This blog is written by Mr. M. Shafaat Ali, Assistant Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. Income from Business- Inadmissible Deduction Income from business is a 3rd source of income from which a person can drive income. Income from business is chargeable to tax under section 18 of the Income [...]
Introduction Sindh Revenue Board (SRB) issued notification ref No . SRB-3 -4/8/2019 dated 18th May, 2019. Commentary Sindh Revenue Board (SRB) has announced “Sindh Sales Tax Incentive Package” through its notification No. SRB-3-4/7/2017 on May 18, 2017. The incentive package provides for total waiver of penalty and waiver of up to 95% [...]
This blog is written by Mr. Ijaz Ahmed Tajjak, Assistant Manager Audit and Assurance Services. Please read this blog and provide your valued comments. IFRS 15 Revenue from Contracts with Customers IFRS 15 replaces the following standards & interpretation. IAS 11 Construction contracts; IAS 18 Revenue; IFRIC 13 Customer Loyalty Programmes; IFRIC 15 Agreements for [...]
This blog is written by Mr. M. Kaleem Majeed, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Common Type of Notices Sent by FBR (Phase-II) “It takes less time to do things right than to explain why you did it wrong” NOTICE TO SUBMIT FOREIGN ASSETS DECLARATION U/S 116A (2) OF ITO, [...]
Khilji & Co (Chartered Accountants) is pleased to present this tax briefing, which is primarily aimed to help in understanding the impact of the Asset Declaration Ordinance 2019. Please click on link mentioned below to access and study the Commentary Commentary on Asset Declaration Ordinance 2019 2019515353034828ADO2019 We humbly request our valued clients and readers [...]
Introduction Securities and Exchange Commission of Pakistan issued SRO ref: 548 (I)/2019 dated May 10, 2019. Commentary SECP vide S.R.O. 548 (I)/2019 dated May 10, 2019 delegates the following powers and functions of the Commission to its Executive Director of the Specialized Companies Division: - S.# Relevant CCG Regulation Nature [...]
This blog is written by Mr. Mohsin Alizai, Assistant Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. Sales tax withholding comparison and exceptions under federal and provincial sales tax laws. Rules relating to sales tax withholding and exception therefrom under federal and provincial sales tax laws are summarized hereunder: Supply of goods [...]
Introduction Sindh Revenue Board (Government of Sindh) issued Notification SRB-3-4/5/2019 dated May 08, 2019 Commentary Through the above mentioned notification, insurance services (other than its related re-insurance services) have been exempted from sales tax chargeable under Sindh Sales Tax on Services Act, 2011 (the Act). The Exemption is available for Life insurance [...]
This blog is written by Mr. Ikram Ul Haq, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Agricultural Income and its Taxation in Punjab The agricultural income has been exempt from tax under Income Tax Ordinance, 2001. Agriculture Income is defined and explained under section 41 of ITO, 2001. (Reproduced [...]
This Blog is written by Mr. Agha Mudassar Khan, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Basic Aspects of Financial Reporting The purpose of this blog is to explain some very basic aspects surrounding the financial reporting process and the challenges faced by those involved in financial reporting process. What is [...]
