Section 7E Tax in Pakistan: What Property Owners Need to Know
Understanding Section 7E Tax in Pakistan: What Property Owners Need to Know In the ever-evolving landscape of Pakistan’s tax system, Section 7E has emerged as a significant development for property owners. Introduced through the Finance Act, 2022, this provision has far-reaching implications for residents who own immovable property in the country. At ABH Tax Consultants […]
236-C | 236-K – Property Purchase and Sale Tax Rates for 2024
Property Purchase and Sale Tax Rates for 2024 in Pakistan Tax Categories: 236-C (Gain Tax)and 236-K (Advance Tax) Category 236-C (Gains Tax) Property value up to 50 million: Property value 50-100 million: Property value over 100 million: Category 236-K (Advance Tax) Property value up to 50 million: Property value 50-100 million: Property value over 100 […]
How Pakistani Freelancers on Fiverr and Upwork Should File Taxes with FBR – (2024)
How Pakistani Freelancers on Fiverr and Upwork Should File Taxes with FBR Filing taxes as a freelancer in Pakistan involves several steps, from registration to submission. Here’s a comprehensive guide to help Pakistani freelancers who earn through platforms like Fiverr and Upwork navigate the tax filing process with the Federal Board of Revenue (FBR). Step […]
How to Check Your Filer Status with the FBR: A Simple Guide – (New 2024)
How to Check Your Filer Status with the FBR: A Simple Guide Staying informed about your tax status is crucial for compliance in Pakistan. The Federal Board of Revenue (FBR) offers several convenient methods to check if you’re a registered filer. Here’s a simple guide by ABH Consultants to help you verify your filer status […]
New “Late Filer” Category: What It Means for Pakistani Taxpayers – (2024)
As a leading tax consultancy in Islamabad, ABH Consultants is committed to keeping our clients informed about the latest developments in Pakistan’s tax landscape. The recent Finance Bill 2024 has introduced a significant change that all taxpayers should be aware of: the new “Late Filer” category. Let’s break down what this means for you and […]
What is Section 170 FBR in Pakistan?
What is the time frame to apply for Refund? An application for a refund under shall be made within three years of whichever is later –1: the date on which the Commissioner has issued the assessment order for the tax year to which the refund application relates; or 2: the date on which the tax […]
Got 176(1) Notice from FBR – What should you do?
When do you receive 176(1) notice from FBR? Whether or not liable for tax under the Income Tax Ordinance, The Commissioner may, by notice in writing, require you to furnish to –(a) the Commissioner (b) an authorized officer, any information relevant to any tax leviable under this Ordinance or to fulfill any obligation under any […]
Got 114(4) Notice from FBR – What should you do?
114(4) Notice : “you have not furnished return of total income for the tax year________ due to be filed under section 114 of the Income Tax Ordinance, 2001.You are required to furnish on or before (Date mentioned) the return of income for the said tax year, in the prescribed form and verified in the prescribed […]
How many types of business entities are in Pakistan? (2024)
There are four types of businesses each with its own legal structure and rules. These are as under: Sole Proprietorships, Un-Registered Partnerships, Limited Liability Partnership (LLP) registered from SECP, and Limited Company or Limited Liability Company (PVT Ltd in Pakistan). Before starting business, entrepreneurs should carefully decide which type of business structure is best suited to their type of […]
Got 214C Notice from FBR – What should you do?
214C (Notice to call for record / documents / books of account) Subject:- SELECTION OF CASE FOR AUDIT U/S 214D OF THE INCOME TAX ORDINANCE, 2001 – CALLING FOR RECORD/DOCUMENTS U/S 177(1) OF THE INCOME TAX ORDINANCE, 2001 FOR CONDUCTING AUDIT. This is to inform you that in accordance with the provision of section 214D […]