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-II) “It takes less time to do things right than to explain why you did it wrong” NOTICE TO SUBMIT FOREIGN ASSETS DECLARATION U/S 116A (2) OF ITO, [...]
This blog is written by Mr. Mohsin Alizai, Assistant Manager, Taxation Advisory Services. Please read this blog and provide your valued comments. Sales tax withholding comparison and exceptions under federal and provincial sales tax laws. Rules relating to sales tax withholding and exception therefrom under federal and provincial sales tax laws are summarized hereunder: Supply of goods [...]
This blog is written by Mr. Ikram Ul Haq, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Agricultural Income and its Taxation in Punjab The agricultural income has been exempt from tax under Income Tax Ordinance, 2001. Agriculture Income is defined and explained under section 41 of ITO, 2001. (Reproduced [...]
This Blog is written by Mr. Agha Mudassar Khan, Manager Taxation Advisory Services. Please read this blog and provide your valued comments. Basic Aspects of Financial Reporting The purpose of this blog is to explain some very basic aspects surrounding the financial reporting process and the challenges faced by those involved in financial reporting process. What is [...]
This blog is written by Mr. Hussain Mehmood, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. REDUCED RATE OF TAX FOR ADDITIONAL LOANS (RULE 7D, 7E & 7F - SEVENTH SCHEDULE) This is with reference to the introduction of new Rules 7D, 7E & 7D in Seventh Schedule. The same [...]
This Blog is written by Mr. Nauman Ul Qadeer, Senior Manager Corporate Consultancy Services. Please read this blog and provide your valued comments. Private Placement of Securities Rules 2017 This piece comprises of extracts of the provisions of the Private of Securities Rules 2017 and are being quoted / referred hereunder to give general idea [...]
This blog is written by Mr. Saif Uddin Khilji, Senior Manager Taxation Advisory Services. Please read this blog and provide your valued comments. RING FENCING [1]What is a Ring-Fence? A ring-fence is a virtual barrier that segregates a portion of an individual's or company's financial assets from the rest. [2]Ringfencing or Ring-fencing occurs when a portion of a company's assets or profits [...]
This blog is written by Mr. Ahmed Yar Khan, Senior Manager Audit and Assurance. Please read this blog and provide your valued comments. Intangible Assets — Web Site Costs SIC Interpretation 32 General SIC-32 concludes that a website developed by an entity using internal expenditure, whether for internal or external access, is an internally generated [...]
This Blog is written by Mr. Abdul Hafeez, Senior Manager, Taxation Advisory Services. Please read this blog and provide your valued comments Highlights of Proposed Tax Amnesty Scheme 2019 The tax amnesty scheme 2019 has been approved in principle by Prime Minster of Pakistan after it was presented and briefed by federal finance minister. After the prime [...]
This blog is written by Mr. Ajmal Khan, Director, Khilji and Co Chartered Accountants. Please read this First part of the blog and provide your valued comments. IFRS-15- Revenue from Contracts With Customers OBJECTIVES OF IFRS-15 To establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, [...]
