Please wait, loading...
If a filer has not submitted his return for the year 2019 within the due date, will the taxpayer be inactive on FBR portal? What is the procedure to make it active? Solution: The taxpayer who has failed to furnish his return within the due date, his name will become inactive and will...
What would be the value of gold need to be furnished in wealth statement filed under section 116 of the income tax ordinance 2001? Solution: While submitting the income tax return for the first time, the purchase value of gold with actual weight, needs to be furnished in the assets column. For next...
Tax on Prizes and Winnings: Mr. Aslam is a marketing head of the S. N. Enterprise. Following are the particulars for filing his annual income tax return. His monthly salary from July 01, 2019 to June 30, 2020 Rs. 180,000 He received a cash prize for his sales target achievement Rs. 100,000 He...
A person purchases property of Rs. 3,000,000 in the name of his wife. Payments made at full through his bank account. Further, he paid the following amounts on the said property. Stamp duty 10,000 Capital value tax 5,000 Withholding tax {236(K)} 3,000 Development charges 20,000 Can a person claim the withholding tax of...
Tax is a levy imposed on the individuals, firms or corporates by the government. It is enforced to raise funds for spending, expenditures, resource allocation, income redistribution, and economic stability among the people of the country. These taxes can be progressive, proportional or regressive in nature. Direct and Indirect Taxes Taxes are bifurcated...
Progressive tax Progressive tax imposes a higher percentage rate of taxation on those with higher incomes and lower rate of tax for lower income earners. It carries the principle of equality in distribution of income and also benefits in government revenue. Income tax is both progressive and proportional in nature. Progressive taxes use a...
CNIC number, NICOP or Passport Cell phone number registered on the individual’s name Personal e-mail address Nationality Permanent residential address Accounting period In case of business income, (i) business name; (ii) business address; and (iii)principal business activity Name and NTN of employer in case of salary income; ...
For non-resident company having permanent establishment in Pakistan Name of company Business address Accounting period Phone number of business Principal business activity Address of principal place of business Registration number and date of the branch with the Securities and Exchange Commission of Pakistan (SECP) Name and address...
Name of company or AOP Business name Permanent business address Accounting period Business phone number Official e-mail Cell phone of principal officer of the company or AOP Principal business activity Address of industrial establishment or principal place of business Type of Company, like public limited, private...
For filing of tax return every individual should get himself registered by applying in the prescribed form and in the prescribed manner for registration. In few cases Commissioner himself registers a taxpayer in the prescribed manner. Before the year 2015, an individual had to first apply for National tax number (NTN) and then gets...