A person having NTN have the following advantages: When any person gets the NTN, he/she become the assessee and have to file the annual Income Tax Return before the Income Tax Department. The NTN holder and income tax Payer can get many advantages from the Government about his business and individual too.

Following sectors are required to get registration for Sales Tax and charge sales tax on their supplies/ services:

• Manufacture

• Distributer

• Wholesaler

• Retailer

• Import/ Exporter

• General order supplier

• Contractor

• Service Provider

Read More..

TAXPAYER REGISTRATION BASICS

Tax on services is considered as value added tax internationally whereas, it is called “General Sales Tax (GST) in Pakistan. … Punjab Revenue Authority (PRA) is the department of government of Punjab to deal with Sales Tax on Services in Punjab.

Read More..

A Partnership is defined as, the relation between two or more persons who have agreed to share the earnings of a business. Its type of business contains its own pros and cons; it’s primarily suitable for small size startups. Two or more person agreed to share the excess of a business carried on by all or any of them handling for all can name a partnership firm.

List of Document Required for Partnership Firm Registration in Lahore

·         Form-I.

·         Each partner’s– Full Name, Father or Husband’s Name, Residential Address, and copy of the National Identity Cards of each partner.

·         Partnership deed on stamp paper of Rs. 1,000/-.

·         Proof of the address of the business location, usually utility bills.

Read More..

• The concept of Single Member Company (SMC) allows a single person to run a company limited by shares. SMC means a company which has only one person as a member; and shall be a nominee for the sole member is required.

• Before starting a corporate form of business, the Promoters to select the type of companies like Private Company Registration or Public Company Registration. For taking this decision, the Promoters take care about the advantages, amount to be invested and objects of the proposed company. We have a professional team to explain the advantages and disadvantages of companies to help to choose the form of business.

• A Limited Liability Partnership (LLP) is a form of business having status of a legal entity separate from its Partners and have perpetual succession. Any two or more persons, associated for carrying on a lawful business with a view to profit, may form an LLP.

• An Association as a public limited company, without addition of the word “Limited” or the expression “(Guarantee) Limited”, to its name for promoting commerce, art, science, religion, health, education, research, sports, protection of environment, social welfare, charity or any other useful object and such company intends to apply the company’s profits and other income in promoting its objects and that it prohibits the payment of dividends to the company’s members and such company’s objects and activities are not and shall not, at any time, be against the laws, public order, security, sovereignty and national interests of Pakistan to get licence under section 42 of the Companies Act, 2017.

Read More..

An individual is required to file a return of income with the tax authorities on a fiscal year basis (1 July through 30 June). Filing of a revised return requires prior approval of the Commissioner, subject to certain limitations and conditions. Commissioner is now also empowered to grant approval for revision of return for bona fide omission or wrong statement.

Every resident taxpayer filing a return of income is required to file a wealth statement (in the prescribed format) along with the return of income. The Commissioner can also require any person to furnish the said statement. For revision of wealth statement, an intimation has to be filed with the Commissioner, who is empowered to disallow/disregard such revision in case he/she is of the view that the same has not been made for correction of bona fide errors or omissions. Taxpayer has been allowed to make revision of Wealth statement, upto a period of five years.

Read More..

Section 165 – Filing of Income Tax Biannual Withholding Statement. 6 [Provided that every person as provided in sub-section (1) shall be required to file withholding statement even where no withholding tax is collected or deducted during the period].

Read More..

Every person in sectors mentioned above, who makes a taxable supply in Pakistan is required to be registered under the Sales Tax Act, 1990.

As per law each registered person must file a return by the 15th of each month regarding the sales made in the last month.

All registered persons are required to file returns electronically and in such cases the payment is to be made by the 15th and return can be submitted on FBR’s e-portal by 18th.

Detailed procedure in this respect is given in Sales Tax General Order no. 04 of 2007.

There are some sectors which are required to file returns on quarterly (tri-monthly) basis e.g. retailers including dealers of specified electric goods and CNG dealers.

Read More..

Sales Tax Refunds: Required documents & process.

Who can claim sales tax refunds ?

1. Registered manufacturer- cum-exporters and commercial exporters with zero rated supplies.

2. A Registered persons who pay tax inputs for use in manufacture of goods, tax payable ‘@0% under the Sales tax act.

3. Registered taxpayers claiming refund of the excess amount of sales tax input which remain unconsumed within three months.

4. Registered taxpayers who acquire tax paid inputs used in the export of goods, local supply of which is exempt under the sales tax act 1990.

5. If an amount of sales tax paid unintentionally or by mistake.

6. If an amount paid on demand of the department, but subsequently the demand set aside by any competent authority, Tribunal or Court.

Read More..

This overview of business laws of Pakistan is a very brief description of common forms of businesses adopted by private and public sector investors in Pakistan. An attempt has also been made to outline general requirements and regulatory regimes for each of these forms of businesses in Pakistan. These brief notes are for general guidance only and should not be taken as a substitute for thorough and professional legal advice.

Read More..

Taxation of income has a significant bearing on the returns to investors and any ill-informed decision may effect the ultimate tax burden. Compliance with various regulatory provisions of tax laws is another area which is time consuming and cumbersome. Keeping abreast with the developments in tax laws and evaluating their impacts results in significant economic benefit. Timely compliance with the regulatory requirement not only requires additional man power, sometimes, at much higher cost but may also affect the other activities of the organization. In order to satisfy needs of our clients, the firm provides full range of services to suit any business enterprise, be it in the form of advise or compliance assistance.

Read More..

Appellate procedure consists of the rules and practices by which appellate courts review trial court judgments. Appellate review performs several functions, including: the correction of errors committed by the trial court, development of the law, achieving a uniform approach across courts, and the pursuit of justice, more generally.

Appellate procedure focuses on several main themes: what judgments are appealable, how appeals are brought before the court, what will be required for a reversal of the lower court (e.g., a showing of “abuse of discretion,” “clear error,” etc.), and what procedures parties must follow.

Read More..

Taxes are an important and unavoidable financial aspect of life for both individuals and businesses. Accountants must think strategically when helping a client close out the tax year. Strategies for individual taxpayers and for businesses will differ; however, accountants in all cases must be aware of changes to tax laws and regulations and how those changes may affect clients.

As more individuals and businesses rely on accountants for tax planning strategies, more consultants may consider pursuing advanced education to achieve success in the tax profession. An excellent place to start is to explore programs such as an Online Master of Accountancy, which is structured to help Tax Consultants gain the knowledge and skills to create and oversee effective tax planning strategies.

Read More..

By Tax Ordinance 2001 , the income classified into different types which include Income from property, Salary, income from a business, income from any other sources or capital gains on investments.

The taxation structure of a country determines the strength of the economy. Under the law, it is a responsibility of the Pakistani citizens to declare their assets, document the annual tax returns and pay due taxes timely. The new tax reforms are announced while ago, to restructure the taxation system in Pakistan by making it easier, simpler and convenient in order to get people under tax net by encouraging them to document tax returns and pay the due taxes timely.

Read More..

Memorandum of Association – MoA Format. A Memorandum of Association (MoA) represents the charter of the company. It is a legal document prepared during the formation and registration process of a company to define its relationship with shareholders and it specifies the objectives for which the company has been formed.

For the purposes of contract drafting, this only refers to written agreements. Contract drafting is the act of writing down the terms and conditions of an agreement. The parties to a contract may go through several drafts and negotiation sessions before the official contract is finalized.

Read More..

The tax regulations in Pakistan are defined in the Income Tax Ordinance 2001. The Federal Board of Revenue (FBR) is responsible to regulate the taxation system in the country. For documenting tax returns, a person must have NTN registration.

Read More..

Under the strict government policies regulations, it has become greatly necessary that you are fully compliant with the Pakistan’s taxation system. Taxocrate is a league of Professional tax consultants in Karachi and tax lawyers in Islamabad, who won’t just only give tax consultancy but also aid you in tax deduction and ensure about conditions in your favor. This will let you to focus your energy and time on the core business activities.

Read More..

We work by making a complete analysis of your accounts books, make your Income Statement, do essential amendments (if required) and finalize the Income Statement. After process completion, we document the Return of Income after discussion and getting approval by the client.

Read More..

Auditing services help companies ensure their accounting records are an accurate representation of the transactions that they have made. Auditing services assist companies with constructing compliant financial statements and communication with banks, investors/shareholders, and other financial partners that their finances are in order. Auditing services are most commonly implemented in a company’s finance and accounting departments.

Read More..

In Internal Audit, We Specialize In The Following Key Areas:

• Internal Control Outsourcing / Co-Sourcing

• Internal Control Manual Development

• Internal Control Implementation

• Strategic Performance Reviews

• Gap Analysis

• Accounting Manuals Development

• Inventory and Fixed Assets

• Verification Assignments

• Pre-Audit Assignments

• Training and Coaching about internal auditing

Read More..

Bookkeeping services help to keep businesses organized by recording day-to-day financial transactions. Bookkeeping providers, also known as bookkeepers, record financial information and transactions such as expenses, income, debt, and petty cash. Bookkeepers differ from accounting services in that they only record transactions and do not offer financial advice. Many accounting firms offer bookkeeping as a service, but there are also standalone providers that specialize in bookkeeping. Generally, these companies provide an online portal for clients to upload financial information, such as receipts and bills, to be processed. Bookkeepers often utilize spreadsheets, databases, and accounting software, as well as provide businesses with electronic access to their records. Bookkeeping services are often used by smaller businesses which may not be utilizing an accounting firm regularly.

Read More..

Family Lawyer, Divorce Lawyer & Child Custody Matters

Fort Law Associates we understand our client’s feelings and have unwavering commitment to protect their rights & interest. We recognized the delicate nature of family and seek to ensure completion of tasks at hand on priority basis. Our Law Firm’s Family Law Department is recognized as one of the best in Lahore & Islamabad we specializes only in the following areas;

Read More..

Civil law, or civilian law, also known as private law, regulates disputes between private persons or corporate entities. It is thus different to cases dealing with matters between people and the government, i.e. public law and criminal law. Civil law deals with issues such as personal injury, contracts, property, inheritance and family law. Civil law is a legal system originating and intellectualized within the framework of common law, the key feature of which is that its core principles are codified into a referable system which serves as the prime source of law.

Read More..