Information for filer and non filer tax payers

[capsat]

**NO SIR - as per new law, exemption slab has increased [ likely to be revoked after elections ] but

filing an income tax return remains mandatory. anybody who believe exemption means NO TAX returns has to wake up, sooner the better., else within 90 days your status become non-filer., and reactivation will be against penalty.

@pomi_pbs

[Khurramchauhdary]

very simple & short,

print out your income tax return of 2015, attach all relevant documents which are available, skip which does not apply upon you.

print out the copy of the notice received.

write a covering letter stating your submission of documents as enclosures and personally visit the respective office, PA will ask you reason for visit tell him that you have received a notice and wish to meet the officer in person to present all documents. he will ask you to write your name over a slip and then you wait , stay calm and stay composed, when you meet the officer after hand shake present the notice then present your whole bunch, He will ask you to sit down and politely ask if you would like to have cup of tea, he will rummage through your bank statements while waiting for tea. he will start asking your activities and what are your hobbies besides the work you do to make living.

if there is any banking figure entry which is abruptly large and no further large sums close to those digits appear again through out, you shall be having enough supporting argument for spike., that does not correspond or reflect again.

in 85% of audit cases abrupt financial spikes create a flag which alert the respective commissioner and they are required to serve notice by law. There is nothing to be pissed about or be upset, treat it casual and be there with copies of document applicable to you. skip all other, thats' damn standard format cut paste class.

i handle them all year across for family, some at FBR Karachi consider me as Income tax lawyer while i've never been to any law school but passion to study to confront lawless ness is genetic trait.

Well explained but after reading that part which starts from entrance to exit the fbr office I felt like we are living in Europe lolz (he will politely ask for tea, ask for hobbies etc) can't believe this statement.

[Khurramchauhdary]

As per new law tax exemption slap is revised back to previous position of 4 lac on request of fbr and state bank but tax amount is decreased now tax slab will starts from same 4 lac but from 4 to 8 lac proposed tax is 1000 and from 8 to 12 lac that will be 2000 only.

**NO SIR - as per new law, exemption slab has increased [ likely to be revoked after elections ] but

filing an income tax return remains mandatory. anybody who believe exemption means NO TAX returns has to wake up, sooner the better., else within 90 days your status become non-filer., and reactivation will be against penalty.

@pomi_pbs

[azfarnb]

That is a bit confusing. If I make 1.2M a year I pay 2k tax only or with a salary of 100k/m I pay 2k tax a month - 24k a year?

[mfuzail.zubari]

No it is very easy. If you earn 1.2M a year you will pay 3k tax.

i.e.
1k for the income you earn from 4lac to 8 lac and
2k for the income you earn from 8lac to 12 lac.

[khurem]

Senate committee has increased the tax rates for all slabs above 1.2m. Lets see what is approved by NA today.

[capsat]

no ordinance becomes law with out approval from National Assembly & from Senate.

ordinance is a presidential order valid for 90 days from date of signing, by President only, extendable maximum twice i.e 180 days beyond that it needs to be presented again to national assembly by the ruling party and a new number is allocated to it., as ordinance amendment.

discussion is about lower the tax and keep slab as it was in March 2018 however The FPCCI has advised Commerce & Finance Ministry otherwise. To encourage more people to step forward become tax payer. Let us hope sanity prevail and the next (s)elected government revive the economy based on Agricultural Tax which has been untouched since 70 years.

[brownrose78]

@capsat
agar next Government Khan Saheb kee a gae to phir kiya ho ga?

[khurem]

I think this is a money bill and in that case National Assembly has the sole right to approve it and whether to take into consideration Senate's recommendations or not.

In case it is not, then it will require president's consent.

[capsat]

day dreaming .. ! ..

no singular party will be in a sweeping majority to form Central Govt.

therefore the kanjar khana will continue, as

no signular party has any financial reform policy, neither the foreign policy on their agenda.

they will be divided over Defence Budgets, Policy with Neighbors while the Killer shots will be called upon by the religion pimping bastards.

we all can see so far they all are following single line agenda .. tou bay-eman hai tou bay-ghayraat hai ..

[brownrose78]

Is not it necessary that all bills should get approval from both National Assembly as well as Senate

[capsat]

no sir,.

budget is presented and the very next hour it has become controversial and senate has set it aside for review after June 30, as the document is called Finance bill which after approval is passed over to senate for and now in limbo

[capsat]

without approval from senate it is not a LAW and can not be implemented for exercise in the interest of public - it is just recommendation -

just like 1998 bill for property tax exemption for every property in name of a senior citizen & or a widow. debated & shelved

later a bill was moved in 2000 and approved in 72 hours for exemption of self occupied house being tax free of a retired citizen & or a widow

[khurem]

In today's news, Senate has provided 144 recommendations to incorporate in Finance bill, which will be discussed in NA today. That's what I referred in my initial post. Hopefully NA won't agree on their recommendation to increase tax slabs for individuals. Fingers crossed.

Also in another news today, Senate has demanded voting powers in the money bills, and the power to block money bills, including finance bills, as currently only NA can do that.

[brownrose78]

@capsat
Property bill u mentioned....What is the benefit if I am over 60 years and i have only 1 house in which i live, can i take benefit of this law and take advantages in Property Tax issued by Government of Sindh?

[khurem]

About the move by Senate to demand voting powers.

https://fp.brecorder.com/2018/05/20180511370584/

[capsat]

yes senior citizen as per CNIC shall write a letter to sindh excise & taxation pledging exemption of property tax for self occupied property you need to present the copy of last tax payment challan, same is applicable for KMC Utlity taxes - utility taxes are cut to 50% over discretion of director., who have powers to do so for senior citizens

[brownrose78]

@khurem
Dont do they already have this power? As they can oppose the bill presented to them by National Assembly? By opposing means same they can stop, reject any bill forwarded by NA

[capsat]

The Idiosyncracy at peak, it is like son asking nikahnama from parents ...

[khurem]

No they can't on their own, that's why what they could do was to just give their 'recommendations'.

That's what they are demanding in fact. Sherry Rehman (opposition leader in Senate) gave the example of Thailand where they rejected controversial amnesty and finance bills on numerous occasions. It is a so called 'Upper house' in Pakistan