Tax consultant in Pakistan-Income Tax
Tax consultant in Pakistan that you pay on your yearly income. Income Tax is paid on Income earned by a salaried or Business Person. Income Tax is one of the important origins through which a government finances its activities. The personal income tax revenue is only 1% of GDP in Pakistan (10% of total tax revenues) and only 2% of working age population is registered as taxpayer.
Why Choose Us
At TAC Consultant our team is very experienced highly educated professionals working with international and national companies to smooth their business. Our team has very vast experienced working with the Federal board of revenue (FBR), The Punjab revenue authority (PRA), The Securities exchange commission of Pakistan (SECP), Pakistan single window (PSW), Chamber of Commerce related matters, and we provide services to help our clients to avoid the hectic task of taxation so they can fox on their business growth.
Due to lack of information or misguided by unprofessional a lot of does not properly how much tax should be paid on their income.
Advantages and Dis-advantages of Filer and Non-Filer
Description | Filer / Active | Non-Filer / Non- Active |
Purchase of Property | 2% | 7% |
Sale of Property | 2% | 4% |
Tax on saving account profit | 15% | 30% |
Dividend & Prize Bonds | 15% | 30% |
Tax on Goods / services | Normal | Double |
Motor Vehicle Leasing | 0% | 12% |
Purchase of vehicle | Normal | Triple |
Registration of New Vehicle | Normal | Double |
Vehicle Annual Token Tax | Normal | Double |
Tax on Commission | 12% | 24% |
Tax on Electricity bills | 0% | 7.5% |
Sale from Manufacturer to distributors, dealers, wholesalers. | 0.1% | 0.2% |
Sale from Retailers | 0.5% | 1% |
Property auction | 5% | 10% |
Mistakes Occur while filling Income Tax Return
The government of Pakistan has offered different kinds of benefits to individuals or businesses Filling Income Tax returns in Pakistan. In Tax consultants in Pakistan, we have observed that a person only avails of the benefits of the tag of “Filer” status. Therefore, anyone who files wrong/false incomplete Income Tax Return in the Federal Board of Revenue without knowing or ignoring the law or its consequences, unfortunately, that kind of person faces strict kind of audit proceedings and penalties due to filling false Return from the Federal
Board of Revenue. To avoid this kind of mistake checks your complete information before submitting to the Federal Board of Revenue.
Tax consultant in Pakistan-NTN Registration
National Tax Number (NTN)
Every individual who has CNIC is liable to register in FBR and get his national tax number so that he/she plays the role of a good citizen
The following documents are required for NTN Registration.
- CNIC / Copy of CNIC
- Mobile number
- Address
- Area of Home
After NTN registeration, the person who registered himself in FBR file Income Tax Return for the complete year where he / she describe his Opening wealth along with Income earn in the latest tax year and expenses which he made during the year.
What is taxpayer Registration?
Why get NTN?
Who ought to acquire NTN?
How does NTN function?
Every individual who has CNIC is liable to registered in FBR and get his national tax number so that he/she play the role of a good citizen.
We should get NTN so that we enjoy all the benefits of a good citizen and play a role of good citizen
Anyone who earning any Income from any source is liable to registered in Federal Board of Revenue and get his NTN number
This form is often used to register the latest taxpayers and create particular changes.
Every registered payer’s responsibility is to advise the changes in their details like address, contact range, e-mail, name of the leader, checking account range, etc.
NTN can be obtained often in one of the next two ways: 1. Use the FBR Portal to apply online. 2. Fill out an application. 3. For registration of all the higher than a variety of persons, there’s one type notified by FBR.
Tax consultant in Pakistan-STRN Registration
Any individual or company have run a business and obtain revenue from sales are liable to registered in Sales Tax according to Sales Tax ACt, 1990.
We are providing STRN services to our clients with full gurantee and also provide other Sales Tax services so that e work according to Laws and Rules Mention in the Sales Tax Act, 1990.
Income Tax Return
Every person who has an NTN number is liable to File Income Tax Return.
The following documents are required for Income Tax Return Filling:-
- Bank Statements
- Salary Certificate
- Detail of Income (Business, Rental, Agriculture, Foreign, and Other Sources)
- Copy of utility bills, Electricity bills, Gas Bills, etc
- Detail of With-Holding Tax
- Sale / Purchase of Property
- Detail of Expenses (Rent, Household, Fuel, Transportation, Education, Health, etc)
- Investment in Saving Schemes
- Inheritance detail
- Cash in hand
- Detail of Personal Assets / Liabilities
- Any other transaction Detail Related to Inflow or Outflow of Income related to Income Tax Return according to ITR, 2001.
Sales Tax
Tax consultant in Pakistan providing Sales Tax Services according to Sales Ta Act, 1990. Sale tax return file on a monthly basis to avoid penalties and default surcharges
We deal with Sale Tax returns which include Purchases, imports, Sales, Export, Stock, etc Annexures A, B, C, D, and H. We also deal with other sale tax compliance such as Sale tax notices, Appeals
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Advance Tax
Tax on Salary for Tax Year 2023
Tax Slab Rate of Salary
Calculation
1. Where the taxable income does not exceed Rs. 400,000
2. Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000
3. Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000
4. Where the taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,500,000
5. Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs. 4,000,000
6. Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 8,000,000
7. Where the taxable income exceeds Rs. 8,000,000
0%
Rs. 1,000
Rs. 2,000
5% of the amount exceeding Rs.1,200,000
65,000 + 15% of the amount exceeding Rs. 2,500,000
290,000 + 20% of the amountexceeding Rs. 4,000,000
1,090,000 + 25% of the amount exceeding Rs. 8,000,000