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.
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
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.
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.
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.
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.
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).
FBR has introduced electronic method of registration through IRIS. However this is applicable for persons not having National Tax Number. If you intend to obtain new registration number please refer to our post on How to Obtain National Tax Number (NTN) through IRIS [Step by Step Guide].
Wealth statement is divided in two parts
It is a list of all assets and liabilities [personal as well as business] as at the closing date of year i.e. 30 Jun