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 [...]
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’”. [...]
This blog is written by Mr. Ijaz Ahmed Tajjak, Assistant Manager Audit and Assurance. Please read this blog and provide your valued comments. Audit Techniques Evidences are very important for an Auditor to form an opinion regarding financial statements. If Auditor fails to collect proper evidence, it will reduce the reliability of audit report. [...]
This blog is written by Mr. M. Shafaat Ali, Assistant Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Debit & Credit Note under Section 9 of the STA, 1990 Definition Where a registered person has issued a tax invoice in respect of a supply made by him and as a result of [...]
This Blog is written by Mr. Abbas Shahid, Associate Taxation Services. Please read this blog and provide your valued comments. PROVIDENT FUND Provident fund is a very common retirement plan to benefit the employees, which is contributory in nature and yields a feeling of participation in employees. The establishment settles the provident fund in form of [...]
This blog is written by Mr. Ikram Ul Haq, Manager Taxation Advisory Services. Please read this pertinent blog and provide your valued comments. INCOME FROM PROPERTY The rent received or receivable by a person for a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the [...]
