Astro Associate Tax Consultant in Islamabad

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

Taxation in Pakistan is governed by the Federal Board of Revenue (FBR) and the provincial tax authorities. Here are the key aspects of taxation in Pakistan: Income Tax: Individuals, companies, and other entities are subject to income tax on their taxable income. Income tax rates vary based on income brackets and taxpayer types. Employers deduct income tax from employees' salaries through the Pay As You Earn (PAYE) system. Sales Tax : Sales tax is levied on the sale of goods and services at various stages of the supply chain. The standard sales tax rate is currently 18%, with reduced rates for specific sectors. Certain goods and services may be exempted from sales tax. Federal Excise Duty (FED) : FED is imposed on specific goods and services, such as petroleum products, cigarettes, beverages, and luxury items. The rates and applicability vary depending on the nature of the goods or services. Customs Duties : Customs duties are imposed on imports and exports of goods. These duties

Financial Recording : Recording and organizing financial transactions, such as sales, purchases, receipts, and payments, in appropriate ledgers or accounting software. General Ledger Maintenance: Maintaining a general ledger, which is a comprehensive record of all financial transactions and accounts of a business. Bank Reconciliation : Regularly reconciling bank statements with the company's accounting records to ensure accurate and complete financial data. Accounts Payable Management: Managing and tracking vendor invoices, ensuring timely payments, and maintaining accurate records of outstanding payables. Accounts Receivable Management: Managing customer invoices, tracking receivables, following up on overdue payments, and recording collections. Payroll Processing: Calculating employee wages, taxes, and benefits, issuing paychecks, and preparing payroll tax returns. Financial Statements Preparation: Compiling and preparing financial statements, including balance sheets, incom

How to register NGO in Pakistan  Choose a Name: Select a unique name for your NGO that is not already registered or being used by any other organization. Ensure that the name reflects the nature and objectives of your NGO. Draft the Memorandum and Articles of Association: Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) for your NGO. These documents outline the objectives, rules, and regulations of the organization. Include details such as the name, address, objectives, governance structure, membership criteria, and dissolution procedure of the NGO. Form a Governing Body: Assemble a governing body or a board of directors for the NGO. This body will be responsible for managing and making decisions on behalf of the organization. Ensure that the members are committed to the NGO's mission and have the necessary skills and expertise. Documentation and Filing: Prepare the required documents, including the MOA, AOA, and a list of governing body members. Comple

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