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tax time

Government is going to punish Non-filers much harder this Time

Budget 2018 (Finance Act, 2018 Approved) had some good news as well not so good news sandwiched secretly for example lowest income tax rates in the history announced and implemented for Individual taxpayers(Salaried as well as Business Individuals), removal of law for automatic selection for tax audit if return is late filed.

However some really harsh steps were taken one of which is ‘If a person failed to file his/her Income Tax return within due dates then he will remain non-filer for the whole year even if he file it one day after the due date’              

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Non-resident Pakistani to File Return of Income or Not

All Non-resident Pakistanis out there must have encountered one question in their mind, that why we should file our income tax return in Pakistan as we are not there in Pakistan so it should not be obligatory on us to file return.

Despite of above, some if not all of us faced a situation where your banker deducts withholding tax all the transactions for withdrawal whether it’s in cash or through cheques.

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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.

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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.

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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.

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