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Showing posts with the label misleading statements

Persons Eligible to Appeal for Income Tax

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Any person who is not satisfied with any order passed by the Commissioner / Officer Inland Revenue has the right to appeal. If man, man himself; in the case of a Personal Organization (AOP), any partner or member of the organization; and in the case of a company the chief executive officer. In the case of the deceased, represent the deceased legally; and in the case of a legally disabled person or a non-abusive person, his or her “representative”. Also Check: How to become filer How to check FBR Filer Status Who is filer and non-filer?

REGULATION ON ARTICLES OR GOODS

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Articles or goods delivered at a commercial value are only issued at a payment equal to 30% of the value of the goods or goods or in addition to the taxable service. COMMERCIAL QUANTITY Prima facie for business or money gain is the number of imported goods and not for personal use or gift. PROHIBITED ARTICLES OR GOODS Anything that cannot be imported or exported from Pakistan is prohibited or prohibited under any circumstances to protect society, health and environment. RESTRICTED ARTICLES OR GOODS Some certificates, conditions, licenses, permits or restrictions may be imported or exported from Pakistan. Some commonly banned and restricted articles or goods that cannot be imported or exported from Pakistan are listed in the Luggage Regulations Brochure. Also Check: How to become filer How to check FBR Filer Status Who is filer and non-filer?

How Overseas Pakistani can become tax filer

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If you're a citizen of Pakistan residing in an exceedingly foreign country, you may have some queries relating to filing your tax returns. Or even you would like to know if you'll become a tax filer, to start with. Whereas the prospect of handling taxes could appear overwhelming to some, the method through that overseas Pakistanis become tax filers is sort of easy. Before we have a tendency to discuss however Pakistani expats will file tax returns from the comfort of their homes, let’s address a number of common misconceptions and queries you may have. Do Overseas Pakistanis Have to File Taxes? The simple answer is yes, overseas Pakistanis ought to file taxes. However, they're solely taxed on their Pakistan-sourced income. Taxation in Pakistan, very like in different countries, relies on an individual’s residential status rather than their position. Previously, someone was thought-about a tax resident if they keep within the country for a period of 183 days (or lo...

What is the exemption from penalty and default surcharge?

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The Federal Government may, by notification in the Official Gazette, or the Board by an order published in the Official Gazette for reasons to be recorded in writing, exempt any person or class of persons from payment of the whole or part of the penalty and default surcharge payable under this Ordinance subject to such conditions and limitations as may be specified in such notification or, as the case may be,  order. For More Details visit FBR or our blogs .

What are the penalties for failure to give notice and obstruction?

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  Where a  person fails to give notice of the discontinuance of the person‘s business as required under section 117, the Commissioner may impose a penalty on the person not exceeding the amount of tax payable by the person for the tax year in which the business was discontinued. Where a person fails to give notice of the person‘s appointment as liquidator as required under section 141, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. Penalty  for  obstruction : Where any person obstructs the  Commissioner or a  taxation officer in the discharge of the Commissioner or officer‘s functions under this Ordinance, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. For More Details visit FBR also view our other blogs Suggested Blog: How to become Filer

What is the penalty for making false or misleading statements?

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Where a person: Makes a statement to an income tax authority that is false or misleading in a material particular or omits from a statement made to an income tax authority any matter or thing without which the statement is false or misleading in a material particular; and The tax liability (including the liability for advance tax under section 147) of the person computed on the basis of the statement is less than it would have been if the statement had not been false or misleading (the difference hereinafter referred to as the ―tax shortfall the person shall be liable for a penalty equal to where the statement or omission was made knowingly or recklessly, two hundred percent of the tax shortfall; or in any other case (other than where sub-section (2) applies), twenty- five percent of the tax shortfall. In the case of an assessment order under section 120, no penalty shall be imposed under subsection (1) to the extent to which the tax shortfall arose as a r...