Unexplained Income or Assets under the Income Tax Ordinance, 2001 This blog is written by Mr. Sachal Aftab, Senior Associate Taxation and Corporate Services. Please read this well written blog and provide your valued comments. Unexplained Income or Assets under the Income Tax Ordinance, 2001. If you are filing your income tax return with the innocent intention [...]
Corporate Taxation This blog is written by Mr. Ikram Ul Haq, Manager Taxation and Corporate Services. Please read this well written blog and provide your valued comments. Corporate Taxation Determination of taxable income The computation is generally based on the audited financial statements, subject to certain adjustments. Directly or indirectly, any income derived from PE or any [...]
Introduction Federal Board of Revenue issued Notification ref: SRO 1360(1)/2018 dated November 12, 2018. Commentary A very important SRO by the FBR making amendments in Sales Tax Rules, 2006 whereby a new Chapter numbered as XIV-AA with the title of “online integration of leather and textile sector”. The salient features are as follows: The Rules [...]
PRA Registration This blog is written by Mr. M. Wasim Roshan, Senior Associate Taxation and Corporate Services. Please read this blog and provide your valued comments. PRA Registration Requirement of registration. Every person engaged in providing taxable service or services or pay tax under the Act is required to be registered in the manner specified in [...]
Introduction Securities and Exchange Commission of Pakistan (SECP) has issued S.R.O.1347 (I)/2018 - Dated November 05, 2018 issued by SECP in exercise of powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997) read with section 40 and in partial modification of earlier notifications No. S.R.O 1063(I)/2017, [...]
Audit Documentation This blog is written by Mr. Waheed Ahmad, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Audit Documentation ISA 230 states that the objectives of audit documentation are to provide: a sufficient and appropriate record of the basis for the auditor’s report evidence that the audit was planned and [...]
Introduction Federal Board of Revenue issued SRO Ref: 1357(1).2018 dated November 7, 2018. Commentary Through this SRO, FBR has published the final forms for Electronic Return for Companies for Tax Year 2018. These forms are also being uploaded on the online portal of FBR. These forms and this notification shall be applicable for the Tax [...]
This blog is written by Mr. Maaz Khan, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. An Insight to IFRS 16(Leases) IFRS 16 Leases brings significant changes in accounting requirements for lease accounting, primarily for lessees. IFRS 16 replaces the existing suite of standard (IAS 17) and interpretations on leases Lessors [...]
Introduction Federal Board of Revenue issued Notifications ref: SRO 1352(1)/2018 dated November 6, 2018. Commentary The attached SRO 1352(1)/2018 has been issued whereby following draft Rule “231C. Alternate dispute resolution” to substitute the existing Rule with same number in Income Tax Rules, 2002. The Rule incorporates the following significant corresponding changes introduced through Finance Act, [...]
This blog is written by Mr. Abdullah Saleem, Associate Audit & Assurance Services. Please read this blog and provide your valued comments. Think Like an Auditor Yet the professional literature, full of advice on how to conduct an audit, has little to say about how to maintain the proper mindset and make the right decisions. This article [...]
