Taxation

Money does not come without guidance…

Taxation Services

The road to recovery is to stimulate small and large businesses by means of innovation and to minimize taxation, implement of appropriate regulation and intensive litigation.

Our well accomplished professionals are the main resource to guide you the best solution commanded for taxation. We are available to answer on each of your query on direct taxes or indirect taxes including Income Tax, Sales Tax, FED and Custom duties.

OUR RANGE OF SERVICES INCLUDES:

  • Computation of Income Tax and sales tax after all tax credit.
  • Preparation and Payment of Electronic Challan
  • Payroll Running and Tax Deductions and Tax Rebates guidelines.
  • Performing as E-Intermediary
  • Tax Planning and Strategy Development
  • Assistance in preparation of National Tax Number (NTN) for individuals, Association of persons and companies whether to get register in Income Tax or Sales Tax Registration Number (STRN).
  • E-filing of Monthly Statements u/s 149 and 165 of the Income Tax Ordinance, 2001 and Sales Tax Return.
  • Updated and advised clients on taxation related issues in daily basis.
  • E-filing of Annual return of individuals, Association of persons and companies.
  • Correspondence in going through Audit conducted by FBR or any monitoring notice issued.
  • Plead Appeals of Income Tax or Sales Tax cases.
  • Assistance in obtaining/claiming refunds from Federal Board of Revenue as Tax Refunds.
  • Assistance in obtaining Exemption certificates such as:
      • Approval as non-profit organization (NPO) under section 2(36) of the Income Tax Ordinance 2001.
      • Business exemption under clause 58 of the Second Schedule to the Income Tax Ordinance 2001.
      • Other tax exemptions as applicable.

FULLY EXEMPTED FROM FILING OF ANNUAL RETURN OF INCOME
The following persons shall not be required to furnish a return of income for a tax year solely by following reasons:-

  • A widow
  • an orphan below the age of twenty-five years;
  • a disabled person; or
  • In the case of ownership of immovable property, a non-resident person.

 

MANDATORY TO FILE ANNUAL RETURN OF INCOME
Following individuals are mandatory to e-file their Annual Return of Income:-

  • An individual registered under Sales Tax Act, 1990
  • Whose salary income is 500,000/- or more
  • Any person claiming Tax refund
  • Where a person’s income from business exceeds Rs 300,000/- but does not exceeds 400,000/- in a Tax Year is also required to furnish return of income.

Other than the aforesaid individuals, on following criteria a person is also liable to file return of income:-

  • has been charged to tax in respect of any of the two preceding tax years; 
  • Claims a loss carried forward under Income Tax Ordinance, 2001 for a tax year;           
  • owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory .
  • Owns immoveable property with a land area of 200 square yards or more located in a rating area;
  • Owns a flat having covered area of two thousand square feet or more located in a rating area;]
  • Owns a motor vehicle having engine capacity above 1000 CC;
  • Has obtained National Tax Number[; or] ]
  • is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds Rs 500,000[; or] ]
  • is [a resident person] registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan.]

MANDATORY TO E-FILE WEALTH STATEMENT
Every taxpayer is obligated to file wealth statement alongwith wealth reconciliation statement irrespective of their income limit; it is amended in Income Tax Ordinance, 2001 tax year 2014 to 2015 Ed (refer section 118(2A).