Services

income TAx

  • Registration (NTN) of Individual, AOP firm, Company.
  • Partnerships
  • Companies SECP Registration
  • Trusts
  • Other Entities
  • Account under ITO. 2001.
  • Formation of Income Tax Returns.
  • Wealth Statement.
  • Finalization of Audit.
  • Income Tax Cases/Appeals
  • Withholding statement.
INCOME TAX GUIDE

INCOME TAX GUIDE

Taxation according to a person’s ability to pay is a universally accepted principle, and income is considered a satisfactory though not a sufficient index of such ability to pay. Income Tax is, therefore, generally recognized as a highly equitable form of taxation. A tax levied on income cannot normally be shifted to others and thus its incidence is on those for whom it is intended. Since income tax is progressive, it tends to reduce economic disparity. Tax rates and method of calculating taxable income varies with the fiscal status of the taxpayer. Following are the broad categories of taxpayers:-

  • Companies
  • Association of Persons (AOP)
  • Non-Salaried Individuals
  • Salaried individuals

CAPITAL VALUE TAX

It is payable by individuals, firms, and companies which acquire an asset by purchase or a right to use for more than 20 years.

CAPITAL ASSET TAX

It is levied through section 12 of the Finance Act, 1991. This is one-time levy payable by a company as defined in Companies Ordinance, 1984, on the value of fixed assets held by the company on the “specified date”.