This blog is written by Mr. Muhammad Waheed Iqbal, FCA, Partner Khilji and Co Chartered Accountants. Alternate Corporate Tax (113C) A new concept of Alternative Corporate Tax (ACT) was introduced through Finance Act, 2014. In this blog we will briefly discuss the important provisions relating to ACT. 1. ACT is applicable to the companies only. [...]
This is the commencement of next season of Blog Writing. This blog is written by Mr. Sharif Uddin Khilji, FCA. Please read this blog and provide your valued comments. Ten (10) Key points of Fixed Tax Scheme for small shopkeepers FBR has issued draft of two schemes, one for small shop keepers and one for traders other [...]
This blog is written by Mr. Waheed Ahmed, Associate Audit Services. THE WORK OF AN AUDITOR’S EXPERT: ISA 620 Introduction The objective of ISA 620 is to allow the auditor to: decide whether to use the work of an expert, and assess whether that work is adequate. Assessing the need for an expert There is a [...]
This blog is written by Mr. Basir Dawer, Associate Taxation Services. Please read this blog and provide your valued comments. Filing an Appeal with Commissioner Inland Revenue (Appeals) Any person dissatisfied or being aggrieved with any order passed or notice issued by a Commissioner Inland Revenue or Deputy Commissioner or Assistant Commissioner may file an appeal before [...]
This blog is written by Mr. Sohail Arif, Senior Associate, Audit and Assurance services.Please read this blog and provide your valued comments. Accounting and Reporting by Retirement Benefit Plans (IAS – 26 summary) Scope Financial statements of retirement benefit plans (where such financial statements are prepared). Definition Retirement benefit plans: an arrangement by which an entity [...]
This Blog is written by Mr. Adnan Khan, Associate Audit and Assurance Services. Please read this blog and provide your valued comments. Summary of IAS 11 IAS 11 Construction Contracts provides requirements on the allocation of contract revenue and contract costs to accounting periods in which construction work is performed. Contract revenues and expenses are recognised by [...]
This blog is written by Mr. Abdullah Saleem, Associate Audit and Assurance Services. Deadly Ethical Sins and Safeguards Ethical conflict An ethical conflict (also known as an ethical dilemma) is when two ethical principles demand opposite results in the same situation. In order to resolve the conflict a choice must be made that by definition will [...]
This blog is written by Mr. Muhammad Faisal Farooq, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. MINIMUM TAX Sec.113. MINIMUM TAX ON THE INCOME OF CERTAIN PERSONS: This section shall apply to: To a Resident Company: To an individual (having turnover of fifty million rupees or above in the tax year [...]
This blog is written by Mr. Abbas Shahid, Associate Taxation Advisory Services. Please read this blog and provide your valued comments. Advance Tax Under Section 147 Subject to sub-section (2) of section 147, every taxpayer whose income was charged to tax for the latest tax year under this Ordinance or latest assessment year under the repealed Ordinance [...]
This blog is written by Mr. Abbas Shahid, Associate Taxation Advisory Services. Please read this well explained blog and provide your valued comments. The second blog from the same Author will be published tomorrow. Property Tax Property tax in Pakistan is a provincial tax levied on annual rental value of the property, based on Urban [...]
