% of the gross amountpayable; and<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 76.15pt; mso-layout-grid-align: none; text-autospace: none; text-indent: 27.35pt;">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.5in;">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">(ii) in case of a non-filer, 12% of the gross
amount payable, if the non-filer is a company and 15% ifthe non-filer is other
than a company;”;<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">Combined reading of above provision of law indicates that tax deduction
rates should be the same in respect of companies engaged in the services
mentioned above unless and until they obtain an exemption certificate from the
Commissioner concerned. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">For availing the benefit that their minimum tax rate for tax year 2016
should not increase from 2% of the gross turnover, the companies engaged in the
above services have to be filer and should submit an undertaking by 15<sup>th</sup>
day of November 2015 that they are ready to submit their audited accounts to
the concerned Commissioner within 30 days of filing of return. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">By promulgation of above Ordinance though no change is made in tax
deduction rates, the companies liability is restricted to 2% subject to the
conditions mentioned above. This means that in case such a company does not
apply for exemption in terms of proviso [sub-section (4A)] the tax deduction
shall be 8% as against their actual liability of 2%. In such a case newly
sub-clauses of clause (b) of sub-section 3 of section 153 would be applicable,
which provide that excess amount of tax deducted/paid shall be adjustable
against next five years’ tax liability.<o:p></o:p></span></div>
<div align="left" class="MsoNormal">
<span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-themecolor: accent6; mso-themeshade: 128;">In case a company engaged in the
above services intends that tax deduction rates @ 8% shall not apply in its
case, the company has to file application for exemption conditions of which
are:<o:p></o:p></span></div>
<div align="left" class="MsoListParagraphCxSpFirst" style="text-indent: -0.25in;">
<!--[if !supportLists]--><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin; mso-themecolor: accent6; mso-themeshade: 128;">1.<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span dir="LTR"></span>The company falls within the
categories mentioned in clause (94).</div>
<div align="left" class="MsoListParagraphCxSpMiddle" style="text-indent: -0.25in;">
<!--[if !supportLists]--><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin; mso-themecolor: accent6; mso-themeshade: 128;">2.<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span dir="LTR"></span>The minimum period of
certificate should be three months</div>
<div align="left" class="MsoListParagraphCxSpLast" style="text-indent: -0.25in;">
<!--[if !supportLists]--><span style="color: #984806; font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin; mso-themecolor: accent6; mso-themeshade: 128;">3.<span style="font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span dir="LTR"></span>The company has to pay 2%
advance tax of the total turnover of the corresponding period of preceding tax
year.</div>
<div align="left" class="MsoNormal">
<u>Example 1<o:p></o:p></u></div>
<div class="MsoNormal">
A company filed its income tax return for 2016 declaring
turnover of Rs.1000. It had filed undertaking for availing benefit of reduced minimum
tax @ 2% and hence its minimum liability comes to Rs.<!--[if supportFields]><span
style='mso-element:field-begin'></span> =1000*2% \# "#,##0" <span
style='mso-element:field-separator'></span><![endif]--> 20<!--[if supportFields]><span
style='mso-element:field-end'></span><![endif]--> whereas rate of tax deduction
at source was 8% as it had not applied for exemption certificate. It tax was
deducted at Rs.80 resulting into excess payment/refund which could be adjusted
against tax liability of the next five years.</div>
<div align="left" class="MsoNormal">
<u>Example 2<o:p></o:p></u></div>
<div class="MsoNormal">
B company intends to get exemption certificate for the first
quarter. In the first quarter of preceding year the turnover was Rs.2,000,000.
In such a case, the company has to pay advance tax of Rs.<!--[if supportFields]><span
style='mso-element:field-begin'></span> =2000000*2% \# "#,##0" <span
style='mso-element:field-separator'></span><![endif]-->40,000<!--[if supportFields]><span style='mso-element:field-end'></span><![endif]-->[2,000,000
x 2%]. Suppose, a company intends to get exemption certificate for the whole
year and turnover for the preceding tax year i.e. tax year 2015 was Rs.50,000,000
in such a case the company has to pay advance tax of Rs.<!--[if supportFields]><span
style='mso-element:field-begin'></span> =50000000*2% \# "#,##0" <span
style='mso-element:field-separator'></span><![endif]-->1,000,000<!--[if supportFields]><span style='mso-element:field-end'></span><![endif]-->.</div>
<div class="MsoNormal">
<u>Example 3<o:p></o:p></u></div>
<div class="MsoNormal">
C company did not file undertaking regarding presentation of
audited accounts before the Commissioner concerned, in such a case the company
shall not be eligible for benefits of minimum tax rate of 2%. Its tax deducted
@ 8% shall be minimum tax.</div>
<div class="MsoNormal">
<u>Note<o:p></o:p></u></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span>Time allowed for filing of
undertaking i.e. 15<sup>th</sup> day of November 2015 is very short.</div>
<br />
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span dir="LTR"></span>It will open another
gateway of corruption in FBR</div>
</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com2tag:blogger.com,1999:blog-56142575939168909.post-12492545503890818722015-10-12T00:17:00.002-07:002015-10-12T00:17:54.674-07:00Deadline for filing of return for tax year 2015 is extended till 31st October 2015 by the FBR<div dir="ltr" style="text-align: left;" trbidi="on">
The FBR is extended the deadline for filing of income tax return both for salaried and business individuals till 31st Octobers 2015. All the taxpayer now can file income tax returns by 31st October 2015 without fines and penalties. Every person whose income is more than Rs.500000 and all salaried persons are required to file their income tax returns online using iris system of FBR. All the taxpayers are required to file wealth statement along with their income tax returns. Returns cannot be submitted without wealth statement.</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-61668239063587144812015-10-03T04:29:00.001-07:002015-10-03T04:29:20.584-07:00How to search your NTN?<div dir="ltr" style="text-align: left;" trbidi="on">
You can search your National Tax No.(NTN) or Sales Tax Registration No.(STRN) by just mentioning your CNIC No. in the relevant box of the following webpage<br />
<br />
<a href="https://e.fbr.gov.pk/Registration/onlinesearchTaxpayer.aspx" target="_blank">Online NTN/Sales TAx Reg. No. verification</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com2tag:blogger.com,1999:blog-56142575939168909.post-73585953531993937142015-09-30T07:49:00.000-07:002015-09-30T07:49:38.412-07:00Clarification regarding Bar Code on recovery notices<div dir="ltr" style="text-align: left;" trbidi="on">
It is clarified by the Board that bar code on the recovery notices issued to the banks is not necessary. Notification is available at: <a href="file:///C:/Users/Administrator/Downloads/20159301193040189CopyofBarCodRecoveryNotices.pdf" target="_blank">Bar Code not necessary on recovery notices</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-43136532811072576312015-09-30T06:20:00.000-07:002015-09-30T06:21:43.085-07:00Date for filing of income tax return for tax year 2015 has been extended by FBR<div dir="ltr" style="text-align: left;" trbidi="on">
It is announced in the media that date for filing of income tax return for tax year 2015 has been extended by the Government of Pakistan till 31st October 2015. The decision was taken in a meeting headed by Mr. Ishaq Dar, Minister for Finance and Economic Affairs. Formal notification for extension of date will be available on the website of the FBR.<br />
<br />
Just after the news, the iris system stopped working and people are unable to file their returns. Previously, the system was working properly.</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-7916710090278416602015-09-29T20:40:00.002-07:002015-09-29T20:42:21.526-07:00FBR extended the last date for filing of withholding statements till 8th October 2015<div dir="ltr" style="text-align: left;" trbidi="on">
The last date for filing withholding statement for July 2015 was 15th August 2015 which has now been extended till 8th October 2015 by the FBR vide notification dated 28th October 2015.<a href="http://download1.fbr.gov.pk/Docs/20159281894135592circularNo07of2015.pdf" target="_blank">Extension in date for filing income tax withholding statement for tax year 2016</a><br />
<br /></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-27717757595695854942015-09-29T20:29:00.004-07:002015-09-29T20:29:53.443-07:00Last Date for filing of income tax return for 2015 is to be extended by FBR<div dir="ltr" style="text-align: left;" trbidi="on">
It is a general practice of Federal Board of Revenue that despite their repeated claims that they will extend the last date for filing of income tax return, extension in filing of income tax return is given at the last movement. For tax year 2014 the last date for filing of income tax return was 30th September 2014 which was ultimately extended till 5th December 2014.<br />
<br />
For tax year 2015 the Chambers of Commerce and other stake holders have requested the FBR to extend the date for filing of income tax returns 2015 till 15th October 2015, as there were Hajj and Eid ul Azha Holidays in this month due. Moreover, there were issues relating to compulsory filing of wealth statement for all the taxpayers as well as the issue of withholding tax on banking transactions.<br />
<br />
It has become a tradition of FBR to extend the date every year, which needs to be curbed. The FBR should issue income tax return for the respective years much before September month preferably in the month of June and all the issues in the software in FBR portal should be resolved.</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-38359698817214720602015-09-23T14:19:00.002-07:002015-09-23T14:19:56.185-07:00FBR cancelled leaves of officials and officers before and after Eid ul Azha holidays<div dir="ltr" style="text-align: left;" trbidi="on">
The FBR in its recent notification has cancelled leaves already granted to the officials/officers after and before the holidays of Eid ul Azha. It is general tendency in government officials that they avail the leaves for 2/3 days and remain unavailable in offices for whole week. The government has announces Eid ul Azha Holidays from 24th September to 26th September 2015 and many government officials have plans to avail four leaves and extend the leave span to nine. The action of the FBR is at the right time as the last date of filing of returns for tax year 2015 is fast approaching and the FBR has also remained unable to achieve targets for the first quarter.<br />
<br />
All being true, is this action of the FBR higherups is not against the leave rules and rulings of the higher courts. Does it not adversely effect the rights of the genuine cases who have to avail leave under compulsion. There are certain rulings of the higher courts that casual leave is a right of the official and cannot be strikes down.</div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-65802475224101831732015-09-23T13:55:00.000-07:002015-09-23T13:55:03.674-07:00Cases which are excluded from Audit for tax year 2014<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Those
exclusions are as under: </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><b>Income Tax Corporate Returns</b> </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">a) All person(s)
whose entire income is exclusively subject to Final Taxation</span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">b) Cases where no business is conducted</span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">c) Cases already selected for audit for 2013 by the Board </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">d) Cases already selected for audit by the CIRs for 2014
under section 177(1)</span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">e) Cases qualifying
for exemption from audit under clause (88) of Part IV of the Second Schedule to
the Income Tax Ordinance, 2001 </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><b> Income Tax Non-Corporate Returns</b> </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">a) All
person(s) whose entire income is exclusively subject to Final Taxation </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">b) Cases where no sales/ receipts declared; </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">c) All salaried individuals including pension or exclusive deriving foreign remittances.</span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">d) Taxpayers exclusively deriving income from share from
AOP only; </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">e) Cases already selected for audit for
Tax Year 2013 by the Board </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">h) Cases already selected for audit by the CIRs for Tax Year 2014. </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">i) Cases qualifying for exemption from
audit under clause (88) of Part IV of the Second Schedule to the Income Tax
Ordinance, 2001 </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">j) Case(s) of persons(s) where one or more of the above exclusions
apply. </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">6.3 <b>Sales Tax/Federal Excise Duty Corporate</b> </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">a) Nill Return filers, </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">b) All cases of Steel Melters, and Steel
Re-rollers who are paying sales tax under the Sales Tax Special Procedure
Rules, 2007; </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">d) Commercial importers paying value addition tax and having no other source of income </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">e)
All cases already selected for audit for Tax Periods July 2013 to June ,2014</span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><b>Sales TaxFED Non-Corporate </b></span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">a) Nill Return filers </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">b) Cases of
Steel-Melters, and Steel Re-rollers who are paying sales tax under the Sales
Tax Special Procedure Rules, 2007. </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">c) Cases of Commercial importers having no other business and paying 3%
value added Sales Tax; </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">d) Cases already selected for audit for Tax
Period(s) July 2013 to June ,2014 under section 25 ,and 38 of the Sales Tax Act
, 1990; </span><br />
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br /></span>
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-82434112128930728102015-09-23T13:37:00.002-07:002015-09-23T13:37:33.590-07:00Salient Feathers of Audit Policy for Tax year 2014 by Federal Board of Revenue (FBR)<div dir="ltr" style="text-align: left;" trbidi="on">
The Federal Board of Revenue has announced Audit Policy for tax year 2014. Salient features of Audit Policy 2014 are:<div>
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The Board should select cases for audit through random ballot</div>
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The Commissioners Inland Revenue shall select a minimum of 5% and maximum up to 10% of the cases under his jurisdiction by exercisng his powers u/s 177 of the Income Tax Ordinance 2001.</div>
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The Commissioner or the Board may select a class of taxpayers.</div>
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All notices issued to the cases selected for audit for 2014 should contain IRIS/TAMS generated barcode.</div>
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There are other instructions which are to make the audit procedure transparent and taxpayers friendly. But the question is: Is transparency in audit for 2014 is possible.</div>
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In Pakistan audit does not mean audit of a tax affairs of a taxpayer. Rather it is a good news for the corrupt Officers and officials that now they are authorized to grab some gratification from the taxpayers. No doubt there are certain honest Officers but it is an undeniable fact that most of the officers/officials are corrupt and they give bribe to the others to get lucrative posting. Audit wings are ideal for such officials.</div>
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So before selection of cases for audit, it is necessary for the FBR to purity itself from the corrupt officers of FBR. Moreover, FBR has a voluminous information which is obtained from different departments regarding purchase of movable and immovable properties and information regarding tanking transactions. In case FBR just give due importance to such information and post the honest officers on such posts, there will be no budget deficit and collection of tax will be more than reasonable. </div>
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-86141026142974884632015-09-23T13:11:00.000-07:002015-09-23T13:11:53.147-07:00List of income tax, sales tax, corporate and non-corporate cases selected for Audit for tax year 2014<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://www.fbr.gov.pk/CategoryLayoutList.aspx?view=Category[Documents]%20With%20List%20Layout&ActionID=774&ArticleID=">List of cases for Audit for tax year 2014</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-61749121039115099462015-09-23T13:08:00.001-07:002015-09-23T13:08:04.375-07:00Cases Selected for Audit for Tax year 2014<div dir="ltr" style="text-align: left;" trbidi="on">
The federal board of revenue has selected the cases for audit through random ballot for tax year 2015. The cases are selected under section 214C of the Income Tax Ordinance 2001. The list of cases selected for audit 2014 is available on the website of FBR and can be downloaded from the following link.<br />
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-79577508229776657102015-09-23T13:02:00.002-07:002015-09-23T13:02:40.352-07:00Date for filing of Sales Tax and Federal Excise Duty for the Month of August 2015 is extended till 28th September 2015<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://download1.fbr.gov.pk/Docs/20159212093322409ExtensionindateforsunmissionofSTreturn.pdf">Extension in filing of sales tax return for August 2015</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-73556204770557535812015-09-23T12:57:00.001-07:002015-09-23T12:57:41.754-07:00Application Form Download for FBR vacancies Income Tax, Sales Tax and Customs Departments<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://www.nts.org.pk/Test&Products/Announced/092015/FBR_RevDivs_092015/Forms/FBR_REVDPT_0915_CtgFms.php">Application forms for vacancies in FBR, Income Tax, Sales TAx & Customs Department</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-62721495201739356342015-09-23T12:55:00.001-07:002015-09-23T12:55:34.605-07:00Advertisement regarding vacancies in Federal Board of Revenue<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://www.nts.org.pk/Test&Products/Announced/092015/FBR_RevDivs_092015/Ads/FBR_REVDPT_0915_Ads.php">Advertisement of FBR vacancies</a></div>
Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0tag:blogger.com,1999:blog-56142575939168909.post-28507681104758371962015-09-23T12:48:00.001-07:002015-09-23T12:48:07.177-07:00Situation Vacant in FBR<div dir="ltr" style="text-align: left;" trbidi="on">
FBR has announced vacancies in different cities of the countries. Last date for submission of return is 3rd October 2015. For BS-1 to 4 there is no test and no fee. For BS-5 to 15 the Tests should be given by NTS Centres in different cities. The advertisement and applications can be downloaded from the following links<br />
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Fassee Ullah Imranhttp://www.blogger.com/profile/06311572322093584478noreply@blogger.com0