Tax Insights of Pakistan.

Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax.

Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231A Advance tax on cash with drawl
7. Section-231AA and 236P Advance tax on certain banking transection
8. Section-231B Advance tax at the time of registration of private motor vehicle
9. Section-235A Tax collection from domestic electric bills
10. Section-236 Tax collection from telephone users
11. Section-236B Advance tax on purchase of domestic air ticket
12. Section-236D advance tax on function and gathering
13. Section-236F Advance tax on cable operator and other electronic media
14. Section-236G Advance tax on sale to distributor, dealer and wholesalers
15. Section-236H Advance tax on sale to retailers
16. Section-236I Advance tax by educational institutions
17. Section-236U Advance tax on insurance premium
18. Section-236X Advance tax on To***co
19. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
20. Fine and penalties
21. Section-177 Audit
22. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.

Tax Insights of Pakistan. we are dealing in taxation matters of Pakistan.

Mr. Justice Muhammad Ameer Bhatti has been appointed as Chief Justice Lahore High Court w.e.f 06-07-2021.

FBR has made it mandatory for all the taxpayers, earning income from business, to maintain books of account, documents and records. The FBR has amended Income Tax Rules, 2002 through an SRO. 1149(I)/2015. Through this amendment, the books of account, documents and records would be maintained for six years after the end of the tax year to which they relate.

Tax Insights of Pakistan. we are dealing in taxation matters of Pakistan.

*Budget Briefings*
*For the year 2021-2022*
1. FBR target in 5829 Billion for the year 2022 with increase of 24 %
2. 10 % increase in pension
3. 10% increase in salaries
4. Minimum wage is 20,000/
5. Suggestion of reduction in authorities in FBR
6. Self Assessment scheme should be introduced online automated
7. 3rd Party Assessments and audit should be introduced
8. Automated based selection for audit
9. Abolishment of selection of audit by FBR
10. Show cause notices should be finalized in 120 days
11. Income and expenditure based tax system to be introduced
12. Introduction of Automated refund system
13. Single Page Income Tax return should be introduced
14. Reduction in capital gain from 15% to 12.5%
15. Sugar added in 3rd Schedule good
16. Introduction of Single portal for Import and Export
17. Agricultural Godowns are free of taxes
18. Addition in duties of Mobile call of more than 3 mins
19. FED tax on Mobile internet
20. Reduction of Duties on Local Eclectic cars
21. Reduction in duties on local cars from 17 to 12.5%
22. Abolishment of CD and RD on import of 850CC car
23. Reduction of CD on telecommunication sector
24. All retailers and wholesalers should be added in tax regime
25. Reduction in WHT regime by 40%
26. Abolishment of WHT on banking transactions
27. Abolishment of WHT on air tickets
28. Abolishment of WHT on Dr and Credit card transfers
29. Reduction on mobile call taxes from 12.5 to 10 % and 8% later on
30. Reduction on tax on services for warehouse services and travel services from 8% to 3%
31. Tour over tax limit is increased from 10 Million to 100 Million
32. Tour over tax is reduced from 1.5% to 1.25% and further reduced in coming years
33. Different reduced slabs on property capital gain tax
34. Special tax regime for SME,s
35. 100% tax credit for IT services
36. Additional custom Duties is abolished on 192 Items
37. Reduce of CD, ACD and RD on alloy steel
38. Tier 1 Retailers price scheme introduced for POS schemes

Tax Insights of Pakistan. we are dealing in taxation matters of Pakistan.

Further extension will not be allowed without any plausible reason.

Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please contact us.

Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231A Advance tax on cash with drawl
7. Section-231AA and 236P Advance tax on certain banking transection
8. Section-231B Advance tax at the time of registration of private motor vehicle
9. Section-235A Tax collection from domestic electric bills
10. Section-236 Tax collection from telephone users
11. Section-236B Advance tax on purchase of domestic air ticket
12. Section-236D advance tax on function and gathering
13. Section-236F Advance tax on cable operator and other electronic media
14. Section-236G Advance tax on sale to distributor, dealer and wholesalers
15. Section-236H Advance tax on sale to retailers
16. Section-236I Advance tax by educational institutions
17. Section-236U Advance tax on insurance premium
18. Section-236X Advance tax on To***co
19. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
20. Fine and penalties
21. Section-177 Audit
22. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)

E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.

Regards,

Dear all deadline for Annual Income Tax Return filing for year 2020 is 30 September 2020

Kindly contact us regarding annual Income tax return filing.

Documents required for tax return are mentioned as below

(1) bill statement of electricity, telephone, mobile, shop, factory, office from 1 July 2019 till 30 June 2020

(2) house bill statement that is electricity, gas, telephone from 1 July 2019 till 30 June 2020

(3) All bank account statements from 1 July 2019 till 30 June 2020

(4) Purchase or sale of property during the year July 2019 till June 2020

(5) travelling expenses of foreign or local destinations

(6) prove of foreign remittances received

(7) Annual educational expenses incurred on children and no. of children whom expenses incurred

(8) photocopies of motor vehicles registration that is car, bikes etc

(9) details of loans

(10) details of insurance Policy

FBR has issued a Circular whereby field formations have been directed to process disputed sales tax refunds in cases where issue has been decided in favour of taxpayer by CIR (A) & the Appellate Tribunal, even if the tax office has preferred further appeal before High Court, unless award of such refund is specifically barred by the appellate forum or the FBR.

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