Introduction Federal Board of Revenue has issued SRO 328(1)/2019 dated March 11, 2019 Commentary Through the above mentioned SRO, the Revenue division under the power conferred by subsection (6) and (7) of section 3, sub section (4) of section 7, and clause (b) of subsection (1) of section 8 [...]
This blog is written by Mr. Haseeb Zaman, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. What Is the Difference Between Tax Avoidance and Tax Evasion? The terms "tax avoidance" and "tax evasion" are often used interchangeably, but they are very different concepts. Basically, tax avoidance is legal, while tax evasion [...]
This blog is written by Mr. M. Wasim Roshan, Senior Associate Taxation Services. Please read this blog and provide your valued comments. Accounting professional As an accounting professional, you do so much more than just number crunching; you create a financial strategy, give strategic advice, comply with the latest tax regulations, take actions to save money for [...]
This Blog is written by Mr. M. Baser Dawer, Senior Associate Taxation Services. Please read this blog and provide your valued comments. Income Tax and Sales Tax Withholding Mechanism Withholding Agent (Income Tax) According to sub section.7 of Section.153 of Income tax Ordinance,2001, following persons are hereby specified as withholding agents for the purpose of deduction and [...]
This blog is written by Mr. M. Rizwan Abbas, Senior Associate Khilji and Co, Chartered Accountants. Please read this blog and provide your valued comments. How can you file Revised Return of Income Tax and Revised Wealth Statement? Revised Income Tax Return Click “Declaration” on the Horizontal Bar Menu at the top of the Screen.A Vertical Drop [...]
In continuation of our regular practice, we are pleased to present and publish our Newsletter for the month of FEBRUARY 2019. Please click on link mentioned below to access and study the Khilji & Co, Chartered Accountants Newsletter (FEBRUARY 2019) This Newsletter envisages following aspects: COMMENTARY ON SUPREME COURT OF PAKISTAN – ITR NO. 1509 [...]
This Blog is written Mr. M. Nabeel Ahmed, Senior Associate Taxation Advisory Services Khilji and Co Chartered Accountants. Please read this blog and provide your valued comments. If the remittances are through unexplained sources that is are either not supported with proper evidence or the evidence provided does not reconcile the amount remitted it falls under the category of [...]
This Blog is written by Mr. M. Faisal Farooq, Associate Taxation Advisory Service. Please read this blog and provide your valued comments. INCOME FROM SALARY “Any salary received by an employee in a tax year, other than salary that is exempt from tax, shall be chargeable to tax in that year under the head Income from ‘Salary’”. [...]
Commentary on 245I2019 Final Directive - Anti Money Laundering Reporting-22-02-2019
Introduction Federal Board of Revenue issued Notifications ref: SRO 253(1)/2019 dated Feb 26, 2019. Commentary A new chapter named as “Chapter XV” in sales tax (special procedure Rules) have been introduced after renumbering Rules 59 & 60 as 58U & 58V. The new chapter will be named as “Special Procedure for Sales [...]
