File Your Tax Return 2023 FBR
File your tax return 2023 FBR otherwise sim will be block by 15th May 2024
To boost tax compliance, the Federal Board of Revenue (FBR) issued an Income Tax General Order (ITGO) for people not on the active taxpayer list but required to file tax returns for 2023. Under section 114B of the Income Tax Ordinance, FBR acted decisively by disabling SIM cards linked to 506,671 individuals in this category. These steps aim to prompt tax compliance and support economic growth.File your tax return 2023 FBR
Key points of the Income Tax General Order (ITGO) are:
- Disabling Mobile Phone SIMs: SIM cards linked to specified individuals’ CNIC will be blocked until restored by the FBR or the relevant tax authority.
- Immediate Effect: The ITGO will be enforced immediately by the Pakistan Telecommunication Authority (PTA) and all telecom operators to ensure swift implementation.
- Compliance Reporting: Telecom operators are required to submit a compliance report to the FBR by May 15, 2024, ensuring transparency and accountability in the enforcement process.
File your tax return 2023 FBR as soon as possible.If you need any help Astro Associates will file your tax retrun.
income tax, sales tax, and federal excise duty Appeals
income tax, sales tax, and federal excise duty Appeals
The Tax Law Amendment Bill 2024, presented by Federal Minister for Law and Justice, Mr. Azam Nazeer Tarar, on 24.04.2024, proposes key changes in how tax appeals are handled in terms of income tax, sales tax, and federal excise duty.
Income tax, sales tax, and federal excise duty Appeals that Under the current system, the Commissioner IR Appeals handles a broad spectrum of tax-related appeals. However, with the introduction of this bill, their jurisdiction will be limited to dealing with income tax appeals up to Rs20 million, sales tax appeals up to Rs10 million, and federal excise duty appeals up to Rs5 million. Appeals exceeding these amounts will now be directly heard by the Appellate Tribunal Inland Revenue (ATIR).
This proposed redirection is part of a broader effort to expedite the decision-making process in tax-related matters, ensuring that cases involving larger sums are handled by the ATIR, which is equipped to deal with more complex and higher-value disputes. As outlined in the bill, all cases currently pending before the Commissioner that exceed these thresholds will be transferred to the ATIR, with a stipulated decision period of 6-months from the date of transfer.
Further, the bill seeks to enforce stricter timelines for the escalation of cases from the Tribunal to the High Court, mandating that such appeals and references be filed within 30-days of receiving the order, with the High Court required to make a decision within 6-months.
The legislative intent behind these reforms is clear. The minister noted that there is currently a staggering Rs2.7 trillion tied up in pending tax cases across various forums, including the Commissioner’s Appeals, Appellate Tribunals, and higher courts. By reallocating the jurisdictional responsibilities and setting firm timelines, the government aims to alleviate the bottleneck in the system and free up a significant amount of resources currently stalled in litigation.
This move has been framed as part of a larger strategy to not only streamline the tax appeal process but also to broaden the tax base, a critical step towards strengthening the national economy. The government has expressed its commitment to transparency in this process, inviting suggestions from opposition parties and other stakeholders, and has consulted with the Tax Bar Association in the drafting of the bill.
However,as per income tax, sales tax, and federal excise duty Appeals bill the proposed changes have not been without criticism. Opposition Leader Mr. Omar Ayub has suggested that the bill should be deliberated further in the Finance Committee, indicating that there may be reservations regarding the specifics of the jurisdictional limitations and the potential impact on taxpayers’ rights to a fair appeal process.
As the bill moves through the legislative process, income tax, sales tax, and federal excise duty Appeals,it will be important to observe how these discussions evolve and what amendments might be proposed to address the concerns raised by the opposition and tax experts alike. If passed, this amendment could represent a pivotal shift in Pakistan’s approach to tax litigation, potentially setting a precedent for future reforms in fiscal governance.
How to apply income tax, sales tax, and federal excise duty Appeals?
What the process of income tax, sales tax, and federal excise duty Appeals?
What is new process of income tax, sales tax, and federal excise duty Appeals?
Sales Tax Return SRO 350
– as per Sales Tax Return SRO 350 Automatic registration is no longer available for individuals, AOPs, and single member companies
– The (LRO) will review and approve registration applications to ensure all required information and documents are submitted.
- Balance Sheet:
(a) Only individuals, associations of persons, and single member companies (excluding manufacturers) shall file a balance sheet.
(b) The balance sheet shall be filed for a specific date, namely:
(i) For persons registered before June 30, 2023, as of June 30, 2023.
(ii) For persons registered after June 30, 2023, as of the date of filing.
(c) No further balance sheet shall be required unless the registration is modified as per Sales Tax Return SRO 350
- Sales Tax Return:
– The Commissioner can reject sales tax returns without a balance sheet.
– The Commissioner may disallow returns with sales exceeding five times business capital if:
– Business capital is not declared.
– Sales don’t arise from bank-financed or credit purchases.
– If you can’t provide information on business capital, loans, and credit purchases, your transactions may be considered suspicious, and the Commissioner may not allow filing
S.R.O.582 2024 Sales Tax
S.R.O.582 2024 Sales Tax
S.R.O.582 2024 Sales Tax In exercise of the powers conferred by section 50 of the Sales Tax Act, 1990, the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Sales Tax Rules, 2006,
- for the expression “with corresponding assets in the bank, amounts attributable to partners with percentage, as the case may be, the expression substituted; and
- in the proviso, the expression “within thirty days from the date the said requirement comes into force” shall be omitted
If you need any further help feel free to contact Us.We will guide you.
How to submit balance sheet in IRS
How to submit balance sheet in IRS
If you are unable to file march 2024 sales tax retrun and facing error (You have not provided your balance sheet u/r 5(2)(f). Please add the balance sheet or submit a request to your commissioner for approval).Its mean you have not submitted balance sheet as per SRO (350) 2024.How to submit balance sheet in IRS
Please update your registration form to provide balance sheet details u/r 5(2)(f), in order to file sales tax return without approval of commissioner.
How to file balance sheet application 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) Sales Tax?
- Got to registration tab
- forms
- Open 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) (Sales Tax
- Fill all forms
- attach balance sheet
- submit
How to resolve error You have not provided your balance sheet u/r 5(2)(f). Please add the balance sheet or submit a request to your commissioner for approval?
If you are facing error the you should file application 14(1) (Sales Tax registration modification to add the balance sheet u/r 5(2)(f)) Sales Tax.
What are the consequences of not submitting a balance sheet?
- fines
- Suspension of their tax registration.
If you are unabel to know how to submit balance sheet in IRS.Astro Associates will help you to file sales tax retrun and accounts
182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114)
182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114)
You were liable to file Return of Income for the Tax Year 2023 for which Notice U/s 114(4) of the Income Tax
Ordinance, 2001 had already been issued and serviced but you failed to file the return of Income. You are hereby
requested to please show cause for non filing of return of Income by due date. Otherwise First Penalty U/S 182 shall be imposed for the default.
Why i received 182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114)?
After the due date of filing time was given to file tax retrun within notice due date but you failed to file your tax retrun so you got the notice.
What should i do if i got 182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114) ?
Last oppurtunity given you shuld file within show cause notice period.
Tajir Dost Scheme FBR
Tajir Dost Scheme FBR
Every traders and shopkeepers operating through a fixed place of business including a shop, store, warehouse, office or similar physical place (hereinafter referred to business premises) located within the territorial civil limits including cantonments in the cities as specified in the Schedule to this scheme for registration and payment of minimum advance tax will be applicable.
Tajir Dost Scheme FBR is not applicable on following conditions
(i) Company
(ii) Operating as a unit of national or international chain stores in more than one city or;
(iii) Person or a class of persons specifically excluded by the Board.
How to Registration in the National Business Registry Tajir Dost Scheme FBR
Every trader and shopkeeper shall apply for registration under section 181 of the Ordinance or through Tax Asaan app or on FBR’s portal or through FBR’s Tax Facilitation Centers by 30th day of April, 2024.
The provisions of section 182 of the Ordinance shall, mutatis mutandis apply to the trader or shopkeeper who has not applied for registration on companies and chain stores.
What is Minimum monthly advance tax payable by a person in Tajir Dost Scheme FBR?
Every person shall be liable to pay monthly advance tax
What is Mode and manner of payment of advance tax?
From 1 day of July, 2024 for the relevant tax year and the first payment will be due on 15th of
July, 2024 and thereafter on 15th of every month.
Payment be paid through a Separate Computerized Payment Receipt against the Payment Slip ID (PSID)
Generated by Tajir Dost module or through FBR’s portal or through FBR’s Tax Facilitation Centers
FBR Calculations of Tax Tajir Dost Scheme as per following
(a) Annual rental value means ten percent of the fair market value of the business premises;
(b) Business premises include all business places, store, warehouse, or any other Place connected to business or an office or a home operating as a business place;
(c) Indicative income means amount calculated on the basis of the annual rental Value in accordance with the formula as may be prescribed;
(d) Fair market value of business premises in Tajir Dost Scheme FBR means the amount calculated as per the valuation of immoveable properties notified by the Board under section 68 of the Income Tax Ordinance, 2001(XLIX of 2001), or where such valuation has not been notified by the Board, the values fixed by the District Officer (Revenue), or Provincial or any other authority authorized to fix such values for the purposes of stamp duty will be a.
Income Tax Exemption SWAT
Income Tax Exemption SWAT & Income Tax Exemption FATA & PATA
If you are a resident of Swat and you are running a business there, no income tax is applicable. However, you are required to obtain an income tax exemption certificate in Swat.
If you need income tax exemption certficate feel free to contact us
NTN Online Verification
NTN Online Verification
You can check your ntn through NTN Online Verification method on fbr site.
- Open the website e.fbr.gov.pk
- Search taxpayers
- NTN inquiry
- Taxpayers Profile Inquiry
- Select Parameter type CNIC and picture code shown on page.
120(3) (Notice to complete deficiencies in Return of Income)
120(3) (Notice to complete deficiencies in Return of Income) What should You do?
On examination of your return for Tax Year 2023 reveals that you have (not filed/ attach audited
accounts/ Incomplete audited accounts or audited accounts not proper signed by the CA) along with
return filed for tax year under consideration.
You are requested to please provide the same on or before the due date mentioned above
positively. Please note that in case of failure to provide the above said documents; your return will be
treated as invalid u/s 120(4) of the Income Tax Ordinance, 2001.
120(3) (Notice to complete deficiencies in Return of Income) what should You do?
You should print these accounts sign and stamp with Qualified auditors.
If you need any help regarding 120(3) (Notice to complete deficiencies in Return of Income) feel free to contact us we are best tax consultant in Islamabad