Why need a Tax Consultant ?:
Tax Consultants are those persons who are experts in taxation laws and help businesses in taxation optimization policies resulting in reducing tax liability and also ensuring compliance with laws. The tax expert is not only filing your tax returns but also saves your money. In Pakistan, the taxation system is very complex and only experts are in a better position to advise on these matters. Al-Muhasib & Co. is a well-reputed Tax Consultant based in Haripur, Khyber Pakhtunkhwa providing tax advisory services since 2008. Our research and development are constantly updating their team about significant amendments made to the taxation laws of Pakistan. In addition, our Income Tax consultant team help business in the following areas including Registration services, compliance, and advisory.
We provide NTN Registration for Business individuals, Salaried Persons, Private Limited Companies, Welfare Societies, Trusts, NGOs.
Income Tax Returns Filing:
According to the income tax laws, the following persons are required to file annual tax returns:
- Persons having NTN
- Partnership Firms (AOP)
- NGO/Trusts/Welfare Organization’s
- Owns immovable property which Land area of above 250 squares yards or motor vehicle having engine capacity above 1000CC
What do I need to file my tax returns?
Salaried Individuals: Payslips along with a tax deduction certificate from the employer.
Details of all business sales and purchases made during the year
Sales tax returns filed for the whole year if registered
Income Tax deducted on:
Sale of goods & services provided
Advance income taxes withheld on import stage (If any )
Bank interest (Profit on debt)
Wealth Statement: In addition details of personal expenses paid during the year must also be provided.
For companies and other organizations Financial Statements are required consists of:
- Balance sheet
- Profit and loss account
- Statement of cash flow
Deduction of Tax at source from where an income is generated is called Withholding Tax. For example, employers deduct tax from salaries when making payments to employees. Withholding Taxes shall be deducted at the time of payment and mostly applicable in the following cases:
- Goods and Services
- Rental Income
- Profit on Debt
Furthermore withholding agents are required to file a statement of deductions of tax on quarterly basis which contains the following details.
1. Name, CNIC and address
2. Total Amount of payments
3. Total Amount of tax deducted from payments