Majeed Law Associates

Majeed Law Associates We provide legal advisory and Attorney services in Pakistan Taxation, Import and Exports, Trade Mark

07/09/2023

میرا سوال ہے ٹیکس کلیکٹ کرنا سول حکام کا کام ہے تو آرمی کیوں کہہ رہے ہیں ہم کرائیں گے؟ آرمی چیف کو غلط گائید کیا گیا ہے۔۔کیا لاہور چمبر کامرس کے لوگ جو ان کے سامنے بیٹھ....

23/07/2023

Advance tax on seller of a property is 3% of the consideration received in case of filer and 6% in case of non-filer under section 236C. Henceforth the seller shall also be required to pay the dues of deemed income on property under section 7E of the Income Tax Ordinance 2001 if he has not already done vide his return of income. The form for payment by filers as well non-filers is available on FBR website in terms of the latest circular issued in July 2023 in income tax circulars section. For comprehensive reading the circular may be perused in the said website of FBR.

04/07/2023

From the current tax year 2023 advance tax @ 0.6% is chargeable on the drawings of Rs. 50000 or more from bank accounts by non-filers, as was practice few years back. There are other heads such as tax on deemed income as well where non-filers have been subjected to higher tax. Once the impact of this law surfaces the non-filers with capital assets would find themselves under heavy incidence of tax. So, the non-filers have better become filer. The sooner the better.

02/07/2023

Non-filers’ saga
Last year a new section namely 7E was inserted in the Income Tax Ordinance 2001 to insert provisions for tax on deemed income on capital assets of a person. This year amendments have been made in it whereby some exemptions have been withdrawn from non-filers which have put them in precarious situation to face harsh income tax. The amendments withdrawn are:
1. One capital asset owned by the person.
2. A property on which tax was leviable and paid accordingly.
3. Capital asset on which tax under section 236K was paid in first year of acquisition.
4. Where fair market value of assets in aggrgate does not exceed Rupees 25 million.
The above provisions of law have subjected every property of non-filer to tax on deemed income as the minimum threshold market value for exemption has been withdrawn.
Thus, the non-filer has either to become filer or keep bracing for higher taxes on their assets.

24/05/2023

SERVICE OF NOTICES AND DOCUMENTS BY FBR (Section 218 of Income tax Ordinance 2001)
The FBR, more often than not, uploads notices and documents on its portal namely Iris and sits back contented assuming that these stand served. This is not valid service as per law. Although the preferred service as per court cases is service on the person, its agent, or as per General Clauses Act.
The so called online service via Iris is not valid unless the FBR is able to show that the notices/documents have been acknowledged by the server of the addressee's email or if sent by facsimile by the confirmation from the sending machine that the transmission is sent (Rule 74 of Income Tax Rules read with its sub rules)
In the absence of these requirements the service will not be valid and the demand will not sustain.

19/05/2023

Have we run past the fragile turn?

16/05/2023

By way of ILLEGAL DISPOSSESSION ACT 2005 an owner or occupier of a property has had recourse to seek restoration of ownership or possession from illegal grabber through court. Code of Criminal Procedure is applicable. The court may during the pendency of the case restore possession of the owner or occupier as an interim relief. No adjournment is allowed. At the most one week adjournment and that too after recording reasons.

26/03/2023

BAIL APPLICATION IN CHEQUE DISHONOUR CASE
If you are facing a case under section 489-F of the Pakistan Penal Code (PPC), which deals with dishonour of cheques, and want to get bail, you can follow the following steps:

File a bail application: You can file a bail application in the relevant court, either the High Court or the Session Court, depending on the nature of the offense.

Grounds for bail: In the bail application, you must provide the grounds for bail. The grounds could include, for instance, that you are not a flight risk, you have a fixed place of abode, or that you are not likely to tamper with the evidence.

Provide surety: You may be required to provide surety or a bond for the amount of the cheque involved in the case. This is to ensure that you will appear in court as and when required.

Attend court hearings: Once you have filed a bail application, you will need to attend court hearings to argue your case for bail. You may need to present evidence in support of your bail application, such as character certificates, bank statements, or other documents.

Await the court's decision: After hearing the arguments, the court will decide whether to grant you bail or not. If bail is granted, you will be released from custody, subject to the conditions set by the court.

It is advisable to seek the assistance of a legal professional when applying for bail in a case under section 489-F PPC. A lawyer can guide you through the process and help you present a strong case for bail.

20/01/2023

HIGH VALUE CASH TRANSACTIONS.

The Federal Board of Revenue has to be notified the subject cash transactions by the concerned authorities. Notices in such cases may be issued by FBR.

Credit Card bills Rs. 100,000/- or more paid in cash and Rs. 1,000,000/- or more in any other mode.

Similarly the deposits of the similar amounts in Fixed Deposit Bank Accounts would be notified to FBR by the banks concerned.

Purchase or sale of real estate worth Rs. 3,000,000/- or more will be notified by Property Registrars to the FBR.

Case,transactions worth Rs. 100,000/- or more in Shares, Bonds, Mutual Funds or Debentures would be notified to the FBR.

More than Rs. 1,000,000/- worth purchase of foreign exchange would be notified to the FBR.

The persons conducting the above cash transaction may file their Income Tax declarations keeping in view the above facts.

07/11/2021

We have now added the consultation on GST, SRB, Withholding Tax, Partnership Registration, Trade Marks, and allied Court cases besides Income Tax. Cell # 0345 3569716

The last for filing of Income tax return for the period from 1-7-2020 to 30-6-2021 (tax year 2021) is 30th September 202...
15/08/2021

The last for filing of Income tax return for the period from 1-7-2020 to 30-6-2021 (tax year 2021) is 30th September 2021. Retrieve your documents essential to fill out the return form as early as possible to avoid last minute hassle.

Address

Gulshan-e-Iqbal, Block 11
Karachi
75400

Telephone

+92 3453569716

Website

Alerts

Be the first to know and let us send you an email when Majeed Law Associates posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Majeed Law Associates:

Shortcuts

Share

Category