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114(4) (Notice to file Return of Income for complete year)

114(4) (Notice to file Return of Income for complete year) What should you do?

114(4) (Notice to file Return of Income for complete year) 114(4) (notice to file return of income for complete year) 114(4) (Notice to file Return of Income for complete year) Beige Happy Tax Day Facebook Post

  1. You were required to furnish your income tax return for the tax year 2023 in view of sub-clause
    (vii) of clause (b) of sub-section (1) of section 114 of the Income Tax Ordinance, 2001.FBR database,however depicts that you have not filed your income tax return. In view of the above, you are hereby required under sub-section (4) of section 114 of the said Ordinance to file your income tax return for the
    said tax year within thirty (30) days of receipt of this notice.
  2.  Please note that failure to comply with any of the terms of this notice may result in ex parte assessment under section 121 of the said ordinance, and may also render you liable to a penalty undersub-section (1) of section 182 of the said Ordinance.
  • What should you do if received 114(4) (Notice to file Return of Income for complete year)

You should file your tax retrun with in due date otherwise they will send you Proceeding u/s 114B of Income Tax Ordinance, 2001.

If you want to file tax retrun we are the best tax consultant in Islamabad.You may contact us

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137(2) (Notice to pay tax payable)-Waht should you do?

137(2) (Notice to pay tax payable) Waht should you do?

Before this fbr sent you Notice to ammend assesment 122(9) after non-compliance  nor proper response they will send you 137(2) Notice.

137(2) (Notice to pay tax payable) 137(2) (notice to pay tax payable) 137(2) (Notice to pay tax payable)-Waht should you do? WhatsApp Image 2024 01 11 at 1

What should you do ?

You may file an appeal under section 127/ section 131 of the said Ordinance, to the Commissioner of Income Tax(Appeals)/ Income Tax Appellate Tribunal, within thirty days of the receipt of this notice/ sixty days of the date on which order appealed against is communicated to you.

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Tax on Capital Gains on disposal of Securities

Rate of Tax on Capital Gains on disposal of Securities

S# Description Rate
1 Where the holding period does not exceed one year 15%
2 Where the holding period exceeds one year but does not exceed two years 12.5%
3 Where the holding period exceeds two years but does not exceed three years 10%
4 Where the holding period exceeds three years but does not exceed four years 7.5%
5 Where the holding period exceeds four years but does not exceed five years 5%
6 Where the holding period exceeds five years but does not exceed six years 2.5%
7 Where the holding period exceeds six years 0%
8 Future Commodity contracts entered into by members of Pakistan Mercantile Exchange 5%
Provided further that a mutual fund or a collective investment scheme or a REIT scheme shall deduct Capital Gains Tax at the rates as specified below, on redemption of securities as prescribed namely:—
Category Rate
Individual and association of persons 10% for stock funds, 10% for other funds
Company 10% for stock funds,25% for other funds

Provided further that in case of a stock fund if dividend receipts of the fund are less than capital gains, the rate of tax deduction shall be 12.5%: Provided further that no capital gains tax shall be deducted, ifthe holding period

of the security is more than six years.

Tax on Electricity Consumption FBR

Tax on Electricity Consumption by FBR (Section 235, First Schedule, Part-IV, Division-IV)

Tax on Electricity Consumption  tax on electricity consumption Tax on Electricity Consumption FBR Electricity and Magnetism Physical Science Quiz Presentation Bright Textured Illustration

Taxable Income Rate of Tax
Where the amount does not exceed Rs. 30,000 Rs.3,000
Where the amount exceeds Rs. 30,000 but does not exceed Rs.50,000 Rs.5,000
Where the amount exceeds Rs. 50,000 but does not exceed Rs.100,000 Rs.10,000
Retailers and service providers as notified by the Board in theincome tax general order Up to Rs.200,000
To be deducted from professionals (accountants, lawyers, doctors, dentists, health professionals, engineers, architects, IT, tutors, trainers and other persons engaged in provision of services) not appearing on ATL and

operating from residential premises having domestic electric connections

If You need any help Contact Best Tax Consultant in Islamabad

221(2) (Notice for rectification of mistake in assessment order)

 

221(2) (Notice for rectification of mistake in assessment order) received from fbr 

221(2) (Notice for rectification of mistake in assessment order) 221(2) (notice for rectification of mistake in assessment order) 221(2) (Notice for rectification of mistake in assessment order) Untitled

your income tax return for the year under consideration has been examined and it has been found that you have claimed refund adjustment for the prior year(s) amounting to Rs.290614/- against the income tax payable for the subject year. The said adjustment is not admissible as the same has not been sanctioned in your favor through order under section 170(4) of the income Tax Ordinance, 2001. This is a mistake apparent from record and liable to be rectified under section 221 of the Income Tax ordinance, 2001. You are therefore, afforded an opportunity to explain your position alongwith documentary evidence on the due date mentioned above. You are called upon a show cause as to why your case for subject year may not be rectified.

Why you received 221(2) (Notice for rectification of mistake in assessment order) ?

After the last year tax retrun submission you have not filed refund application and second you have claimed last years tax and adjust current year.

What should i do now?

Simply reply the notice with last documents on the basis of last years tax refund claimed.Your reply should be proper and understandable.

If no compliance  made of 221(2) (Notice for rectification of mistake in assessment order)?

In case of non-compliance or reply found unsatisfactory, it will be established that you have no plausible explanation
and assessment will be rectified accordingly.

If need any help on 221(2) (Notice for rectification of mistake in assessment order) feel free to contact us at Astro Associates tax consultant 

Tax Rates for AOPs and Non-salaried persons

Tax Rates for AOPs and Non-salaried persons

S# Taxable Income Rate of Tax
1 Up to Rs 600,000 0%
2 Rs 600,001 Rs 800,000 5% of the amount exceeding Rs 600,000
3 Rs 800,001 Rs 1,200,000 Rs 10,000 + 12.5% of the amount exceeding Rs 800,000
4 Rs 1,200,001 Rs 2,400,000 Rs 60,000 + 17.5% of the amount exceeding Rs 1,200,000
5 Rs 2,400,001 Rs 3,000,000 Rs 270,000 + 22.5% of amount exceeding Rs 2,400,000
6 Rs 3,000,001 Rs 4,000,000 Rs 405,000 + 27.5% of the amount exceeding Rs3,000,000
7 Rs 4,000,001 Rs 6,000,000 Rs 680,000 + 32.5% of the amount exceeding Rs4,000,000
8 More than Rs 6,000,000 Rs 1,330,000 + 35% of the amount exceeding Rs6,000,000

If you want to file your AOP tax retruns.Contact Us

Notice under Rule 44(4) of the Income Tax Rules 2002 What you do?

Notice under Rule 44(4) of the Income Tax Rules 2002

Notice under Rule 44(4) of the Income Tax Rules 2002 notice under rule 44(4) of the income tax rules 2002 Notice under Rule 44(4) of the Income Tax Rules 2002 What you do? rule 22

Notice under Rule 44(4) of the Income Tax Rules 2002 you should reply within due date with required details.They Sent you on the basis of said year after tax filing.FBR saw your tax retrun where you have declared purchases etc.

What if you no reply

They will send you another notice where they will mention amount of purchase salaries all exepnse.After given three opportunities they will finalize tax liability.

What if you cannot reply Notice under Rule 44(4) of the Income Tax Rules 2002 then you can contact us 

 

 

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How to check filer status in fbr:Very Simple Way

There are three ways to check your filer status

SMS Verification:

Go to write message type ATL space ID Card Number without dashes and send to 9966 then you will get instant mesesage of your ATL staus.

Online Verification:

Go to e.fbr click on active tax payers list the you will find another screen where select the parameter type CNIC  and enter your cnic number without dash fill image captcha then you will find your active status

Active Taxpayers List (ATL):

Third way you can download ATL list in detalied form E.FBR site.Keep in mind this list will be update on every monday.

If need any help How to check filer status in fbr  contact us Astro Associates Islamabad best tax consultancy services in Islamabad & Rawalpindi

SECTION 7E FBR TAX ON DEEMED INCOME

SECTION 7E FBR section 7e fbr SECTION 7E FBR TAX ON DEEMED INCOME Beige Modern Real Estate House For Sale Instagram Post 1 1024x1024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SECTION 7E FBR TAX ON DEEMED INCOME

For tax year 2022 and beyond, income specified in this section shall be subject to taxation at the rates outlined in Division VIIIC of Part-I of the First Schedule.”

A resident individual will be considered to have earned taxable income under this section equal to five percent of the fair market value of capital assets located in Pakistan, excluding the following, on the last day of the tax year

  1. Self-using one capital asset;
  2. owned business premises for business person is a Filer at any time during the year;
  3. owned agriculture land for agriculture activity (excludes farmhouses and land annexed to them);
  4. Capital assets allotted to certain individuals such as Shaheeds or dependents of Shaheeds belonging to Pakistan Armed Forces, war wounded persons serving Pakistan Armed Forces, Federal and Provincial Government and more;
  5. Income from any property which is chargeable to tax under the Ordinance and tax on the same has been paid in same period
  6. Same year purchasing capital asset on which advance tax u/s 236K has been paid
  7. Assets below 25 Million
  8. Constructor,builders and developers those are registered with Directorate General of Designated Non-Financial Businesses and Professions of Board (DNFBP)

Above are the detais of SECTION 7E FBR

176(1) (Notice to obtain information or evidence) What should do?

176(1) (Notice to obtain information or evidence) 176(1) (notice to obtain information or evidence) 176(1) (Notice to obtain information or evidence) What should do? Business Consulting Logo 1 300x300

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