What is provident fund?
Provident funds are funds created by employers for the benefit of employees. Legally these are separate from employers and are managed by Trustees of the funds. Trustees are persons nominated at the time fund is established or at the annual general meeting of the fund.
Property valuation rates by FBR for Tax purpose
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
Registration for non-residents companies
Since the launch of FBR IRIS registration module there has been a problem of registering non-resident taxpayers.
FBR on 12th May 2016 proposed amendment in rule 80B of the Income Tax Rules, 2002. Where by clause q of sub rule 2 of rule 80B of the same rules is PROPOSED to be deleted.
Tax on Bahbood Certificates
Keeping in view the hardships faced by the widows and senior citizens, Bahbood Savings Certificates (BSCs) with a 10-years maturity period were launched by the Government of Pakistan on July 30, 2003. Initially, BSC was meant for widows only; however, it was decided later by the Government to extend the facility to senior citizen aged 60 years and above with effect from January 1, 2004.
Notice from Federal Board (FBR) or Sindh Board of Revenue (SRB)?
You have received a letter from FBR or SRB requiring you to present any record or information. What’s your plan? Thinking how FBR or SRB got to know about me, as I never dealt with them in any way. One thought may come to your mind that ‘mistake’, that the notice is addressed to you in mistake and you were not the intended recipient. Mind you if the notice / letter states your name / CNIC number or NTN then it’s surely not ‘mistake’ and you are the intended recipient of the letter.
Sales Tax Returns STRIVE
Modification in e-filling of sales tax return
If you are person responsible for tax function of any organization (size and form of the organization doesn’t matter), whether it’s a public listed company or a sole proprietorship both face the same deals of problems while e-filing sales tax return.
Is Inter-city transport services is taxable service?
Long debate over validity of taxability of transport services which includes inter-city transporters carrying goods from city to city is now come to an undesirable end, so inter-city transport services are now subject to sales tax on services @ 14% (in the case of Sindh).
Building Contractors’ services below or upto Rs 4 million are exempt
SRB through its notification no SRB 3-4/10/2016 dated June 28th, 2016 exempt the Services provided or rendered by a contractor of building (including water supply, gas supply and sanitary works), or of electrical and mechanical works (including air conditioning), or of multi-disciplinary works (including turn-key projects) and similar other works, subject to the condition that the annual turnover of the person providing or rendering the contractor service does not exceed Rs. 4 million in a financial year. [Tariff Heading No. 9814.2000]
Exempt Services for SRB purposes
SRB through its notification no SRB 3-4/10/2016 dated June 28th, 2016, notified that exemption threshold of Rs. 3.6 million is enhanced from Rs 4 million
Above exemption threshold is applicable to following services
How to Change particulars in FBR Computerized Payment Receipt (CPR)
How to Change Particulars in Income Tax and Sales Tax Challans
FBR’s e-portal for preparation of challan experienced a hidden change early at the beginning of this tax year 2016, previously at the time of CPR preparation, the system by default set the month as latest month for sales tax for which payments are generally prepared. For example if you are in month of August the system by-default set the month as July.