Income Tax (Legal Advice) Sub forum

[AZ1]

How much trader has income tax who import surgery equipment or chemicals lika nacl etc from china?

I saw a video in which chairman of traders said that they paid 0.5% on income before?

Anyone know thanks

 

[ps3linux]

Can we upload 2018 -19 tax returns

I dont remember will have to check, it was in B.R somewhere last week that I read last date for filing of tax returns for FY18-19 has been extended, even if it is not no harm in filing the return, although late filing has some incremental penalties meaning more late higher the penalty.

 

[fatman17]

I dont remember will have to check, it was in B.R somewhere last week that I read last date for filing of tax returns for FY18-19 has been extended, even if it is not no harm in filing the return, although late filing has some incremental penalties meaning more late higher the penalty.

Portal opens 2nd sept for new returns on new revised format

 

[ps3linux]

Portal opens 2nd sept for new returns on new revised format

I was out of country joined back on Monday, getting rid of 300 odd action requirement emails, so I was not able to check IRIS, nonetheless thanks and in return in a day or so I will post few tax saving/rebate claim objects as allowed by GoP.

 

[fatman17]

I was out of country joined back on Monday, getting rid of 300 odd action requirement emails, so I was not able to check IRIS, nonetheless thanks and in return in a day or so I will post few tax saving/rebate claim objects as allowed by GoP.

Also comment on the new income tax returns form

 

[Code_Geass]

Also comment on the new income tax returns form

i hope new form is better, i got used to the old form..

 

[ps3linux]

@fatman17 and rest of the people

I have checked the new income tax returns forms, I don't think they changed anything as compared to the claims of one page. I tried to attach it along this post but the size is 3.5 mb thus couldn't be attached, posting the link here:

https://www.fbr.gov.pk/income-tax-return-forms-2019/132134

I can provide limited advice on salaried/individual/AOP and tax deductions.

 

[fatman17]

@fatman17 and rest of the people

I have checked the new income tax returns forms, I don't think they changed anything as compared to the claims of one page. I tried to attach it along this post but the size is 3.5 mb thus couldn't be attached, posting the link here:

https://www.fbr.gov.pk/income-tax-return-forms-2019/132134

I can provide limited advice on salaried/individual/AOP and tax deductions.

Gr8 will certainly use your experience

 

[WebMaster]

How many people here are available to help regular Pakistanis with tax advice? If we have 5 regular people who can volunteer to give tax advice to help Pakistan increase the tax net, we can create a sub-forum to help them.

 

[ps3linux]

@WebMaster count me in, but I wont be giving advise on one topic repeatedly, e.g if I have mentioned how to get the withholding tax certificate for landline, cellphones and adjust it from a particular section of I.T then I cant reply to same sort of query again.

I will however, try and list down all the tax deductible allowances for Individual/salaried and AOP, I will not address tax matter related to companies that's thin ice.

 

[ps3linux]

As committed few comments on tax returns filing

10% of the income can right away be taken as exempt amount on account of medical expenses, however for fauji bahi sahiban I have my doubt can claim this deduction but its a grey area. E.g if the taxable income is 4.3 million, 430,000 can be taken right away as exempt amount thus the taxable income now will be 3.87 million. Tax will now be calculated on Rs.3.87 million.


I have attached pdf file outlining some of the areas where tax could be adjusted, credit can be claimed etc. I have placed my comments in front of each section where required but if there is still something which requires clarification I can help. although I have placed link of income tax act 2019-20 for any misunderstanding you can refer to the relevant section of ITA. Although one should get the tax deductions fixed through employer/payroll but looking at the efficiency of the same I have my doubt about it. As for myself post car taxes, mortgage interest, phone bills wht, investment in mutual funds , VPS , insurance premium and WHT on bank transactions now I have a claim of over 240k rebate on FBR.


Please do understand this is only for salaried/AOP and individuals companies, partnerships, limited companies not included.

@fatman17 , @WebMaster

 

[fatman17]

As committed few comments on tax returns filing

10% of the income can right away be taken as exempt amount on account of medical expenses, however for fauji bahi sahiban I have my doubt can claim this deduction but its a grey area. E.g if the taxable income is 4.3 million, 430,000 can be taken right away as exempt amount thus the taxable income now will be 3.87 million. Tax will now be calculated on Rs.3.87 million.


I have attached pdf file outlining some of the areas where tax could be adjusted, credit can be claimed etc. I have placed my comments in front of each section where required but if there is still something which requires clarification I can help. although I have placed link of income tax act 2019-20 for any misunderstanding you can refer to the relevant section of ITA. Although one should get the tax deductions fixed through employer/payroll but looking at the efficiency of the same I have my doubt about it. As for myself post car taxes, mortgage interest, phone bills wht, investment in mutual funds , VPS , insurance premium and WHT on bank transactions now I have a claim of over 240k rebate on FBR.


Please do understand this is only for salaried/AOP and individuals companies, partnerships, limited companies not included.

@fatman17 , @WebMaster

Thanks, where do retired people fall.

 

[AZ1]

How many people here are available to help regular Pakistanis with tax advice? If we have 5 regular people who can volunteer to give tax advice to help Pakistan increase the tax net, we can create a sub-forum to help them.

I think as people start making threads of their issue other will help for sure with the same scenario or atleast guide them to some professionalist etc.and this will also serve our country to spread awareness for tax system issues.

 

[ps3linux]

Thanks, where do retired people fall.

Like any other filer, first 400K of income (i think) is tax exempt rest is taxed at normal rates. My understanding is that the witholding agent (means the organization disbursing pension) is responsible for deducting tax on pension if it crosses the threshold.

Otherwise there is no tax break/lower tax rates for retired individuals they have to file income status just like any other person except those who were under U.N second schedule page 437 and forward needs to be studied of the income tax act whose link is available in the pdf file I attached earlier.

 

[fatman17]

Like any other filer, first 400K of income (i think) is tax exempt rest is taxed at normal rates. My understanding is that the witholding agent (means the organization disbursing pension) is responsible for deducting tax on pension if it crosses the threshold.

Otherwise there is no tax break/lower tax rates for retired individuals they have to file income status just like any other person except those who were under U.N second schedule page 437 and forward needs to be studied of the income tax act whose link is available in the pdf file I attached earlier.

Thanks and gr8