Active taxpayer’ list
In Pakistan, the Active Taxpayer List (ATL) is a directory of taxpayers who are currently registered with the Federal Board of Revenue (FBR) and have filed their tax returns for the previous tax year. The ATL is updated on a regular basis and is used by various authorities, including financial institutions and government agencies, to verify the tax status of an individual or a business. Being on the ATL can also provide certain benefits to taxpayers, such as exemption from withholding tax on certain transactions and priority in the processing of tax refunds.
PRELIMINARY in income tax ordinance in Pakistan
In the Income Tax Ordinance of Pakistan, “preliminary” refers to the initial assessment or determination of a tax liability before any adjustments, deductions, or exemptions are taken into account. The preliminary tax liability is calculated based on the taxpayer’s income or profits without any allowances or reliefs applied. Once the preliminary tax liability is determined, the taxpayer can then apply any deductions or exemptions they may be eligible for to arrive at the final tax liability.
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How Many type of Income Sources
There are several types of income sources, including:
Earned Income: obtained through employment, self-employment or running a business.
Investment Income: obtained through returns on investments such as stocks, bonds, and real estate.
Passive Income: received without actively participating in the work, such as rental income, royalties, or dividends.
Retirement Income: obtained through pension plans, social security, or personal savings plans.
Public Assistance: provided by government programs such as unemployment benefits, disability benefits, or welfare.
Inheritance: received from the estate of a deceased person.
Sale of property: profit from selling real estate, artwork, or other assets.
Gambling or Prize winnings: from games of chance or contests.
Note that the tax treatment of these income sources can vary, and it is important to understand the tax implications of each type of income.