Income Tax (Legal Advice) Sub forum

[I.R.A]

So if we provide PRC.from.bank that these are the remittance will that be sufficient?

Buddy you are not an expat / non resident (for Pakistani taxes), your local and both foreign source of income are taxable in Pakistan ... provided if you fall in the taxable range and that source of income is not specifically exempt under Income tax in Pakistan.

You should refer section 154 for your export of birds case.

 

[Sugarcane]

system terminology is complicated for non-financial people like me but once you get the hang of it, it becomes easier. a tax friend of mine used to do it for me but since I am retired, I did my own taxes for the first time for last tax year. I see from your post that withholding tax can be claimed as overall total tax paid.

Yes, You can claim refund of withholding taxes you paid if you have already paid your tax liability. But you should get the proof of withhold or advance taxes for example from Telecom company if Sim is on your name, Banks, Withhold/Advance tax you paid on buying vehicle etc. Attach those certificate with refund claim. Usually FBR take 3-4 months to process the claim.

The export side of this business falls under section 154, and tax should have been deducted by the authorised dealer at the time of forex received. That tax (if the person opts to) will be full and final tax (also assuming that birds would fall in category of exporting goods), the only thing tax payer needs to do is obtain a deduction certificate from the authorised dealer and file his income tax return .......

FBR cannot go beyond 5 years ...... its better to start filing last 5 year returns.

As far as I know, 1% Advance tax is deducted from incoming remittance against export. It's not final tax, but adjustable against tax payable for the year. Tax liability is calculated based on profit of the company, if company is in loss than this can be adjusted in subsequent year but company can't claim refund.

Not happening soon, they extended the date for the previous tax year to August 2, 2019.

No, last year date of amnesty scheme was extended till September but they opened new year for filing on 15 July, don't know my email to them made them remember that they have to open year for regular filer or that actually is 15 July.

 

[Mujahid Memon]

Awesome! waiting for @WebMaster to decide a a section or a thread?

A sub section would be great instead of just a thread. In that section people can post threads regrding any type of tax queries, sales/income tax, customs duty, input output tax calculation, tax refunds eligibility etc. Also if there is any unfair behaviour from FBR, one can post the case to be analyzed by members.

 

[I.R.A]

As far as I know, 1% Advance tax is deducted from incoming remittance against export. It's not final tax, but adjustable against tax payable for the year. Tax liability is calculated based on profit of the company, if company is in loss than this can be adjusted in subsequent year but company can't claim refund.

The tax deducted on export proceeds under section 154 can be either final or adjustable .... its open for tax payer's own choice.

 

[Dubious]

unfair behaviour from FBR, one can post the case to be analyzed by members.

We arent in any authority to do that!

 

[Sugarcane]

The tax deducted on export proceeds under section 154 can be either final or adjustable .... its open for tax payer's own choice.

No, Final tax is only for companies registered under Exports Processing Zones or tax free zones, usually these companies don't sell goods/services in local market.

 

[Mujahid Memon]

We arent in any authority to do that!

For discussion purposes only

 

[fatman17]

remittances are generally exempted from tax if done through proper banking channel.For details visit this link
http://www.thebscon.com/taxability-of-foreign-remittances-pakistan/

5% witholding tax is applicable apparently

 

[AHMED85]

Well As Per Information

You need master of this field. And the only person assist you, otherwise you have chances of mistake.

I have in touch with former assistance commissioner of FBR, he made my profile for filer: because I am old tax payer, I did not find any trouble.

He also told me whenever you applying for international visa, in said time they will treat you in great way.

Filer person get advantages because if you don't done any corruption then being a filer person you get potential. [emoji3166]

 

[BATMAN]

We never needed such advise in past!
Why are we in pani now?

 

[fatman17]

Is the IT portal open for 2018-19 tax year?

 

[ps3linux]

drop me a line or tag me when a real advise is required. I'll answer the simple queries, too complex or complex calculation I may refer you to the right kind of experts.

 

[fatman17]

drop me a line or tag me when a real advise is required. I'll answer the simple queries, too complex or complex calculation I may refer you to the right kind of experts.

Are withholding tax deductions deductible?

 

[ps3linux]

Yes, the term is tax with held means that portion of the anticipated tax is with held by the withholding agent.

It could be claimed two way if salaried individual then payroll/finance/HR are to be informed before june payroll and they are bound to adjust the same. The other way is to adjust the same at the time of filing or if businessman/self employed should be adjusted in the final tax payment.

BTW IT portal (IRIS) is normally open 24/7

 

[fatman17]

Yes, the term is tax with held means that portion of the anticipated tax is with held by the withholding agent.

It could be claimed two way if salaried individual then payroll/finance/HR are to be informed before june payroll and they are bound to adjust the same. The other way is to adjust the same at the time of filing or if businessman/self employed should be adjusted in the final tax payment.

BTW IT portal (IRIS) is normally open 24/7

Can we upload 2018 -19 tax returns