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 12^th 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].

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)