Sales tax return is the taxpayer’s document of declaration through which taxpayer not only furnishes the details of transactions during a tax period but also deposits his sales tax liability. Every person registered under the Sales Tax Act,1990, or the Federal Excise Act, 2005, is required to file a Sales Tax Return. On the return …
Sales tax refund can be described as if a registered person has overpaid sales tax because of error, he / she may request a refund of the overpaid amount from the relevant tax authorities within a year after the payment is made or after the decision or order causing the refund is announced from the …
Sales Tax is a form of tax paid to a governing body for the sale of goods and services. Sales tax is an indirect tax and is generally charged at the point of purchase or exchange of certain taxable goods, charged as a percentage of the value of the product. The sales tax depends on …
International tax law is applicable to the taxing of activity that takes place in two or more countries in form of international tax agreements between two or more countries, are also known as income tax treaties, or tax conventions or double taxation agreements or DTAs. International tax law also exists in domestic tax laws that …
Income tax returns are the forms in which assessees file information about their Income and tax thereon before the Income Tax Department. If anyone files a belated return, he / she would not allowed to carry forward certain losses. The result of all this is that you’re required to file a tax return every year. …
Income tax refund is a reimbursement to a taxpayer of any excessive amount paid to the federal or a provincial government in Pakistan. Taxpayers tend to look at a refund as a bonus or a stroke of luck, but it most often represents an interest-free loan that the taxpayer made to the government and usually …
Income tax rates describing the percentage at which individuals, corporate entities or other organizations are taxed. In Pakistan the Federal Board of Revenue uses an unconventional tax rate system, in which the percentage of tax charged increases as the amount of the person’s or entity’s taxable income increases. A tax rate results in a higher …
Income tax law signifies a type of tax that governments impose on income generated by individuals and businesses within their jurisdiction. As per law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments as these are used to fund public services, fulfil …
Federal excise law is a legislated duty on specific goods or services at purchase such as tobacco, cement, automobiles and liquified natural gas. Excise duties are intranational duties imposed within a government infrastructure rather than international duties imposed across country borders. A federal excise duty is usually collected from automobile sales, cement, tobacco, and other …
Customs law is a duty, tax, charges, or imposts levied by the government on imported or exported goods, in contradistinction to internal taxes, such as excise duties or sales taxes. Customs duty is applied to the movement of goods irrespective of sales or purchase. It is a tax which is applied indirectly by government, applicable …