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+--- Thread: Annual Tax Return of A Company (/showthread.php?tid=4445)
Annual Tax Return of A Company - zurpk - 04-22-2007
How a person can file his companyâs annual tax return? I know about the tax rates apply on different companies but I have never filed any return before. So how can I prepare myself to file annual tax return of my company? What should I study for this purpose?
Thanks
- msc286 - 04-23-2007
Generally the return in respect of a company is required to be filed by 31 December each year.
Preparing tax return of a company required detailed knowledge of the tax laws, particularly in respect of the following areas
1. Inadmissible Expenses
2. Tax Depreciation / Tax working for Disposals (as per third schedule of the Income Tax Ordinance, 2001.
3. Understanding of various heads of income and how to calculate taxable income (Property income, capital gains etc.)
4. Income subject to final taxation
5. Apportionment of expenses between normal income and income subject to final taxation
6. Adjustment of withholding tax and advance tax
If you have not prepared a tax return before, I strongly advise you to seek the expertise of a qualified person / firm.
Regards,
Mahmood Chaudhry
ACCA, ACA
- zurpk - 04-23-2007
AoA Mr. Mehmood
Yes you are right that i shall consult an expert but i want to learn all these things. Currently,we are consulting our auditors for this purpose.
However, i want to learn all these things.
We all miss Mr. Kamran.
Regards.