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Got 221(2) (Notice for rectification of mistake in assessment order) from FBR ” Return of income for the tax year mentioned above was filed, which was deemed to be assessed under section 120 of the Income Tax Ordinance, 2001. Perusal of the return reveals that you had adjusted a refund of the prior year against … Read more

SUBJECT: SHOW CAUSE NOTICE FOR BEST JUDGMENT ASSESSMENT U/S 121(1)(d) READ WITH 121 (1)(ab) OF THE INCOME TAX ORDINANCE, 2001 – TAX YEAR 2022 Please refer to the subject cited above. This office has credible information that you have made a taxable activity during Tax Year 2022. The detail of particulars is given below: Taxable … Read more

I Got a 111(1) Notice to Explain Income/Asset from FBR: As per definite information available within this office you have made investment of Rs. 6,164,737/ for the purchase of immoveable property in tax year 2022 in shape of following entry; IT2021050801011112683   08-May-2021     9020509    SUB REGISTRAR,   DEPLAPUR    A244269 3530129948289          … Read more

Notice to submit information on questionnaire by DNFBP as per AMLA/CFT – (Real Estate) NOTICE TO REGISTER UNDER SECTION 6A(2)(A) OF THE ANTI MONEY LAUNDERING ACT, 2010, READ WITH SRO 924(I)/2020 DATED 29TH SEPTEMBER, 2020. Whereas it has been ascertained that as per available record, you are liable to be registered as a Designated Non-Financial … Read more

182(2) Notice for Failure to Furnish Return u/s 114:  What to Do – Complete Guide for Taxpayers in Pakistan Please refer to this office notice issued u/s 114(4) for filing of Income Tax return. In response to said notice; neither a return has been submitted nor has an adjournment been sought. Since, no compliance has … Read more

Unlocking Your Tax Savings: A Comprehensive Guide to Your PTCL Tax Certificate For many Pakistanis, PTCL services are an integral part of daily life, connecting us to the world through landlines, broadband, and more. What some may not realize is that the taxes paid on these services can be crucial for their annual income tax … Read more

Sole proprietorships are a popular choice for entrepreneurs in Pakistan, offering a straightforward path to business ownership. In this blog article, w will  provide you an in-depth guide on how to register a sole proprietorship in Pakistan, covering essential steps, required documents, advantages, and potential challenges. Understanding Sole Proprietorship in Pakistan A sole proprietorship is the simplest … Read more

Withholding tax is a critical aspect of the tax system in Pakistan, impacting both individuals and businesses. The Withholding Tax Card for the financial year 2024-25 serves as an essential tool for taxpayers to understand their obligations and ensure compliance with the latest regulations. In this blog post guide, we will provide you an in-depth … Read more

Understanding the regulatory framework for businesses is crucial for compliance and operational integrity. In Pakistan, the Security and Exchange Commission of Pakistan (SECP) mandates specific forms to ensure transparency and accountability among companies. One such form is Form 45, which pertains to the declaration of Ultimate Beneficial Ownership (UBO). In this article, we will discuss about … Read more

The taxation of cash withdrawals in Pakistan has become a significant topic of discussion, particularly with recent proposals from the Federal Board of Revenue (FBR) aimed at increasing the withholding tax on cash withdrawals by non-filers. In this blog article, we will explore the current tax structure, proposed changes, implications for taxpayers, and broader economic … Read more