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…
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…
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,…
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…
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…
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%…
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…
What is wealth statement? Wealth statement is divided in two parts Statement of net assets 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…