Category Archives: Taxation

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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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

122(9) (Notice to amend assessment) from FBR

122(9) (Notice to amend assessment) from FBR

Received 122(9) (Notice to amend assessment) from FBR 122(9) (notice to amend assessment) from fbr 122(9) (Notice to amend assessment) from FBR Business Consulting Logo  300x300

 

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:

  1. All bank account statements from 01.07.2021 to 30.06.2022.
  2. Sale/ purchase agreement of the property purchased
  3. Source of investment made to purchase the property
  4. 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)

How to file tax retrun in Pakistan

In Pakistan, the Federal Board of Revenue (FBR) provides an online system for filing taxes called the e-Filing system. Here are the general steps to file your taxes online in Pakistan:

Register for an e-Filing account by visiting the FBR website and providing your personal and business information.

Gather all necessary documents, such as your income statement, tax withholding certificates, and any other relevant documents.

Log in to your e-Filing account and enter your financial information, including your income and deductions.

Submit your tax return and make any necessary payments online.

Keep records of your tax return and payment receipts for future reference.

Please note: The process and requirement may change over time, please refer to FBR website for the updated information.
how to file tax retrun in pakistan How to file tax retrun in Pakistan FBR Pakistan logo

NTN Registration IRIS

NTN  Registrationn IRIS (National Tax Number) form from the Federal Board of Revenue (FBR) in Pakistan online, you can follow these steps:

NTN Registartion fbr ntn registration iris NTN Registration IRIS FBR Pakistan logo

 

Go to the FBR website (https://www.fbr.gov.pk/)
On the homepage, click on the “Online Services” tab.
From the dropdown menu, click on the “NTN/STRN Inquiry” option.
On the next page, you will see a form titled “NTN/STRN Inquiry Form“.
Fill out the form with the required information, including your name, address, and CNIC (Computerized National Identity Card) number.

Click on the “Submit” button.

If you are eligible to get an NTN Registration IRS, the FBR will provide you with a copy of the NTN form. You will need to fill it out and submit it to the FBR along with the required documents to complete the process.

Note: The FBR may require you to provide additional documentation or information in order to process your NTN Registration IRIS application.

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