Tax Consultancy Services - Tax Consultant In Rawalpindi (2023)

FAQs

What is the difference between a tax advisor and a tax consultant? ›

Tax advisors can include Certified Public Accounts (CPAs), tax attorneys, enrolled agents, and some financial advisors. A tax advisor may also be known as a tax consultant.

The government of Pakistan has finalized tax slabs for salaried individuals for the fiscal year 2022-23 and has set a minimum income tax rate of 2.5% for those earning up to Rs. 100,000 per month and a maximum of 35% for individuals earning a monthly salary over Rs.1 million.

Sales tax rates in Pakistan

The standard sales tax rate in Pakistan is 17%. Exporters and certain providers of financial services may apply for a Sales Tax suspension.

Any foreign-source salary received by a resident individual is exempt from tax in Pakistan if the individual has paid foreign income tax in respect of that salary.

Tax Consultant salary in India ranges between ₹ 1.0 Lakhs to ₹ 10.5 Lakhs with an average annual salary of ₹ 4.2 Lakhs.

Currently, the 30% tax rate is collected from those who earn Rs4. 1 million a month – the ultra-rich class. For people earning over Rs1 million a month, the IMF has proposed 35% income tax but it will hardly affect 6,000 individuals. The total tax from these people is estimated at around Rs45 billion, said the sources.

50,000 but does not exceed Rs. 1,00,000 per month the rate of income tax is 2.5% of the amount exceeding Rs. 50,000.

Among the highest tax payers were Prime Minister Imran Khan, who paid Rs9. 8 million, Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif Rs8. 2m, former president Asif Ali Zardari Rs2. 2m and PPP chairperson Bilawal Bhutto Rs5.

Speaking as someone who falls in the middle class,2 lakhs per month is enough to run a small apartment with a couple of bedrooms/Ac's and fridge etc. However if you have children who go to private schools,income needs to be a bit higher. Normally,middle class families in Pakistan own bikes and 1/2 cars.

What is the highest tax rate in Pakistan? ›

Personal Income Tax Rate in Pakistan averaged 23.89 percent from 2006 until 2023, reaching an all time high of 35.00 percent in 2020 and a record low of 20.00 percent in 2007.

The convention with Pakistan follows in general the pattern of income-tax conventions presently in force between the United States and a number of foreign countries, namely, Australia, Belgium, Canada, Denmark, Finland, France, the Federal Republic of Germany, Greece, Honduras, Ireland, Italy, Japan, the Netherlands, ...

The answer to this question is every nonresident Pakistani who is earning money in Pakistan or in other words you can say that who is making a taxable income in Pakistan are required to pay income tax on their income generated in Pakistan and filer their income tax return.

2) In case of non-resident persons, their tax liability in Pakistan is limited to such income which is sourced in Pakistan. They are only required to file an income tax return for Pakistan sourced income with no obligation to file a wealth statement nor any declaration of their assets is required.

If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.

Salaried Person - Income Tax Return

Salaried person would need to complete the Declaration form 114(I) in order to successfully submit their Income Tax Return. Persons who are deriving income only from salary and other sources, where salary is more than 50% of Income can avail this form.

Clauses (2) and (24) of section 20 have also been amended The effect of amendments in these clauses is that from 1^st July 2001, bonus shares would be taxable in the hands of shareholders and tax would be collectable under the amended section 50 (6A) @ 10% by the companies from shareholders other than companies. 2.

An individual taxpayer falls in 30 per cent tax slab, if his/her aggregate income exceeds Rs 10 lakh and has opted for old tax regime, or his/her aggregate income is more than Rs 15 lakh and has opted for new tax regime, with the exclusion of non-resident Indians, senior citizens and super senior citizens, the ministry ...

What are the new tax rates for 2023 Pakistan? ›

The Federal Government of Pakistan (the Pakistani Government) has increased the general Sales Tax rate to 18% effective 14 February 2023. A 25% higher rate of Sales Tax applies to a wide range of goods imported and supplied in Pakistan and for some locally manufactured vehicles effective 8 March 2023.

In addition to Corporate Tax, there are other applicable income taxes including Super Tax, Minimum Tax, and Tax on Undistributed reserves. Generally, manufacturing business is taxable at Corporate Tax rate whereas trading business and commercial imports business is taxable as "minimum tax".

If you make ₹ 50,000 a year living in India, you will be taxed ₹ 6,000. That means that your net pay will be ₹ 44,000 per year, or ₹ 3,667 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%. This marginal tax rate means that your immediate additional income will be taxed at this rate.

Income derived by an enterprise set up in 'special economic zones' is exempt from tax for a period of ten years, starting from commencement of commercial operations/production, subject to certain conditions. These 'special economic zones' have been established in different territories of the country.

Salaried Person - Income Tax Return

Salaried person would need to complete the Declaration form 114(I) in order to successfully submit their Income Tax Return. Persons who are deriving income only from salary and other sources, where salary is more than 50% of Income can avail this form.

For example, if you are single and have taxable income of $200,000 in 2021, then you are in the 32 percent "bracket." However, you won't pay 32% on your entire taxable income. Instead, you pay taxes as follows: 10 percent on your taxable income up to $9,950; plus. 12 percent on the excess up to $40,525; plus.

Fauji Fertilizer Company Limited has been awarded as “Largest National Tax Payer” from Manufacturing Sector” for year 2022 in the “Second Taxpayer Recognition Awards 2022” organized by Rawalpindi Chamber of Commerce & Industry.

Pakistan Annual Household Income per Capita reached 587.069 USD in Jun 2019, compared with the previous value of 650.644 USD in Jun 2016. Pakistan Annual Household Income per Capita data is updated yearly, available from Jun 2005 to Jun 2019, with an averaged value of 508.977 USD.

Is 50k a good salary in Pakistan? ›

You might face a few difficulties if you have a family to feed. Also depends on which city are you talking about. Lahore, Islamabad, and Karachi are expensive compared to many other cities. Unfortunately, you won't be able to have a very good life on that amount.

2022, Food, Food Stuff and Sweetmeats supplied by Restaurants, Bakeries, Caterers and Sweetmeats Shops was taxable @ 7.5% under serial No. 64 of Eighth Schedule of Sales Tax Act, 1990, with the condition that no input tax shall be adjusted.

— There shall be levied and collected every year a tax on hotels, payable by the owner or management, thereof at the rate of ten percent of the room rent per lodging unit per day, on the basis of fifty percent of the total number of lodging units available in the hotel concerned.

Do Overseas Pakistanis Have to File Taxes? The simple answer is yes, overseas Pakistanis have to file taxes. However, they are only taxed on their Pakistan-sourced income. Taxation in Pakistan, much like in other countries, is based on an individual's residential status instead of their nationality.

In 2018, the Trump administration cut aid to Pakistan by approximately $300 million, marks the cancellation of all US military aid to Pakistan. Aid cuts continued into the Biden administration, with total civilian aid dropping to less than $200 million in 2022.

The United States established diplomatic relations with Pakistan following the country's independence in 1947. We work closely with Pakistan on a wide array of issues ranging from energy, trade and investment, health, clean energy and combating the climate crisis, to Afghanistan stabilization and counterterrorism.

Failure to pay tax payable on due date will attract penalty or default surcharge or both. Failure to make payment on your tax dues is an offence punishable on conviction with a fine or imprisonment for a term not exceeding one year or both.

To file Tax Return, foreign Pakistanis must register with FBR and get their NTN (National Tax Number). This can be done by getting registered online at FBR IRIS. Foreign Pakistanis, who have not filed their taxes before, should first register themselves on the FBR IRIS Portal.

Various arguments have been put forward to explain the low tax collection in Pakistan. These include a lack of trust in the government, corruption and misuse in the expenditure of public money, and connivance between tax agencies and tax evaders.

Any incoming passengers when in possession of foreign currency exceeding US$10,000 or equivalent is also required to file declaration. Moreover, Pakistani currency can be taken out with a maximum limit of Rs 10,000.

How much cash can you carry legally from Pakistan? ›

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday imposed cash carrying limit of $5,000 for travelling abroad. The FBR issued SRO 2201(I)/ 2022 dated December 12, 2022 to make part of law the amendment made to Baggage Rules, 2006.

According to the travel guide on the Federal Board of Revenue's website, there's no limit on bringing in foreign currencies to Pakistan. People are permitted to carry foreign currencies up to the US $10,000.

All individuals (including salaried persons) are required to file their return/wealth statement for the year ended 30 June by 30 September. Late filing shall be liable to penalty proceedings.

Any year you have minimal or no income, you may be able to skip filing your tax return and the related paperwork. However, it's perfectly legal to file a tax return showing zero income, and this might be a good idea for a number of reasons.

Basically, if you're 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher. If you're married filing jointly and both 65 or older, that amount is $28,700. If you're married filing jointly and only one of you is 65 or older, that amount is $27,300.

Nontaxable income won't be taxed, whether or not you enter it on your tax return. The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.

The penalty for not filing your return is typically 5% of the tax you owe for each month or partial month your return is late. This penalty also maxes out at 25% of your unpaid taxes. If your return was over 60 days late, the minimum penalty is $435 for 2022 or 100% of the tax on the return — whichever is less.

Will I get a tax refund if I made less than $10000? ›

If you earn less than $10,000 per year, you don't have to file a tax return. However, you won't receive an Earned-Income Tax Credit refund unless you do file.

HOW CAN OVERSEAS PAKISTANIS FILE TAX RETURNS IN PAKISTAN? To file Tax Return, foreign Pakistanis must register with FBR and get their NTN (National Tax Number). This can be done by getting registered online at FBR IRIS.

At retirement withdrawals up to fifty percent (50%) of the accumulated amount in your Individual Pension Account as cash (any amount beyond this limit will be taxed at a rate equal to your average rate of tax of the last three consecutive years, as specified in the Income Tax Ordinance, 2001).

How to keep records for taxes. You can satisfy the IRS's need for documentation with two simple things: Credit card statements. Bank statements.

Taxpayer Registration basics

E-Enrollment with FBR provides you with a National Tax Number (NTN) or Registration Number and password. In case of individuals, 13 digits Computerized National Identity Card (CNIC) will be used as NTN or Registration Number.