INCOME TAX RETURN FILING FOR TAX YEAR 2019

FBR has issued new format/ form available on IRIS for submitting annual return by Individual and AOP. Last date was 31 August but in 2019 the date is September 30 -2019.

So check FBR asset portal for available information by the department in order to submit return correct. You can also contact me for Filing Return.

                EXTENSION DATE OF RETURN FILING IN FBR FOR TAX YEAR 2018

The date of Return Submission for Tax Year 2018 has been extended up to 09-08-2019 as per FBR Sources (documents issued Last night). So every person deriving salary income for Tax Year 2018 amounting Rs. 400,000/. is required to submit annual return. More over for tax year 2019 amount of Salary Income is 600,000/. This mean every person deriving 50,000/. per month is required to Submit annual Return .

AMNESTY SCHEME FEEDING IN FBR

A new Tab has been inserted by Department FBR for declaring asset Under Amnesty Scheme 2019.

Domestic Assets Owned Assets Benami Assets Foreign Assests Undisclosed Expenditures Undisclosed Sales Payment of Tax Demanded Tax Payable

Description Cost of Acquisition Fair Market Value Tax in Pak Rupees Action Bank Account (PKR) @ 4% Bank Account (Foreign Currency) @ 4% Open Plots / Land @ 1.5% Superstructure @ 1.5% Constructed property including Apartments / Flats / Shops / Warehouses @ 1.5% Motor Vehicle @ 4% Other Investments (Excluding bearer bonds, certificates, Prize bonds, Gold, Precious Stones & Metals) @ 4% All Other Assets (Excluding bearer bonds, certificates, Prize bonds, Gold, Precious Stones & Metals) @ 4% Cash Available on 30.06.2018 and later invested in Immovable Property @ 6% Cash Available on 30.06.2018 and l

AMNESTY SCHEME 2019
Following rates have been mentioned In Amnesty Law.
4 Percent in cash required to be deposit in Bank
6 Percent foreign asset liquid
2 percent in sales value

TAX RETURN FILING BY CNG STATION

We should consider that CNG Station are required t fie following statement /Return

01- Withholding Statement monthly

02- Sales Tax Return each quarter

03- Annual Return

Sales Tax Rate is 5% at on purchase f Gas and Meter Rent 

Withholding Tax at Rate at 4% that is Adjustabe

                             VIRTUAL ONE STOP SHOP ( VOSS)

VOSS is Facilitation center presented / existed on FBR WEBSITE. Where include three step for doing business in Pakistan. These steps are described one by one. 

01- REGISTRATION OF COMPANY

Visit SECP website for registration of Company

If you are National then you should enter following steps for registering with SECP.

01-A CNIC

01-B Name 

01-C Date of Birth

01-D Cell Number

01-E Email address and 

01-F Enter the code and accept terms and conditions 

Your account will be prepared and Now you should modify Memorandum and Articles of Association as to nature of Business. You should prepare Form A an Form 29.

You should prepare Challan for submitting Fee and proceed step by step provided on the Website.

02- NTN REGISTRATION

Following steps should be taken for NTN registration.

For Individual Registration ( If you want to visit Tax houses ( you can register vie Online) or 

1. personally go to any Facilitation Counter of any Tax House:
2. take the following with him:
3. Original CNIC;
4. Cell phone with SIM registered against his own CNIC;
5. Personal Email address belonging to him;
6. Original certificate of maintenance of personal bank account in his own name;
7. Original evidence of tenancy / ownership of business premises, if having a business;
8. Original paid utility bill of business premises not older than 3 months, if having a business.                                     

         FOR REGISTRATION OF AOP , ANY MEMBER OF PARTNERSHIP FIRM SHOULD VISIT RTO

1.  personally go to any Facilitation Counter of any Tax House:
2.  take the following with him:
3. Original partnership deed, in case of Firm;
4. Original registration certificate from Registrar of Firms, in case of Firm.
5. CNICs of all Members / Partners;
6. Original letter on letterhead of the AOP signed by all Members / Partners, authorizing anyone of the Members / Partners for Income / Sales Tax Registration;
7. Cell phone with SIM registered against his own CNIC but not already registered with the FBR,
8. Email address belonging to the AOP;
9. Original certificate of maintenance of bank account in AOP’s name;
10. Original evidence of tenancy / ownership of business premises, if having a business.
11. Original paid utility bill of business premises not older than 3 months, if having a business.

      FOR REGISTRATION OF COMPANY COMPANY , THE PRINCIPAL OFFICER MUST VISIT RTO

1. personally go to any Facilitation Counter of any Tax House:
2. take the following with him:
3.  Incorporation Certificate of the Company;
4. CNICs of all Directors;
5. Original letter on letterhead of the company signed by all Directors, verifying the Principal Officer and authorizing him for Income Tax / Sales Tax Registration;
6. Cell phone with SIM registered against his own CNIC but not already registered with the FBR;Email address belonging to the Company;
7.  Original certificate of maintenance of bank account in Company’s name;
8.  Original evidence of tenancy / ownership of business premises, if having a business;
9. Original paid utility bill of business premises not older than 3 months, if having a business.

    STEP 03- REGISTRATION WITH EOBI ( EMPLOYEES OLD AGE BENEFITS INSTITUTION

Access EOBI Facilitation Office ( Monday to Friday 9.00 AM to 7.00 PM)

• Create Profile to use System


• Receive User ID, Password and Secret Key


• Submit employees' details and Generate Payment Voucher


• Make Payment in any Authorized Branch of National Bank of Pakistan

 

TAX TREATMENT / WORKING BY MARRIAGE HALL /FUNCTION

As per Law ( Provincial and FBR Laws marriage hall, Marque and all other function gathering / running business are required to REGISTER

01- PROVINCIAL REVENUE BOARD

ON which tax rate is 5%. which should be paid to PRA. ( Punjab)

02- INCOME TAX AS PER INCOME TAX ORDINANCE

UNDER SECTION 236-D

5% income tax is withheld and which is adjustable for taxpayers. Which means that tax payer has to deduct this amount paid against his tax liability while filing annual return U/S 114 ( 1).

Marriage Hall are required to File monthly withholding statement U/S 165 in IRIS FBR.

Sales shown in the PRA should be EQUAL  to FBR Income. 

UNDER SECTION 236-D  ( TITLE IN WITHHOLDING STATEMENT  in Adjustable Column
FUNCTIONS/ GATHERING CHARGES U/S 236-D ( CODE : 64150401) and in Receipt Column write down the value/ receipt and in Tax Chargeable column write down tax amount.Tax is collected at time of payments.Name ,NTN and CNIC. number should be provided while submitting WHT .U/S 165.
If you have taken hall / marque on rent then paying Tax should be deducted and paid as per Rent Slab ( Rent is exempt up to Rs. 200,000/.)It should be written in Rent of Property column in Adjustable tax Under Code : 64080001) When you click on Computation column you will observe amount of  withholding tax in CODE : 9201.
IN payment column you should select Income Tax Challan prepared in E.FBR. website and select it .

FORM 181 FOR MARRIAGE HALL  

In Personal column you should write Individual or AOP as per situation.Write down Business name in Name column.Write down accounting period ( July to June ) and provide Email id as well as Cell number.
In property Column write down Commercial property and in Form column Nature of business ( EVENT HALL) should be mentioned.
In business column write down BUSINESS NAME.
In Link column write down Registration Number ( ID Card of all partner) their name , capacity ( ie. Partner or Principal officer and % share

ANNUAL RETURN

Annual Return Under Title  ( 114) (1) Return of Income Filed Voluntary for complete year

Click on Business Tab and on Manufacturing / Trading Items

Write down Gross Revenue and  opening stock , Cost of sales, Purchases and all other direct expenses and closing stock. System will calculate Gross Profit.

In management , selling expense column write down all expenses incurred  other than directly related to cost of sales.

In depreciation column calculate depreciation expense  and this will be deducted from arriving taxable profit and accounting depreciation will be added back. Inadmissible expense.

In BUSINESS ASSETS/ EQUITY COLUMN write down asset detail as well as capital and Liabilities.

In Tax chargeable Column click on 

- Adjustable Column and write down all tax deducted.If any advance tax is paid U/S 147 it shall be deducted from Tax Liability and final either you will be required to pay tax ( In ADMITTED COLUMN) or otherwise refundable. 

Finally Your 

FORM 181, WITHHOLDING STATEMENT , PRA RETURN ANNUAL RETURN is ready and you can submit. For Further guidance you can contact me vie comments.

 

AUDIT SELECTION UNDER SECTION 214-C

FBR has started to issue intimations regarding selection of audit through balloting.
It has been observed that now notices are also issued /send in INBOX FOLDER on portal in assignment tab.However they were forwarded in INBOX in past.

 NEW WEBSITE BY FBR


FBR has launched new website which is in fact user friendly and will assist tax payers guidance.