Tax Consultancy Services in Islamabad

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Income Tax

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Income tax is a tax imposed by the government on individuals and entities based on their income. Here are some key points regarding income tax: 1.Taxable Income: Income tax is levied on the taxable income of individuals and entities. Taxable income is calculated by subtracting allowable deductions and exemptions from the total income. 2. Income Tax Rates: Income tax rates in Pakistan are progressive, meaning that higher income levels are subject to higher tax rates. The rates vary based on income brackets and taxpayer types, such as individuals, associations of persons (AOPs), and companies. 3.Tax Deductions and Exemptions: Certain deductions and exemptions are allowed to reduce the taxable income. These may include expenses related to education, medical treatment, charitable donations, and contributions to pension schemes. 4.Pay As You Earn (PAYE) System: Employers deduct income tax from employees' salaries through the PAYE system. The tax is withheld and deposited with the tax a...
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How to Incorporate a company in Pakistan

To incorporate a company in Pakistan, you can follow these steps: Company Name Reservation: Choose a unique name for your company. Check the availability of the chosen name with the Securities and Exchange Commission of Pakistan (SECP) online or through their office. Submit the name reservation application with the required fee. Preparation of Legal Documents: Prepare the Memorandum of Association (MOA) and Articles of Association (AOA). These documents define the company's objectives, structure, and internal regulations. Determine the share capital, shareholding structure, and appointment of directors. Filing with the SECP: Prepare the incorporation application, including the required forms, MOA, AOA, and other relevant documents. Submit the application to the SECP along with the prescribed fee. Obtaining Digital Signature and National Tax Number (NTN): Apply for a Digital Signature from the National Institutional Facilitation Technologies (NIFT) or any other authorized service pr...
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Finance Act 2020: Amended list of persons required to file annual income tax return

Section 114. Return of income.  — (1) Subject to this Ordinance, the following persons are required to furnish a return of income for a tax year, namely:– (a) every company; (ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;or (ac) any non-profit organization as defined in clause (36) of section 2; (ad) any welfare institution approved under clause (58) of Part I of the Second Schedule; (b) any person not covered by clause (a), (ab), (ac) or (ad) who,— (i) has been charged to tax in respect of any of the two preceding tax years; (ii) claims a loss carried forward under this Ordinance for a tax year; (iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a...
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