income tax

Tax Challenges Faced by Multinational Companies Operating in Pakistan

Tax Challenges Faced by Multinational Companies Operating in Pakistan

TAX, income tax /

Tax Challenges Faced by Multinational Companies Operating in Pakistan Introduction:  Multinational companies (MNCs) operating in Pakistan face a complex and dynamic tax landscape. Navigating the country’s tax system can be challenging due to the evolving regulatory environment, diverse tax obligations, and the need to align with international tax standards. In this blog post, we will […]

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Income from Salary

Fillling Return, income tax, TAX, Uncategorized /

Salary: SALARY AND ITS COMPONENTS ·         Income from Salary Model: Benefits received from Employer ·         No Deductions are allowed. Employment Relation “Employee” means any individual engaged in employment. “Employer” means any person who engages and remunerates an employee. “Employment” includes: • a directorship or any other office involved in the management of a company. •

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Navigating Tax Laws in Pakistan: A Guide for Small Businesses

Navigating Tax Laws in Pakistan: A Guide for Small Businesses

TAX, FBR, income tax /

Navigating Tax Laws in Pakistan: A Guide for Small Businesses Introduction: For small businesses in Pakistan, understanding and navigating the country’s tax laws can be a challenging endeavor. This comprehensive guide aims to simplify the complex tax landscape and provide small businesses with essential information to ensure compliance and optimize their tax strategies.  Types of

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Income Tax Filing: A Step-by-Step Guide

income tax, FBR, Fillling Return, TAX /

Income Tax Filing: A Step-by-Step Guide Introduction Income tax filing can seem like a daunting task, but with the right guidance, it can be a manageable and even rewarding process. Whether you’re a first-time filer or a seasoned taxpayer, understanding the steps involved in income tax filing can help you navigate the complexities of the

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Foreign-Income-and-Assets-Statement

Foreign Income and Assets Statement in Pakistan

FBR, income tax /

Comprehensive Analysis of SRO 777(I)/2023: Foreign Income and Assets Statement in Pakistan   Abstract: The Government of Pakistan, through the Revenue Division and the Federal Board of Revenue (FBR), issued a crucial notification in the form of SRO 777(I)/2023. This notification introduces significant amendments to the Income Tax Rules of 2002, specifically focusing on the

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Taxation of Salaries and Wages in Pakistan

Taxation of Salaries and Wages in Pakistan

TAX, FBR, income tax /

Taxation of salaries and wages in Pakistan is governed by the Income Tax Ordinance, 2001, which is administered by the Federal Board of Revenue (FBR). This ordinance regulates the collection of income tax from individuals, including employees who earn salaries and wages. In this article, we will discuss the basic concepts, definitions, and examples of

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Taxation of Freelancers and Self-Employed Individuals in Pakistan

Taxation of Freelancers and Self-Employed Individuals in Pakistan

FBR, income tax, TAX /

In Pakistan, freelancers and self-employed individuals are required to pay taxes on their income. In this article, we will discuss the taxation system for freelancers and self-employed individuals in Pakistan in detail.   Definition of Freelancers and Self-Employed Individuals: Freelancers are individuals who work for themselves and offer their services to clients on a project

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Section 51 Foreign source income of returning expatriates.

SECTION 51 FOREIGN SOURCE INCOME OF RETURNING EXPATRIATES.

TAX, FBR, income tax, Legal /

SECTION 51 FOREIGN SOURCE INCOME OF RETURNING EXPATRIATES   The Income Tax Ordinance in Pakistan provides certain exemptions to returning expatriates for foreign source income earned by them during their stay outside of Pakistan. This is provided under Section 51 of the Ordinance, which allows a certain period of exemption for foreign source income earned

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Income Tax in Pakistan – A Comprehensive Guide

Income Tax in Pakistan – A Comprehensive Guide

TAX, FBR, income tax /

Income tax is a tax imposed on the income earned by individuals, companies, and other entities. In Pakistan, income tax is governed by the Income Tax Ordinance, 2001, and its rules and regulations. In this guide, we will provide a comprehensive overview of income tax in Pakistan, including its definitions, rates, and examples.   Income

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