Sahitya Law Associates

22/09/2024

Please file your income tax returns for Tax Year 2024 by 30th September 2024. The date will not be extended under any circumstances.

If you want to seek a 15 DAY extension from your concerned Commissioner-IR, then the application for extension MUST be filed TILL 1159 PM , 30th September 2024 online , on IRIS. An application submitted after this date and time shall be rejected straightaway.

Your application MUST include the REASON for seeking extension in time. The reason for seeking extension till 15th October, MUST fall in any one of the following categories

1) You are outside Pakistan so can't file the Return in time ( should be supported by evidence)

2) Sickness or any other misadventure ( should be supported by evidence)

3) Any other REASONABLE cause to the satisfaction of the Commissioner-IR

Regards

20/09/2024

*غیر معیاری❌️ اور سستی ریٹرن فائلنگ کے نتائج❎️ :*

کچھ لوگ ریٹرن فائل کرواتے ہوئے ضرور کہتے ہیں" سر فلاں تو اتنی انفارمیشن نہیں مانگتا آپ کیوں؟" یا " سر فلاں تو اتنے کم پیسوں میں کر دیتا آپ اتنی فیس بتا رہے" یا خو ہی ہم سے انفارمیشن چھپانے کی کوشش کرتے ہیں حالانکہ ان کو ساری انفارمیشن بتانی چاہیے اور یہ ہمارا کام ہے کہ کلائنٹ کو مدنظر رکھتے ہوئے اس کو بہترین قانونی راستہ بتائیں۔
لہذا ریٹرن فائل کرواتے ہوئے معیار کا دھیان رکھنا انتہائی اہم ہے اور ہمیشہ ایک پروفیشنل بندے سے کام کروائیں۔ سال بعد 1,2,3 ہزار ذیادہ دینے بہتر ہیں بجائے اس کے کے کل کو آپ FBR کی طرف سے 50,000 کا نوٹس لیں۔
*Regards,*

12/12/2023

Tax Update:
FBR has issued a notification mandating that all importers, manufacturers, distributors, wholesalers, and wholesale retailers of FMCG sector integrate online with the FBR system for real-time sales reporting. This extends integration beyond big retailers, marking a positive move towards better economic documentation.

15/02/2023

From Today Sales Tax will be charged @18% by the Registered Persons who are registered under the Sales Tax Act, 1990

13/07/2022

We are ready to Provide all kind of Tax Matters Service

11/06/2022

INCOME TAX ORDINANCE, 2001
 Seeks to allow 100% initial depreciation on purchase of new assets.
 Seeks to impose tax on deemed rental income on immovable
property subject to conditions.
 Seeks to restrict selection of cases for audit u/s 177/214C of the
Income Tax Ordinance, 2001 subject to conditions.
 Seeks to restricts carryforward of unadjusted turnover tax u/s 113 of the Income Tax Ordinance, 2001.
 Seeks to withdraw benefit of declaring capital assets at fair market value in case of Gift, etc,
 Seeks to withdraw benefit of 25% rebate on gain of capital asset u/s 37 of the Income Tax Ordinance, 2001
 Seeks to impose tax @ 2% of on high earning persons whose income exceeding Rs. 300millions.
 Seeks to enhance rate of tax from 39% to 42% in case of Banking
sector.
 Seeks to increase holding period in case of immovable property to avail benefit of Zero rate income tax.

SALIENT FEATURES
2
 Seeks to abolish tax credit under various provision of Income Tax
Ordinance, 2001

 Seeks to declare collection of tax at import stage under section 148 of Income Tax Ordinance, 2001 in case of goods imported namely edible oil, packing material, paper and paper board and plastics as minimum tax.
 Seeks to disallow deduction under section 21 in case of nonintegration with the board system.

 Seeks to disallow deduction under section in case of payment made through other than banking channel over prescribed limits

 Seeks to provide relief on taxation for salaried and business
individuals by increasing threshold for taxation.

 Seeks to bound NADRA for sharing of information for tax base
broadening

 Seeks to benefit Behbood certificates holders by reduction of tax
rate from 10% to 5%

 Seeks to withdraw advance tax on educational institutions u/s 236I of the Income Tax Ordinance, 2001

 Seeks to increase criteria for becoming tax resident individuals.

 Seeks to withdraw of deductible allowance for profit on debt and
tax credit for investment in shares, health insurance and pension
funds.

 Seeks to introduce fixed tax regime for retailers and specified
service providers.

 Seeks to increase rate of tax from 1% to 2% on sale and purchase of property for filers.

02/05/2022

Wish you all the prosperous Eid, May God give you all happiness in the world and forgive our sins!!

27/07/2021