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.
Read moreProperty valuation rates by FBR for Tax purpose
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
Read moreProperty valuation rates by FBR for Tax purpose
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
Read moreRegistration for non-residents companies
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.
Read moreTax 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.
Read moreNotice 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.
Read moreSales Tax Returns STRIVE
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.
Read moreIs Inter-city transport services is taxable service?
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).
Read moreHow to get ID password for FBR login for NTN holders
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].
Read moreHow to file wealth statement [step by step guide]
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 closing date of year i.e. 30 Jun
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