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 Electronic Tax Return and Wealth statement
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Zaheer Ahmed
Unregistered Trainee

Pakistan
5 Posts

Posted - Aug 04 2009 :  11:28:01 AM  Show Profile  Send Zaheer Ahmed an AOL message
Sallaam

Any one who can tell abont the filing of Income Tax Return and Wealth statement along with Wealth reconciliation statement electronically for the Tax Year 2009.

Whether IDP Tax is to be paid with Tax Return for the Tax Year 2009

Kind Regards

Muhammad Zaheer Ahmad

LapTop
Partner

Pakistan
1545 Posts

Posted - Aug 05 2009 :  8:35:07 PM  Show Profile  Visit LapTop's Homepage  Send LapTop a Yahoo! Message
TAXATION OF BONUS PAID TO CORPORATE EMPLOYEES.
[Section 12 – First Schedule]


A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.
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arcane1
Unregistered Trainee

Pakistan
14 Posts

Posted - Aug 27 2009 :  08:24:42 AM  Show Profile
quote:
Originally posted by LapTop

TAXATION OF BONUS PAID TO CORPORATE EMPLOYEES.
[Section 12 – First Schedule]


A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.




r u confirmed that the amount of income is 1 million or more excluding the amount of bonus to employees on which there 30% tax now???
and r u sure about that its till tax year 2010 i think its applicable only for tax year 2009...
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awaisaftab
Partner

Pakistan
1109 Posts

Posted - Aug 27 2009 :  08:50:34 AM  Show Profile  Send awaisaftab a Yahoo! Message
30% of tax liabilty shall be the tax only. It is confirmly not 30%.
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faisal_desperado
Senior

Pakistan
330 Posts

Posted - Aug 27 2009 :  09:46:02 AM  Show Profile
Dear Zaheer,
For the purpose of e-filling of your tax return and other requirement thereof, Your are required to get registered on FBR's website using the following link https://e.fbr.gov.pk/AuthLogin.aspx , procedure of getting registered is simple.
However, e-filling of tax return is applicable for those, whose yearly income exceeds Rs. 500,000. This is also applicable for the tax year 2009.
Furthermore, Employer is no more responsible for filling of return of such employees, whose yearly salary exceeds Rs.500,000. However,in this regard, employer needs to get a signature on a form i.e. "Declaration by salaried person", which is available on FBR's website.
If any employer fails to get a signature on the aforesaid form then he shall be held responsible for the filling of annual return of employees of the said category and (employer) shall be penalized accordingly.


Best Regards,
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faisal_desperado
Senior

Pakistan
330 Posts

Posted - Aug 27 2009 :  09:53:29 AM  Show Profile
Dear Zaheer and arcane1,

With regards to the second query, sufficient discussion has already been made on the following;
http://www.accountancy.com.pk/forum/topic.asp?topic_id=7379

Furthermore, Laptop has quoted the correct section, exhibit page number 2-3 of the following link for the purpose of calculation understanding;
http://www.fbr.gov.pk/newdt/circulars/2009/2009Circular03.pdf .



Best Regards,
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faisal_desperado
Senior

Pakistan
330 Posts

Posted - Aug 27 2009 :  09:59:24 AM  Show Profile
quote:
Originally posted by awaisaftab

30% of tax liabilty shall be the tax only. It is confirmly not 30%.



Dear Awais,
This is 30% of Bonus income and not 30% of tax liablity, and it has been confirmed.
Exhibit the above provided link.

Best Regards,
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mujtabahs
Unregistered Trainee

Pakistan
1 Posts

Posted - May 27 2010 :  3:17:42 PM  Show Profile
Dear All
I am paying tax for about 10 years.Few years back the department gives wealth tax statement but now we donot have to pay the wealth tax, so i want to ask that what is the procedure to get an statement in which the income tax department gave me the whole details of assest and etc , because i want to confirm that what assest are enrolled on my name and i want to cross check whether my income tax lawyer is filling right assests or not.
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whiz
Unregistered Trainee

9 Posts

Posted - Jul 19 2010 :  11:36:03 PM  Show Profile
Although wealth tax is not applicable but wealth statement still needs to be filed with the department under section 116 of the Income Tax Ordinance (provided your annual salaray exceeds Rs. 500,000). So, you must ask your lawyer whether or not he is filing the wealth statement.
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waqasriaz
Unregistered Trainee

Pakistan
9 Posts

Posted - Jul 20 2010 :  4:09:07 PM  Show Profile
As on Friday 16-07-2010, the Honorable Sindh High Court announced the decision that imposition of 30% IDP tax on bonus of corporate employees is illegal & viod ab inition.
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tas
Unregistered Trainee

Pakistan
4 Posts

Posted - Sep 24 2010 :  10:21:18 AM  Show Profile
Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.
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faisal_desperado
Senior

Pakistan
330 Posts

Posted - Sep 24 2010 :  1:02:38 PM  Show Profile
quote:
Originally posted by tas

Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.




Dear,
The said Property will not be shown in current year's wealth, and the same disclosure will also be required to be provided at wealth reconciliation statement(if you are individual concern), that property has been sold out.

However, If you are an AOP/individual(sole proprietorship concern), procedure will be same as above and nevertheless, it would effect your capital since capital(property) has been converted into cash, now cash will be treated as company's property.


Best Regards,

Faisal.
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tas
Unregistered Trainee

Pakistan
4 Posts

Posted - Sep 24 2010 :  7:43:55 PM  Show Profile
Thanks Bro for your reply.

Acha this means k!! the cash that i have received from selling that property will be entered in the column 10 (CASH and Bank Balances) of the WEALTH STATEMENT 1 of 2?????????

Moreover, in which column will the sold property be shown?????

Regards

Taha Siddiqui

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Ammar
Junior

Pakistan
113 Posts

Posted - Sep 24 2010 :  8:01:37 PM  Show Profile
ok
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tas
Unregistered Trainee

Pakistan
4 Posts

Posted - Sep 24 2010 :  8:05:33 PM  Show Profile
Dear

There is one more question....!!! i had a distribution business which has been suspended presently due to economic condition..... nevertheless i had to sell out one of my property..... the property was sold at premium, more than the value declared in the wealth statement. is there any tax that i have to pay on that excess amount, i have received ??????????

Moreover, i am receiving remuneration from a company which is less than 200000.... should i stay quiet and donot tell anything about my property or other thing unless they...demand or .....whatever!!!!. Because i have read that those with less than 200000 income donot have to file retun........

Regards

Taha Siddiqui
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tas
Unregistered Trainee

Pakistan
4 Posts

Posted - Sep 24 2010 :  8:18:59 PM  Show Profile
Dear

if there is a manufacturing business and they purchased some goods from a company, lets say XYZ... However, when they pay XYZ, they will have to pay the income tax on behalf of XYZ ..... but if XYZ is exempted from the income tax beacuse of imported goods, how will they be shown in e-filing income tax.??????? should it be filed as nil statement or........???????????

Regards

Taha Siddiqui
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mshahbazakhtar
Unregistered Trainee

Pakistan
4 Posts

Posted - Oct 13 2010 :  08:53:11 AM  Show Profile  Send mshahbazakhtar an AOL message
quote:
Originally posted by tas

Dear

if there is a manufacturing business and they purchased some goods from a company, lets say XYZ... However, when they pay XYZ, they will have to pay the income tax on behalf of XYZ ..... but if XYZ is exempted from the income tax beacuse of imported goods, how will they be shown in e-filing income tax.??????? should it be filed as nil statement or........???????????

Regards

Taha Siddiqui



Dear any gain earned on the disposal of property is exempt from tax, so there is no tax liability upon u. however it will be shown in ur return as an exempt income, furthermore this gain shall also be inculded in income while giving the reconciliation of wealth statement.
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faisal_desperado
Senior

Pakistan
330 Posts

Posted - Oct 13 2010 :  2:07:54 PM  Show Profile
Dear mshahbazakhtar,

I am disagreed with you, since, the information which you have provided, at this thread, is incorrect.

Irrespective of your reply, i would request you to kindly keep posting and keep helping others by your valueable comments, since currently we dont have professionals at our tax forum, who could reply technical queries efficiently.

Please go through section 22 and 77 for reference purpose.



Best Regards,

Faisal.
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