This blog is written by Mr. Shahwazir Safi, Senior Associate Taxation and Corporate Services. Please read this blog and provide your comments. Basics About Income Tax Laws PERSON SECTION 80 — (1) The following shall be treated as persons for the purposes of this Ordinance, namely: — (a) An individual; (b) a company or association [...]
This blog is written by Mr. Rizwan Abbas, Senior Associate Taxation and Corporate Services. Please read this blog and provide your comments. Benefit of the NTN (National Tax Number) Whoever gives the income to the Government, he/she has to register himself/herself with the FBR (Federal Board of Revenue) and get the National Tax Number (NTN). A person [...]
This blog is written by Mr. Muhammad Nabeel Ahmed, Senior Associate Taxation and Corporate Services. Please read this blog and provide your comments. Association of person:- “ association of persons” include a firm, a Hindu undivided family, any artificial juridical person and only body of persons formed under a foreign law, but does not include [...]
This blog is written by Mr. Mohsin Alizai, Supervisor Taxation and Corporate Services. Please read this interesting and analytical blog and provide your valued comments. Procedure for rectification of order u/s 221: Ego in the way of justice Section 221 of the Income Tax Ordinance 2001 provided for rectification of order passes by Commissioner, Commissioner [...]
The Institute of Chartered Accountants of Pakistan has issued Circular 7 of 2018 dated July 13, 2018. Through this Circular ICAP has issued amendments to the Revised Accounting and Financial Reporting Standard for Small-sized Entities (Revised AFRS for SSEs). These amendments have been approved by Accounting Standards Board (ASB) on July 3, 2018. Broadly, these amendments have [...]
Introduction: The newly issued Sales Tax General Order No. 144 of 2018 dated July 12, 2018 has suppressed the sales tax General Order No. 119 of 2017 dated August 02, 2017 in terms of sub rule (2C) of Rule 58H of the Sales Tax Special Procedures Rules, 2007. Brief Commentary The above mentioned Order describes [...]
This Blog is written by Mr. Ijaz Ahmed Tajjak, Supervisor Audit and Assurance Services. Please read this blog and provide your valued comments. Team Management In a successful team, a team leader will first evaluate the mission of the team to understand what is needed to accomplish the task. Then, they will identify the strengths [...]
This blog is written by Mr. Hafiz Muhammad Shafaat Ali, Supervisor Taxation, Accounting and Corporate Services. Please read this technical blog on one pertinent Taxation Matter and provide your comments. 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 [...]
This blog is written by Mr. Anwar Ahmed Gondal, Assistant Manager, Internal Audit. Please read this blog and provide your comments. Internal audit can play a vital role in improving the performance of a company. Internal auditors assist companies in identifying key risk factors. This enables the company to anticipate potential future concerns as well [...]
This blog is written by Mr. M. Kaleem Majeed, Manager Taxation and Corporate Services. Please read very important piece of writing to understand the procedural mechanism of legal requirements. Incorporation of Foreign Company (Branch Office) in SECP Before proceeding with the step by step process for incorporation of foreign company (branch office), let’s have a [...]
