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Showing posts from December, 2019

What is the penalty for concealment of income?

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Where, in the course of any proceedings under this Ordinance, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal is satisfied that any person has either in the said proceedings or in any earlier proceedings relating to an assessment in respect of the same tax year concealed income or furnished inaccurate particulars of such income, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal, as the case may be, may, by an order in writing, impose upon the person a penalty equal to the amount of tax which the person sought to evade by concealment of income or the furnishing of inaccurate particulars of such income. For the purposes of subsection (1), concealment of income or the furnishing of inaccurate particulars of income shall include – the suppression of any income or amount chargeable to tax; the claiming of any deduction for any expenditure not actually incurred; or any act referred to in sub-section (1) of section 111. Where any

How do I check my FBR filer status?

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VERIFICATION THROUGH ONLINE PORTAL The  ATL status check  allows you to confirm your Active Taxpayer status. CHECK ACTIVE TAXPAYER STATUS BY SMS Check Individual’s Active Taxpayer status by SMS by following procedure: Type “ATL (space) 13 digits Computerized National Identity Card (CNIC)” and send to 9966. Check Active Taxpayer status of AOP and Company by SMS through the following procedure: Type “ATL (space) 7 digits National Tax Number (NTN)” and send to 9966. Check AJ&K Active Taxpayer status by SMS through the following procedure: For Individual, type AJKATL (space) CNIC (without dashes). Send it to 9966. Having NTN AJKATL (space) 11 digit NTN (without dashes). Send it to 9966. CHECK ACTIVE TAXPAYER STATUS BY DOWNLOADING ATL You can also download ATL from: Active Taxpayer List (Income Tax) The Active Tax Payer’s List of AJK is to be considered at par with the ATL (Income Tax) after amendment in the Income Tax Ordinance 2001

What are the Filer Benefits in Pakistan?

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Being a filer the tax will be reduced by more than 50% and if you are an expatriate/non-resident, you will receive the benefits of a filer. Similarly, on vehicle purchase, the tax for a non-filer is almost double that paid by a filer. > Saving in Withholding Tax You will save in WHT taxes on your bank transactions (cash withdrawals and money transfers etc.) as compared to those who are non-filers. What is Withholding Tax? Withholding taxis an amount that employers withhold from an employee’s paycheck and remit to local and federal taxing authorities on behalf of the employee. On cash withdrawal (Over Rs. 50,000): Filer – 0.3%, Non-filer – 0.6%. Rs. 300 per lac for filers and Rs. 600 per lac for non-filers. No taxes for filers on bank transactions (Cross cheque, pay the order, demand draft etc.). If you have a running business, less withholding taxes will be deducted on your invoices as compared to non-filers business persons. If you have a business and you are a File