Seeking Relief from Time Limits for Tax Appeals
Section 214A of the Income Tax Ordinance provides an important provision that allows the Federal Board of Revenue (FBR) to exercise discretion and condone the time limits specified for the […]
Private Company vs. AOP vs. Individual – Which Business Model Suits You?
Discover the pros and cons of registering a business as a company, partnership (AOP), or individual. Learn which option best suits your needs.
How to Reconcile Net Assets for Effective Tax Planning
Reconciliation of net assets is a critical concept in finance and accounting, particularly when filing income tax returns. It ensures that all financial transactions, including income, expenses, savings, and investments, […]
How Many Taxes Do You Pay When Buying or Selling Property?
When buying or selling property in Pakistan, several taxes and duties are applicable. These taxes can be divided into adjustable taxes, which can later be claimed or adjusted against other […]
Tax Planning Tips to Manage Your Monthly Tax Ledgers Effectively
Tax planning is an integral part of financial management, ensuring compliance with tax laws while optimizing tax liabilities. The following article provides insights into essential tax planning practices, with a […]
How to Calculate the Cost of an Asset for Tax Purposes?
The Income Tax Ordinance, 2001, provides a framework for determining the cost of an asset for tax purposes. This is a crucial step in calculating depreciation and determining capital gains […]
How to Apply for Change in Accounting Method?
The application to change the method of accounting is guided by Section 32(4) of the Income Tax Ordinance, 2001. According to this section: A person can apply in writing to […]
Step-by-Step Guide on DNFBP De-registration with FBR
Here’s a detailed guide on how to apply for de-registration of a DNFBP with the FBR: Understanding DNFBPs and De-registration DNFBPs are businesses and professions that, due to the nature […]
How to Register with the FBR as a POC Holder?
Registration Process: To register as a POC Holder with the FBR, you’ll need to follow these steps: Visit the FBR IRIS Portal: Open your web browser and go to the […]
Does Overseas Pakistanis Pay Quarterly Tax?
Overseas Pakistanis may be required to pay advance tax if they have certain types of income arising in Pakistan. This applies to income such as: Rental Income: If monthly rental […]