This blog is written by Mr. M. Kaleem Majeed, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. COMMON TYPE OF NOTICES SENT BY FBR (PHASE-I) “If you think compliance is expensive, try non-compliance as new taxes are still on the anvil” NOTICE TO SUBMIT RETURN OF INCOME FOR ANY OF [...]
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 [...]
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 [...]
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 [...]
This blog is written by Mr. Ahmed Yar Khan, Senior Manager Audit and Assurance Services. Please read this blog and provide your valued comments. Agreed-Upon Procedures Engagements There are a number of non-audit services available for small and medium-sized entities (SMEs), including review, compilation, other assurance, and engagements to perform agreed-upon procedures. The choice [...]
This blog is written by Mr. Mubeen Liaquat, Associate Taxation. Please read this blog and provide your valued comments. Book Keeping and Challenges in SMEs A bookkeeper/accountant generally faces following challenges during book keeping in small and medium enterprises that are; Weakness of Internal Control System Internal control system operating in SMEs is generally not up-to-mark. The [...]
This blog is written by Mr. Ahmad Afzaal Baig, Associate Internal Audit. Please read this blog and provide your valued comments. ISA 720 OBJECTIVE The objective of the IAASB’s revision of ISA 720 was to ensure that the ISA continues to be capable of enhancing the credibility of financial statements through specifying appropriate responsibilities of the auditor [...]
