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Offline BlueClub

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Income Tax & related matters
« Reply #-1 on: April 14, 2015, 12:16:18 PM »
Why is it that I am unable to create a new topic under 'General Chit Chat'? Is it locked for me?

I wanted to enquire about Income Tax returns, do you guys file it? My trade account is on my wife's name, should I be filling IT this year for her? If yes, how should I show the money coming to her account from mine?
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Income Tax & related matters
« Reply #-1 on: April 14, 2015, 12:16:18 PM »

Offline SBM

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Re: Income Tax & related matters
« on: April 14, 2015, 02:25:58 PM »
Topic created for you :)

Being a tax filer will help you reduce your withholding tax rate on dividends from 15% to 10%
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Offline Rayhan150

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Re: Income Tax & related matters
« Reply #1 on: April 15, 2015, 02:32:55 AM »
Why is it that I am unable to create a new topic under 'General Chit Chat'? Is it locked for me?

I wanted to enquire about Income Tax returns, do you guys file it? My trade account is on my wife's name, should I be filling IT this year for her? If yes, how should I show the money coming to her account from mine?

1. IT Return for Her : It depends upon if you want to have her being added as Filer hence you can enjoy the lower slab as mentioned by Admin which is 10 percent otherwise being non-filer (who don't file income tax regularly) it is 15 percent.

2. Of course when you will be filing tax returns the money which is in her account needs to have a source (which could be source of income) i assume if that is not the case then if you being a filer (Tax Filing) then you can show in your books as a Gift to Wife the Amount and in her books will be treated gift from husband though this transaction should be from cross check under her name.

I hope this helps
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Offline BlueClub

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Re: Income Tax & related matters
« Reply #2 on: April 17, 2015, 05:30:54 PM »
Topic created for you :)
Thank you SBM!

1. IT Return for Her : It depends upon if you want to have her being added as Filer hence you can enjoy the lower slab as mentioned by Admin which is 10 percent otherwise being non-filer (who don't file income tax regularly) it is 15 percent.

2. Of course when you will be filing tax returns the money which is in her account needs to have a source (which could be source of income) i assume if that is not the case then if you being a filer (Tax Filing) then you can show in your books as a Gift to Wife the Amount and in her books will be treated gift from husband though this transaction should be from cross check under her name.

I hope this helps
Thank you for the info. I have an NTN, but have not filled for IT for the past 3 years, since my income is based on freelancing money, and that is tax free under clause (133). I thought that meant I did not had to file IT return, I have recently learned I was wrong in assuming that.

Will there be any additional tax on my wife if I file her IT? (working shares only)
DGKC - ENGRO - GASF - HINOON - LUCK - MLCF - SEARL

Offline Rayhan150

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Re: Income Tax & related matters
« Reply #3 on: April 17, 2015, 06:29:02 PM »
Topic created for you :)
Thank you SBM!

1. IT Return for Her : It depends upon if you want to have her being added as Filer hence you can enjoy the lower slab as mentioned by Admin which is 10 percent otherwise being non-filer (who don't file income tax regularly) it is 15 percent.

2. Of course when you will be filing tax returns the money which is in her account needs to have a source (which could be source of income) i assume if that is not the case then if you being a filer (Tax Filing) then you can show in your books as a Gift to Wife the Amount and in her books will be treated gift from husband though this transaction should be from cross check under her name.

I hope this helps
Thank you for the info. I have an NTN, but have not filled for IT for the past 3 years, since my income is based on freelancing money, and that is tax free under clause (133). I thought that meant I did not had to file IT return, I have recently learned I was wrong in assuming that.

Will there be any additional tax on my wife if I file her IT? (working shares only)
1.
Answer: No Brother Freelancing Services even if it falls under an SRO 133, you still needs to file a Tax Return every year in that case it will be a Nill Return including "Wealth Statement".
2. No, you won't have to pay any additional tax though you need to file return for her hence in future you will be charged on 10% WHT instead of 15%. Filling is mandatory though for both of you even if it is Nill.

Regards
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Offline BlueClub

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Re: Income Tax & related matters
« Reply #4 on: April 18, 2015, 12:21:23 AM »
1.
Answer: No Brother Freelancing Services even if it falls under an SRO 133, you still needs to file a Tax Return every year in that case it will be a Nill Return including "Wealth Statement".
2. No, you won't have to pay any additional tax though you need to file return for her hence in future you will be charged on 10% WHT instead of 15%. Filling is mandatory though for both of you even if it is Nill.

Regards
Thank you, got hold of an IT consultant today, he is looking into my documents, and hopefully I will start filling IT from this year, and also file IT return for the past 3 years for my self. I just opened a trading account on my name today, with AKD, so I can keep my wife out of IT from the next year and keep filling IT for myself.
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Offline BlueClub

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Re: Income Tax & related matters
« Reply #5 on: April 18, 2015, 12:22:58 AM »
Come to think of it, is there any advance income tax levied on traders?
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Offline Rayhan150

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Re: Income Tax & related matters
« Reply #6 on: April 18, 2015, 12:24:33 AM »
Come to think of it, is there any advance income tax levied on traders?
by Traders you mean?
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Offline salaara579

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Re: Income Tax & related matters
« Reply #7 on: June 11, 2015, 09:17:38 AM »
how to get resisted and have NTN??.....while all of my income that i receive, tax is deducted at source....still its necessary to have registration??

Offline abdullah01

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Re: Income Tax & related matters
« Reply #8 on: June 15, 2015, 04:01:36 PM »
how to get resisted and have NTN??.....while all of my income that i receive, tax is deducted at source....still its necessary to have registration??

1.Apply for NTN.(NTN no will come in 7 days and call FBR and ask NTN no).
2. Get e-enrolled on website.(if you have issue,call FBR and ask for Userid and pass).
3.Lodge income tax returns.Form name is 114(1) (Return of Income filed voluntarily for complete year).


That where i am struck. :bangin:

My only source of income is dividend + shares. What do i select on the form? @seniors please help? Tax office helpline has no idea and they have already given up. :[
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Offline abdullah01

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Re: Income Tax & related matters
« Reply #9 on: June 17, 2015, 12:12:13 PM »
For all those confused how to file returns, here is information. I looked everywhere online but couldnt find any so i want to post it to help other members here.I am not a tax consultant so my ways might be wrong so there is no gurantee please do confirm with FBR if you have doubts.Just putting it across how i did it.

From july 1 st , 0.6% transaction bank fee will apply for all non-filers.So most likely all traders will be forced to register for this.
This only applies if you have no real estate in your name so if you have job and real estate do enter that information.

Here are steps:
1.register for NTN(after 7 days they will email you collect NTN certificate).
2.Call up FBR and ask for NTN no over phone and they will give you NTN no.
3. Register for e-fbr.Call FBR again if any issue or password missing.Mostly they will send codes on phone to help you get through.
4. log in into IRIS.Open form for income tax returns 114(1).
5.Click on save.
6.click on verfify.Recieve verification code on phone or email.Call FBR in case any issue.
7.File empty return but it will ask to enter expenditure.Go to expenidure write your total bills paid(if any).click calculate.
8.Now submit the return.

All done.

Now every 15 th day of month active tax payers list is updated so you will wait till 15 th.
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Offline SBM

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Re: Income Tax & related matters
« Reply #10 on: June 20, 2015, 05:45:29 PM »
Topic created for you :)
Thank you SBM!

1. IT Return for Her : It depends upon if you want to have her being added as Filer hence you can enjoy the lower slab as mentioned by Admin which is 10 percent otherwise being non-filer (who don't file income tax regularly) it is 15 percent.

2. Of course when you will be filing tax returns the money which is in her account needs to have a source (which could be source of income) i assume if that is not the case then if you being a filer (Tax Filing) then you can show in your books as a Gift to Wife the Amount and in her books will be treated gift from husband though this transaction should be from cross check under her name.

I hope this helps
Thank you for the info. I have an NTN, but have not filled for IT for the past 3 years, since my income is based on freelancing money, and that is tax free under clause (133). I thought that meant I did not had to file IT return, I have recently learned I was wrong in assuming that.

Will there be any additional tax on my wife if I file her IT? (working shares only)

You have to file your tax return regardless of your actual tax liabilities
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Online alicima

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Re: Income Tax & related matters
« Reply #11 on: June 27, 2015, 12:42:28 PM »

Online alicima

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Re: Income Tax & related matters
« Reply #12 on: July 03, 2015, 03:46:41 PM »
Draft Income Tax Return Form for Tax Year 2015 are prepared.
Send your Suggestions to reach FBR last by 10th July,2015.
Suggestions can be sent to Member Tax Policy, FBR House Islamabad or through email to memberir@fbr.gov.pk

Urdu version
http://download1.fbr.gov.pk/Docs/20156271668024ReturnForms2015Urdu.pdf

English version
http://www.fbr.gov.pk/DownloadDocs.aspx?id=5966&Path=http://download1.fbr.gov.pk/SROs/20156262064721863Return2015.xlsx&Type=SROS

Offline Irfan

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Re: Income Tax & related matters
« Reply #13 on: July 07, 2015, 01:54:05 PM »
how to get resisted and have NTN??.....while all of my income that i receive, tax is deducted at source....still its necessary to have registration??

1.Apply for NTN.(NTN no will come in 7 days and call FBR and ask NTN no).
2. Get e-enrolled on website.(if you have issue,call FBR and ask for Userid and pass).
3.Lodge income tax returns.Form name is 114(1) (Return of Income filed voluntarily for complete year).


That where i am struck. :bangin:

My only source of income is dividend + shares. What do i select on the form? @seniors please help? Tax office helpline has no idea and they have already given up. :[

Only Enter Information which is relevant to you. In your case , you will enter the dividend amount received in the tax year 2014 and the tax paid ( Final Tax) on dividend.



Offline Irfan

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Re: Income Tax & related matters
« Reply #15 on: August 29, 2015, 08:24:24 PM »
INCOME TAX

SRO 791

As Per the law , all individuals are required to file Income Tax Return

http://download1.fbr.gov.pk/SROs/2015811158351842015SRO791.pdf

Clarification regarding Active Taxpayers List (Income Tax)

http://download1.fbr.gov.pk/Docs/20158251882535213circularNo4.pdf


Offline Irfan

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Re: Income Tax & related matters
« Reply #16 on: August 31, 2015, 06:57:48 PM »
SRO Number:   850(I)/2015
SRO Date:   August 31,2015
SRO Relates To:   SROs>> Income Tax
SRO Title:   Draft Income Tax Electronic Return for Companies, Individuals & AOPs. (Tax Year 2015)

http://www.fbr.gov.pk/DownloadDocs.aspx?id=6008&Path=http://download1.fbr.gov.pk/SROs/201583113824216602015SRO850.pdf&Type=SROS

Offline Irfan

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Re: Income Tax & related matters
« Reply #17 on: September 03, 2015, 12:31:01 PM »

Offline Irfan

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Re: Income Tax & related matters
« Reply #18 on: November 01, 2015, 06:41:23 PM »