Electronic Tax Return and Wealth statement

Zaheer Ahmed · 08-04-2009, 04:28 PM

Sallaam

Any one who can tell abont the filing of Income Tax Return and Wealth statement along with Wealth reconciliation statement electronically for the Tax Year 2009.

Whether IDP Tax is to be paid with Tax Return for the Tax Year 2009

Kind Regards

Muhammad Zaheer Ahmad

LapTop · 08-06-2009, 01:35 AM

TAXATION OF BONUS PAID TO CORPORATE EMPLOYEES.
[Section 12 â First Schedule] 

A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.

arcane1 · 08-27-2009, 01:24 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by LapTop
 TAXATION OF BONUS PAID TO CORPORATE EMPLOYEES.
[Section 12 â First Schedule] 

A proviso has been inserted in Clause (a) of sub-section (2) of section 20 whereby any bonus paid or payable to a corporate employee receiving salary income of Rs. One million or more (excluding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the internally Displaced People (IDPs) for their rehabilitation.

<hr height="1" noshade id="quote"></blockquote id="quote">

r u confirmed that the amount of income is 1 million or more excluding the amount of bonus to employees on which there 30% tax now???
and r u sure about that its till tax year 2010 i think its applicable only for tax year 2009...

awaisaftab · 08-27-2009, 01:50 PM

30% of tax liabilty shall be the tax only. It is confirmly not 30%.

faisal_desperado · 08-27-2009, 02:46 PM

Dear Zaheer,
For the purpose of e-filling of your tax return and other requirement thereof, Your are required to get registered on FBR's website using the following link https//e.fbr.gov.pk/AuthLogin.aspx , procedure of getting registered is simple.
However, e-filling of tax return is applicable for those, whose yearly income exceeds Rs. 500,000. This is also applicable for the tax year 2009.
Furthermore, Employer is no more responsible for filling of return of such employees, whose yearly salary exceeds Rs.500,000. However,in this regard, employer needs to get a signature on a form i.e. "Declaration by salaried person", which is available on FBR's website.
If any employer fails to get a signature on the aforesaid form then he shall be held responsible for the filling of annual return of employees of the said category and (employer) shall be penalized accordingly.

Best Regards,

faisal_desperado · 08-27-2009, 02:53 PM

Dear Zaheer and arcane1,

With regards to the second query, sufficient discussion has already been made on the following;
http//www.accountancy.com.pk/forum/topic.asp?topic_id=7379

Furthermore, Laptop has quoted the correct section, exhibit page number 2-3 of the following link for the purpose of calculation understanding;
http//www.fbr.gov.pk/newdt/circulars/2009/2009Circular03.pdf .

Best Regards,

faisal_desperado · 08-27-2009, 02:59 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by awaisaftab
 30% of tax liabilty shall be the tax only. It is confirmly not 30%.
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear Awais,
This is 30% of Bonus income and not 30% of tax liablity, and it has been confirmed.
Exhibit the above provided link.

Best Regards,

mujtabahs · 05-27-2010, 08:17 PM

Dear All
I am paying tax for about 10 years.Few years back the department gives wealth tax statement but now we donot have to pay the wealth tax, so i want to ask that what is the procedure to get an statement in which the income tax department gave me the whole details of assest and etc , because i want to confirm that what assest are enrolled on my name and i want to cross check whether my income tax lawyer is filling right assests or not.

whiz · 07-20-2010, 04:36 AM

Although wealth tax is not applicable but wealth statement still needs to be filed with the department under section 116 of the Income Tax Ordinance (provided your annual salaray exceeds Rs. 500,000). So, you must ask your lawyer whether or not he is filing the wealth statement.

waqasriaz · 07-20-2010, 09:09 PM

As on Friday 16-07-2010, the Honorable Sindh High Court announced the decision that imposition of 30% IDP tax on bonus of corporate employees is illegal & viod ab inition.

tas · 09-24-2010, 03:21 PM

Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.

faisal_desperado · 09-24-2010, 06:02 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by tas
 Could someone plz tell me that if i had a property that i sold it to some one, where will that money be added in wealth form; either in cash or at capital.
<hr height="1" noshade id="quote"></blockquote id="quote">

Dear,
The said Property will not be shown in current year's wealth, and the same disclosure will also be required to be provided at wealth reconciliation statement(if you are individual concern), that property has been sold out.

However, If you are an AOP/individual(sole proprietorship concern), procedure will be same as above and nevertheless, it would effect your capital since capital(property) has been converted into cash, now cash will be treated as company's property.

Best Regards,

Faisal.

tas · 09-25-2010, 12:43 AM

Thanks Bro for your reply.

Acha this means k!! the cash that i have received from selling that property will be entered in the column 10 (CASH and Bank Balances) of the WEALTH STATEMENT 1 of 2?????????

Moreover, in which column will the sold property be shown?????

Regards

Taha Siddiqui

Ammar · 09-25-2010, 01:01 AM

ok

tas · 09-25-2010, 01:05 AM

Dear

There is one more question....!!! i had a distribution business which has been suspended presently due to economic condition..... nevertheless i had to sell out one of my property..... the property was sold at premium, more than the value declared in the wealth statement. is there any tax that i have to pay on that excess amount, i have received ??????????

Moreover, i am receiving remuneration from a company which is less than 200000.... should i stay quiet and donot tell anything about my property or other thing unless they...demand or .....whatever!!!!. Because i have read that those with less than 200000 income donot have to file retun........

Regards

Taha Siddiqui