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].

What is wealth statement?

Wealth statement is divided in two parts

1. Statement of net assets
2. Reconciliation of net assets

Statement of net assets

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

What is Income Tax Return?

Income tax return is a summarized form issued by FBR every year. The form is used to fill all the information relating to

• Income earned during any tax year
• Expenses incurred to earn that income during the year, including personal expenses.
• Taxes paid / deducted during the year.
• Tax to be paid. (if any)

Registration for Income Tax and Sales tax for Association of Person (AoP) and Company is now processed through FBR IRIS facilitation desk. It means one cannot initiate the process directly from e-portal.

How to apply new registration for Individual Taxpayer

You must have heard non-filer or filer most commonly used now days, especially if you are in a Bank, Motor vehicle or property registration authority office. Lets talk something about this hot issue.

SRB through its notification no SRB 3-4/10/2016 dated June 28^th, 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]

SRB through its notification no SRB 3-4/10/2016 dated June 28^th, 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 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.