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Got 137(2) Notice from FBR – What should you do?

137(2) (Notice to pay tax payable) Whereas the amount mentioned below has been determined to be payable by you for the tax year mentioned above under the Income Tax Ordinance, 2001 (XLIX of 2001). You are required to pay the said amount within thirty days from the date of service of this notice, to the […]

Got 120(3) Notice from FBR – What should you do?

120(3) (Notice to complete deficiencies in Return of Income) Refer to tax return e-filed by you for the tax year Whereas during desk audit of your tax returns for the tax year, it has been observed that the tax return filed is deficient on account of below and liable to be rendered in-valid in accordance […]

Got 122(9) Notice from FBR – What should you do?

122(9) (Notice to amend assessment) SHOW CAUSE NOTICE U/S 122(9) OF THE INCOME TAX ORDINANCE, 2001 FOR THE AMENDMENT OF ASSESSMENT FOR TAX YEAR 2015.                                  Please refer to the above.    The documents filed by you have been examined thoroughly and discussed as under:-    Examination of your record shows that you have obtained […]

Got 111(1) Notice from FBR – What should you do?

111(1) (Notice to explain Income / asset) Please refer to above. 1.            You have declared income including exempt and FTR at Rs. 3,017,483/- for the tax year under consideration whereas amount of the credit entries in the bank accounts maintained by you are as under:-r.A/c No.      Name of Bank(branch)     Amount of credit entries 01.                          30085X9XX2                        […]

Got 177(1) Notice from FBR – What should you do?

177(1) (Notice to call for record / documents / books of account) Please refer to the above subject.                 You have submitted your return for the tax year 2017 late, and was automatically selected for audit by the Federal Board of Revenue, Islamabad under section 214D of the Income Tax Ordinance, 2001. You have not […]

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 […]

Got 147 Notice from FBR – What should you do?

147 (Intimation to Pay Advance Tax ) Dear Taxpayer, It is intimated that you are liable to pay advance tax u/s 147 of the Income Tax Ordinance, 2001 for this quarter. The liability of advance tax for the quarter is shown in the table at the end. 2. Please note that this is minimum estimated […]

Got 182(2) Notice from FBR – What should you do?

182(2) (Notice to impose penalty u/s 182 for failure to furnish return u/s 114) Under section 114(1), you were required to voluntarily file an Income Tax return for the above-mentioned Tax Year. But no return was filed within the due time and under the provision of section 118 of the Income Tax Ordinance, 2001. The […]

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 […]

Capital Requirement in Pakistan for Foreign Owned Companies

What is the minimum capital requirement in Pakistan? How much money do you need to pay up to incorporate the foreign company? Types of Capital in Pakistan There are two types of share capital in Pakistan, the paid-up capital and the authorized capital. Paid-up Capital Paid-up capital is the amount of money the shareholders contribute to the company. […]