Nadeem Akhtar & Co. - Cost and Management Accountants

05/06/2024

29/05/2024

Thin capitalization is a very important concept to understand for all the personnel linked with finance and tax matters and have foreign investment in shape of equity and debt.

10/02/2024

Who is required to get audited its books of accounts as per FBR and SECP requirements with reference to the relevant laws.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 needs clarity about audit requirements as per FBR and SECP.

𝗛𝗲𝗿𝗲 are 𝘁𝗵𝗲 topics which are covered in this short presentation:
🧿 What are audit requirements as per ITO, 2001 and ITR, 2002?
🧿 What are audit requirements as per Companies Act, 20017?
🧿 Who is qualified to perform audit?
🧿 Conclusion

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 document 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.
Did I miss something? Please let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

23/01/2024

What is the minimum tax under section 113 of Income Tax Ordinance, 2001?

Details of section 113 and its application in one place.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 needs clarity in understanding section 113.

𝗛𝗲𝗿𝗲 are 𝘁𝗵𝗲 topic which are covered in this carousel:
🧿 Who are the persons under section 113 to whom this section applies? 🧿 What are different scenarios where this section becomes applicable?
🧿 What is included in turnover for computation of turnover / minimum tax under section 113?
🧿 What are different categories having different minimum tax rate under section 113?
🧿 Conclusion

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 document 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.
Did I miss something? Please let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

01/11/2023

What are annual statutory filing requirements of SECP?

Details of all the statutory forms, their timelines, their applicability etc. in one place.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 needs clarity in filing these statutory forms.

🧿 𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 topics are covered in this carousel:

What do we mean by annual statutory filing with SECP?
What are different types of annual statutory forms and their application?
Which companies are not required to file annual statutory forms and for how much period?
What is the due date for filing of annual statutory returns / forms with SECP?
How much extension can be obtained from SECP and what is its process?
What is the penalty for late filing of annual statutory returns / forms?
Conclusion
Contact details

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 document 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.

Did I miss something? Please let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

04/10/2023

Is it beneficial to become a Tax Filer?

All pros and cons of bcome a tax filer, are in on place.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 needs clarity whether to become a tax filer or not.

𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 topis are covered in this carousel:

🧿 Who is a tax filer and non-filer?
🧿 What is the surcharge for late submission of ITR?
🧿 What are due dates for filing of ITR?
🧿 Benefits of becoming a tax filer.
🧿 Conclusion
🧿 Contact details

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 document 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.

Did I miss something? Please let me know what to add, and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

22/08/2023

Advance Tax under section 147 of ITO, 2001 - Brief Sheet!

All essential Advance Tax Elements across one page. Learn crucial principles and consideration of Advance Tax in one place.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 Advance Tax 𝗮𝗻𝗱 its compliance.

🧿 𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 Advance Tax Brief 𝗦𝗵𝗲𝗲𝘁 𝗜𝗻𝗰𝗹𝘂𝗱𝗲𝘀:

❇ What is Section 147 of ITO, 2001?
❇ Who is liable to pay advance tax for the year?
❇ Which incomes and taxes are excluded for determination of taxable income and tax assessed for latest tax year?
❇ When advance tax is required to pay?
❇ How advance tax payable is computed?
❇ What is the maximum flexibility acceptable in calculation of advance tax?
❇ What is the penalty for not paying or short paying of advance tax?
❇ What are exceptions?

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 Brief 𝗦𝗵𝗲𝗲𝘁 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.

If I missed something? Let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

10/08/2023

Implication of Section 7E - Deemed Income of ITO, 2001 - Brief Presentation!!

All essential about role of section 7E - Deemed Income across one presentation. Learn crucial principles and consideration of Deemed Income in one place.

👍 👍 👍

𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 Section 7E - Deemed Income 𝗮𝗻𝗱 its compliance.

𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 section 7E - Deemed Income Presentation 𝗜𝗻𝗰𝗹𝘂𝗱𝗲𝘀: 🧿 What is deemed income u/s 7E of ITO, 2001?
🧿 What is the list of capital assets which are exemption u/s 7E?
🧿 What do you mean by capital assets under section 7E?
🧿 What are the implications of section 7E for inactive taxpayers?
🧿 How the farm house defined under section 7E?
🧿 When you need to disclose assets under 7E?
🧿 What implications of sub-section 2A of section 236C for section 7E? 🧿 🧿How deemed income and tax computed under section 7E?

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 Brief Presentation 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.

If I missed something, please let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

02/08/2023

Role of a Withholding Tax Agent under ITO, 2001 - Brief Presentation!!

All essential elements about the role of a Withholding Tax Agent across one presentation.

Learn crucial principles and consideration of a Withholding Tax Agent in one place.

There are different withholding tax rates under different sections of ITO, 2001. There are scenarios where withholding of taxes is different for a company or AOP/Individual and also different for the persons appearing in ATL or otherwise. The withholding agent is required to be updated with applicable withholding tax rates in each case, so that correct taxes are withheld. After that the WTA is required to deposit these withheld taxes into government treasury in a timely manner.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 the role of a Withholding Tax Agent for effective compliance.

𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 𝘁𝗵𝗲 Withholding Agent Presentation 𝗜𝗻𝗰𝗹𝘂𝗱𝗲𝘀:

🧿 What is the Role of a Withholding Tax Agent?
🧿 Who are the Tax Withholding Agents?
🧿 What is the Time for deduction of tax?
🧿 What is the timeline of deposit of taxes withheld?
🧿 What are the periodic reporting requirements for a withholding agent?
🧿 What is the penalty for not withholding applicable taxes?
🧿 What are the penalties for not submitting periodic withholding tax statements?

𝗛𝗲𝗹𝗽 𝗺𝗲 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 Brief Presentation 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀. I

I missed something? Let me know what to add and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.

26/07/2023

Gift as defined under ITO, 2001 - Brief Document!

All essential Gift Elements across one brief document. Learn crucial principles and and consideration of Gift law in one place.

👍 👍 👍 𝗟𝗶𝗸𝗲, 𝗦𝗵𝗮𝗿𝗲 𝗮𝗻𝗱 𝗖𝗼𝗺𝗺𝗲𝗻𝘁 𝘀𝗼 𝘁𝗵𝗶𝘀 𝗽𝗼𝘀𝘁 𝗰𝗮𝗻 𝗿𝗲𝗮𝗰𝗵 𝗽𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹𝘀 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 Gift law 𝗮𝗻𝗱 its compliance.

🧿 𝗛𝗲𝗿𝗲 𝗶𝘀 𝘄𝗵𝗮𝘁 Brief Document 𝗜𝗻𝗰𝗹𝘂𝗱𝗲𝘀:

❇ How can you get a gift without treating it your income?
❇ Gift from a relative
❇ Through banking channel
❇ Giver of the gift is a tax registered person?
❇ Gift deed?
❇ Gift from a person who is not your relative
❇ What is included in the definition of a relative?

𝗛𝗲𝗹𝗽 𝗺𝗲 to 𝘀𝗽𝗿𝗲𝗮𝗱 𝘁𝗵𝗶𝘀 Brief Document 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗼𝘁𝗵𝗲𝗿𝘀.

I missed something? Let me know what to add, and will approach this in new version.

👉 𝗟𝗶𝗸𝗲, 𝗖𝗼𝗺𝗺𝗲𝗻𝘁, 𝗥𝗲𝗽𝗼𝘀𝘁.