176(1) (Notice to obtain information or evidence) What should do?
176(1) (Notice to obtain information or evidence) In this notice Please refer to the subject cited above.During the Desk Audit it has been noticed that you have adjusted refund claim of previous years against tax liability of tax year 2020.You are requested to provide proof/documentary evidence that tax was deposited in government exchequer against which you have claimed adjustment in tax year 2020.
In case of failure to furnish the requisite proof/documentary evidence the same shall be disallowed and subsequently recovered under the law.
Reason of Receiving 176(1) (Notice to obtain information or evidence)
If you have adjusted last year tax refund to next year they will ask you proof of taxes which you paid that you are claiming.
What should you do ?
If you received 176(1) (Notice to obtain information or evidence) then yoou should reply within due date with proper evidence.
Non Compliance of Notice
They will give you three opportunities every fifteen days non-Compliance of 176(1) (Notice to obtain information or evidence) may face demand notice and after tax recovery
if you need any help for the compliance of 176(1) (Notice to obtain information or evidence) feel free to contact us
122(9) (Notice to amend assessment) from FBR
122(9) (Notice to amend assessment) from FBR
122(9) (Notice to amend assessment) from FBR where you have mentiond Proceedings are being initiated against you on account of definite information u/s 122(5) received from Directorate of Intelligence & Investigation regarding purchase of property amounting to Rs.13,010,000/- during the tax year 2022
You have declared nil income whereas you made investment to purchase aforementioned property amounting to Rs. 13,010,000/- and have paid advance tax thereon u/s 236k amounting to Rs.260,200/- which you have failed to declare in your wealth statement for the tax year under consideration. The income declared does not commensurate with such a huge investment.
You are therefore given the opportunity to show cause u/s 122(9) read with section 122(5) as why the investment made to purchase the property amounting to Rs. 13,010,000/- may not be considered concealed income and may not be added in your total income under section 111(1)(b) of the Income Tax Ordinance, being income from “other sources”
This will also render you liable to the penalty of 100% of the amount of tax sought to be evaded u/s 182 of the Ordinance.
You are required to provide the following documents:
- All bank account statements from 01.07.2021 to 30.06.2022.
- Sale/ purchase agreement of the property purchased
- Source of investment made to purchase the property
- Any Other documents relevant to your case
The reply substantiated by the documentary evidence should reach the office of the undersigned by the due date. In case of failure the same shall be considered as concealed income under section 111(1) (b) of the ordinance 2001 and the assessment u/s 120 will be amended accordingly u/s 122(1).
Reason for received 122(9) (Notice to amend assessment) from FBR
During the filing of tax return either you missed to mention the taxes in 236k section or you missed to add this
property.
When you will receive 122(9) (Notice to amend assessment) from FBR
Before the finalizing of assessment the officer will give you opportunity to provide written proper response.
What you do if you received 122(9) (Notice to amend assessment) from FBR
When you received 122(9) (Notice to amend assessment) from FBR then within due date you should proper reply this notice with evidence in attachment portion. If you cannot reply hire a tax advisor who will give proper reply.
If you not reply received 122(9) (Notice to amend assessment) from FBR within due date then what will happen ?
Fbr will give you three opportunity of clear 15 days should be offer to the assesses before making assessment.
What If no compliance Made of received 122(9) (Notice to amend assessment) from FBR?
If no reply on time after given three opportunities they will send you demand notice.You may file appeal within thirty days after the reciving of demand notice
Contact us for replying of 122(9) (Notice to amend assessment)
Collection of Duties/Taxes on 23rd, 30th & 31″ December, 2023
FBR field formations, the State Bank of Pakistan, and National Bank will remain open until 10 pm on December 31st
How to Apply for Name Reservation in SECP|SECP Name Reservation|Company Registration
Company name reservation in SECP.If you want to register a company in SECP.Please find below a link detaild video how to apply for name reservation.
The process of name reservation in secp can vary depending on the jurisdiction and the specific requirements set by the governing body. However, I can provide you with a general outline of the steps involved in applying for name reservation in secp.
- Research the Requirements: Start by researching the requirements for name reservation in secp in your jurisdiction. Check with the appropriate government agency or business registration authority to understand the specific rules and regulations that apply to your situation. This could be a local, state, or national-level agency, depending on your location.
- Choose a Name: Select a unique and appropriate name for your business or organization. Make sure to review any naming restrictions or guidelines specified by the governing body. The name should not infringe upon existing trademarks or be misleading to the public.
- Name Availability Check: Conduct a name availability search to ensure that the name you’ve chosen is not already registered or reserved by another entity. Many jurisdictions provide online databases or search tools to check name availability.
- Prepare the Application: Obtain the necessary forms or application documents required for name reservation. These can usually be obtained from the relevant government agency’s website or office. Fill out the application with accurate information, including your preferred name and any supporting details as requested.
- Pay Fees: Determine the applicable fees for name reservation and make the necessary payment. The fee amount and payment method can vary, so consult the official guidelines or contact the relevant authority for precise details.
- Submit the Application: Submit the completed application form along with the required documents and fees. This can typically be done online, through mail, or in person, depending on the options provided by the governing authority.
- Await Confirmation: After submitting the application, you’ll need to wait for confirmation from the government agency or registration authority. The processing time can vary, so be patient and follow up if necessary.
- Name Reservation Period: Once your name reservation is approved, you will usually receive a reservation period during which the name is secured for your use. This period may vary depending on the jurisdiction but is typically limited, such as 30 to 90 days. During this time, you may need to proceed with the necessary steps to officially register your business or organization using the reserved name.
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Experienced Family Lawyer
Family legal matters can be emotionally charged and complex, requiring expert guidance to navigate through the intricacies of the legal system. When faced with issues like divorce, child custody disputes, or spousal support, having an experienced family lawyer by your side is crucial. In this article, we will explore the significance of working with an experienced family lawyer and the benefits they bring to your case.
- In-depth Understanding of Family Law: Experienced family lawyers possess comprehensive knowledge and understanding of family law. They are well-versed in the nuances of various legal matters such as divorce, child custody, adoption, and more. Their expertise allows them to provide insightful advice tailored to your specific situation, ensuring you understand your rights, obligations, and available legal options.
- Skillful Handling of Divorce Proceedings: Divorce can be emotionally taxing, with complex legal procedures involved. An experienced family lawyer brings invaluable expertise to the table, assisting you throughout the divorce process. They help you navigate issues like property division, spousal support, and child custody arrangements. Their negotiation skills and courtroom experience ensure your rights and interests are protected, helping you achieve a fair settlement.
- Protecting Parental Rights and Child Interests: Child custody disputes are among the most challenging aspects of family law. An experienced family lawyer understands the importance of safeguarding your parental rights and prioritizing the best interests of the child. They work diligently to develop custody arrangements that foster the child’s well-being while advocating for your rights as a parent.
- Advocating for Fair Spousal Support: In cases involving spousal support or alimony, an experienced family lawyer can advocate for a fair outcome. They assess the factors considered by the court, such as income, duration of the marriage, and standard of living, to ensure an equitable resolution. Their negotiation skills can help secure a reasonable spousal support arrangement that aligns with your financial circumstances.
- Navigating Adoption and Other Family Matters: Experienced family lawyers also play a vital role in facilitating adoptions and handling other family-related matters. They guide clients through the legal requirements, paperwork, and court procedures involved in adopting a child. Additionally, they assist with matters such as guardianship, paternity disputes, and prenuptial agreements, providing expert advice and ensuring legal compliance.
Conclusion: When faced with family legal matters, the expertise of an experienced family lawyer can make a significant difference. Their knowledge of family law, negotiation skills, and courtroom experience can alleviate your stress, protect your rights, and work towards the best possible outcome. Whether it’s divorce, child custody, spousal support, or other family matters, consulting with an experienced family lawyer is a wise decision. They will provide you with personalized legal guidance, helping you navigate through challenging times with confidence and ensuring your interests are well-represented.
Saudi Arabia commits financial support to help Pakistan secure IMF deal: minister
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.
Foreign Companies Registration in Pakistan
In Pakistan, foreign companies registration must register with the Securities and Exchange Commission of Pakistan (SECP) in order to conduct business in the country. The specific documents required for foreign company registration in Pakistan may vary depending on the type of company and its proposed business activities. However, generally the following documents are required:
A copy of the company’s incorporation certificate and Memorandum and Articles of Association
A certificate of good standing or equivalent document issued by the company’s home country
A resolution of the company’s board of directors authorizing the registration and appointing a representative in Pakistan
A power of attorney granting authority to the representative in Pakistan
A copy of the passport of the representative appointed in Pakistan
A statement of the company’s authorized and paid-up capital
A list of the company’s directors and shareholders
A copy of the lease or rental agreement for the company’s registered office in Pakistan
A copy of the National Tax Number (NTN) and Sales Tax Registration Certificate (STRN)
Any other documents as required by the SECP
Please note: The process and requirement may change over time, please refer to SECP website for the updated information.