Introduction Federal Board of Revenue Revenue issued Notifications ref: SRO Ref: No 110(I)//2019. dated January 31, 2019. Commentary The aforementioned SRO has made following changes to SRO 1125(1)/2011 dated December 31, 2011: Deleted entry “h” for (imported cotton and ginned cotton) in table I, serial number 2 as the said effect has been incorporated in [...]
This blog is written by Mr. Saif Uddin Khilji, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Differences in Oil and Gas Accounting Companies involved in the exploration and development of crude oil and natural gas can choose between two accounting approaches: the successful-efforts (SE) method and the full-cost (FC) method. These approaches [...]
This blog is written by Mr. Agha Mudassar Khan, Manager Taxation and Accounting Services. Please read this technically explained Blog and provide us your useful comments The objective behind writing this blog is to elucidate famous business strategy called Vertical Integration which involves getting engaged directly and taking control of some or all aspects of a [...]
Introduction Sindh Revenue Board issued Notifications ref: SRO Ref: No SRB-3-4/3/2019. dated January 28, 2019. Commentary The aforementioned SRO prescribes the changes in Rules relating to appeal documents, authorized signatories and appeal procedure for appeal to Commissioner (Appeals). The appeal documents have been made almost similar to Tribunal appeal document format. Persons to be signatories [...]
This blog is written by Mr. Hussain Mehmood Asif, Senior Manager Taxation Advisory Services and Principal Editor of KCO Publications. Please read this blog and provide your valued comments. Salient Features of Finance Supplementary (Second Amendment) Bill 2019 There is a lot in news and social media regarding the above mentioned bill. The current blog aims to [...]
Introduction Federal Board of Revenue issued Notifications ref: SRO 69(1)/2019 dated January 24, 2019. Commentary The aforementioned SRO has been issued whereby following draft Rule “231C: Alternate dispute resolution” to substitute the existing Rule with same number in Income Tax Rules, 2002 pursuant to amendments presented vide SRO 1352(1)/2018. The Rule incorporates the following significant corresponding [...]
Dear Valued Client, Khilji & Co (Chartered Accountants) is pleased to present this tax briefing, which is primarily aimed to help in understanding the impact of the changes that are brought about by Finance Supplementary (Second Amendment) Bill, 2019 relating to Income Tax, Sales Tax Laws, Federal Excise Duty and Customs Duty. We understand that [...]
This Blog is written by Mr. Abdul Hafeez, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Implication of Super Tax under section 4b of Income Tax Ordinance 2001. Through Finance Act, 2015, section 4B was inserted whereby a one-time Super tax was levied for the rehabilitation of temporary displaced persons. Although [...]
This blog is written by Mr. Ajmal Khan, Director Khilji & Co, Chartered Accountants. Please read this blog and provide your valued comments. This is the first part of this blog. During the coming weeks, the continuation series will also be published Brief History of Income Tax Laws The history of taxation evolved from ancient Egypt, pharaohs who [...]
This blog is written by Mr. Sharif Uddin Khilji, FCA. Chief Executive, Khilji & Co, Chartered Accountants. Please read this blog and provide your valued comments. Scope of Inquiries – Section 122(5A) of Income Tax Ordinance, 2001 Section 122(5A) of Income Tax Ordinance, 2001 (ITO 2001) provides that assessment order in respect of a tax payer [...]
