Income Tax Consultant (Pakistan)

KARACHI: Each individual filing income tax return for tax year 2015 is required to file wealth statement as well. This condition has become mandatory after the withdrawal of threshold of Rs 1 million that was available in the past years. After this mandatory requirement salaried persons drawing annual income above Rs400,000 and Individual business persons having income Rs300,000 per year will file wealth statement along with income tax returns for tax year 2015. According to instructions of Federal Board of Revenue (FBR) the following persons are required to furnish a return of income for a tax year: (a) Every company; (b) Every person (other than a company) whose taxable income for the year exceeds PKR 400,000; (c) Every non-profit organization as defined in clause (36) of section 2; (d) Every welfare institution approved under clause (58) of Part I of the Second Schedule; (e) Every person who has been charged to tax in respect of any of the two preceding tax years; (f) Every pers...

Part 2: Part 3: Part 4: A program on how to e-Register, e-Prepare and e-File your Income Tax Return and Wealth Statement alongwith Wealth Reconciliation Statement by M. Zeeshan Merchant on Geo Tv in program 1 sey 2 with Shuja Qureshi (Dated - 2010)

ISLAMABAD: The Federal Board of Revenue (FBR) has started a project to develop a database in order to make possible the utilization of the Computerized National Identity Card (CNIC) number as the national tax number (NTN) and it would be completed in December this year. Official sources said that the FBR was working on this project with the coordination of the Nadra and other departments concerned. After the completion of the database, the FBR will be able to keep an eye on every business-related activity as the CNIC is used everywhere from bank transactions to foreign tours and sale and purchase of property. This database would also help the FBR in scrutinising the data of tax return filers, especially those who are filing returns through self-introductory system but are paying no taxes It is important to mention here that it was announced in Finance Bill 2015-16 that CNIC number will be treated as NTN but it was not elaborated in depth. Source: ...

KARACHI: The Federal Board of Revenue (FBR) has initiated a drive to identify income sources of luxurious vehicles’ owners to ensure their tax return filings, confiscating vehicles on non-compliance, official sources said on Thursday. The sources said tax officials are obtaining data of registered motor vehicles above 1,000cc to determine the sources of income of their owners to increase filings of tax returns. They told The News that Inland Revenue asked local car assemblers and customs authorities to share the last five-year data of purchased vehicles with the tax department. “We are comparing this with the data provided by the provincial motor vehicle registration authorities,” said a source. The sources said the FBR has started issuing notices to the owners of vehicles and around 422 vehicles have been seized on non-compliance. Motor vehicle registration authorities of various cities have so far shared data of 821,000 registered vehicles abov...

Taxpayers are in a state of obscurity as Federal Board of Revenue (FBR) remains unable to issue User ID, Password and Pin Code after lapse of three months. Although the board has announced to launch new 'Registration Module' from July 1, 2015, the same has so far not been introduced, putting the taxpayers in uncertain state.  In this regard, the Karachi Tax Bar Association (KTBA) has raised the issue with the member IT Raana Ahmed, expressing grave concerns over long delay in tax registration and issuance of User ID, Password and Pin Code, etc. Read full story  

A news item has been published in some of the newspapers on 16th August, 2015, stating that Mr. Haroon Akhtar Khan, Special Assistant to Prime Minister on Revenue has asked non-filers to file their tax return by February 28, 2016 and get exemption from Withholding tax deduction on their bank instruments. It is hereby clarified that Mr. Haroon Akhtar Khan along with Mr. Shahid Hussain Asad, Senior Member (Inland Revenue Policy) and Mr. Nadeem Dar, Member Facilitation and Taxpayer Education (FATE) and Mr. Zubair Tufail from Federation of Pakistan Chambers of Commerce & Industry met representatives of the traders at Islamabad Chamber of Commerce & Industry on 12th August, 2015, to discuss reservations of traders on new Withholding tax on bank instruments of “non-filers”. Different proposals were raised by the traders’ representatives. The non-filers were advised by Mr. Haroon Akhtar Khan to file their Income Tax Returns and attain the status of “filer” and t...

KARACHI: Overseas Pakistani workers remitted $1663.61 million in the month of July FY16, showing a growth of 0.86% compared with $1649.39 million received during the same period in the preceding year. According to statement issued here by State Bank of Pakistan (SBP) on Monday, the country wise details for the month of July 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $474.42 million, $367.51 million, $255.32 million, $232.33 million, $197.86 million and $32.5 million respectively compared with the inflow of US $454.47 million, $352.89 million, $257.08 million, $247.96 million, $179.76 million and $44.32 million respectively in July 2014. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2015 amounted to US $103.67 million together as against $112.91 million received in July 2014.- APP

Samina Fazil, founder President of Islamabad Women's Chamber of Commerce and Industry (IWCCI), on Sunday said that withholding tax on bank transaction has been imposed without proper groundwork, which has added to the problems of masses and business community. Income must be taxed but the newly-introduced model of taxation is faulty at best which will not benefit the government but the corrupt in the FBR, she said while speaking to the businesswomen. She said that lack of trust between taxpayers and tax collectors has kept the number of taxpayers dismally low, which has transformed nuclear Pakistan into a beggar. "FBR should not milk all the customers of banks but establish a separate database of taxpayers and give its access to banks so that they are not bothered. WHT should not be deducted from taxpayers, as it will stuck their money for one year while they will have to bribe FBR officials to get refunds, which is a routine practice," she added. Sami...

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared income tax annual return form for Tax Year 2015 by incorporating necessary legal changes and suggestions of business community and of professional bodies. The new income tax returns for all taxpayers are uploaded on FBR’s website www.fbr.gov.pk. Taxpayers are to use these returns for filing their annual income tax returns due by August 31 for salaried persons and by September 30 for companies closing their accounts by December 31, 2014 and all other non-salaried individuals and Associations of Persons (AoPs). - customstoday.com.pk Downloadable Return Forms for Tax Year 2015 Sr # Title 1 Individual Paper Income Tax Ret...

ISLAMABAD: Directorate of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) has decided to start campaign against non-taxpayers of electronics dealers . According to sources, Directorate of Intelligence and Investigation Inland Revenue has received information that most of the electronic dealers are involved in tax evasion, these dealers has large scales of electronic businesses but they submit their tax returns with wrong information of their income and sales. Sources further added that Directorate of Intelligence and Investigation Inland Revenue these dealers used several methods to save them from submitting sales tax returns as most of electronic dealers are out of tax net.  Now FBR are sending them notices to clear their outstanding dues at the earliest to avoid any strict action in future. Source:customstoday.com.pk

KARACHI: In a bid to increase the number of income tax returns, the Federal Board of Revenue (FBR) has made mandatory for all salaried persons having taxable income to file income tax returns electronically from Tax Year 2015. Through SRO 791(I)/2015 issued on Tuesday, the Income Tax Ordinance, 2001 has been amended to make it mandatory for all individuals earning taxable income to file tax return electronically for the tax year 2015, for which the last date is August 31, 2015. Tax experts strongly criticised the move. They said salaried individuals were a soft target, and by forcing salaried persons for filing returns the tax authorities were trying to achieve their desired number. Earlier, the law required a person earning Rs500,000 per year to file tax return electronically. While salaried persons under threshold for income tax payment, ie Rs400,000 were also required to file returns, but it was not mandatory through e-filing. Muhammad Zubair, President, Kar...