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Complete Withholding Income Tax & Sales Tax Laws and Practice In Pakistan

Guidelines for the Taxpayers, Withholding Tax Agents & Tax Collectors on Withholding Tax Regime in Pakistan.

Commentaries on the provisions of the;

• Advance tax and deduction of tax at source under:
• The Income Tax Ordinance 2001;
• The Income Tax Rules 2002;
• Sales Tax on Services Acts (Provincials);
• Sales Tax Special Procedure (Withholding) Rules 2007;
• Sales Tax Special Procedure (Withholding) Rules 2011;
• Sales Tax Special Procedure (Withholding) Rules 2014;
• Sind Finance Act 2017;
• Second Schedules (Income and Sales Tax);
• References, SROs, Circulars and law cases.

CONTENTS IN BRIEF

Part I: Income Tax Ordinance 2001

1. Administration of tax authority
2. Principles of charge of tax
3. Computation of taxable income
4. Advance tax paid by the taxpayer
5. Tax paid to a Collection Agent-Import
6. Deduction of tax at sources
7 Transitional WHT provisions
8. Time of Deduction of tax
9. Issue of exemption or lower rates certificate
10 Payment of tax collected or deducted
11 Failure to pay tax collected or deducted
12. Recovery of tax, paid without WHT
13. Recovery of tax payable to Commissioner
14. Certificate of collection or deduction of tax
15 Statements to be furnished/ E-filing etc.
16. Furnishing of information by banks
17. Treatment/priority of tax withheld
18. Indemnity
19. Credit for tax collected or deducted
20. Tax collected or deducted as a final tax
21. Detail of Final, adjustable and minimum WHT
21. Presumptive Tax Regime
22. Responsibilities, functions, etc. of W Agents -
23. Audit, monitoring etc. by the Commissioner
24. Refunds of excess WHT
25. Additional payment for delayed refunds
26. Offences, penalties, Default Surcharge
27 Offences by companies and AOPs
28. Reduction in default surcharge
29. First Schedule-Rate of taxes
30. Second Schedule-Exemptions, Concessions etc.
31. References; Board’s SROs, Circulars etc.


The provisions of each of the above mentioned sections are discussed at length with explanatory notes in simple language, supported with the SROs or Circulars of the FBR and the case laws, wherever it is required. Easily understandable by the withholding agents to enable them for implementation.

CONTENTS IN BRIEF

PART II- Sales Tax on Services Acts

I. Sales Tax Special Procedure (Withholding) Rules 2007
II. Sindh Sales Tax Procedure (Withholding) Rules,2011,2014
III. Appointment of authorities & their Powers
IV. Scope of sales tax on Services-Definitions of terms etc.
V. Registration and De-Registration-Types of registration
VI. Filing of Returns- Requirements/Procedures etc.
VII. Procedure for Collection of Sales Tax on Services
VIII. Adjustment of Input tax and tax paid
IX. Book Keeping and Audit Proceedings
X. Offence, Penalty and Default Surcharge
XI. SECOND SECHEDULE-Services subject to sales tax/rates
XII. SINDH FINANCE ACT 2017- Commentary of amendments
XIII. NOTIFICATIONS – SRB- Extension of sales tax-services

CONTENTS OF THE WHT BOOK:

• Explanatory notes on each provisions WHT of the Income Tax Ordinance 2001 and Sales Tax on Services Acts;
• Explanation whether WHT is Final, Minimum or Adjustable;
• First Schedule, rates of tax chargeable under each section;
• Second Schedule, Exemptions, Concessions, Reduction in tax rates, explained with reference to Clauses and sections;
• Second Schedule-services liable to WH Sales Tax and rates;
• Obligations of the Withholding Tax Agents;
• References of FBR’s clarifications Circulars, Letters or SROs;
• Procedure of issuance by the Commissioner the exemption or educed rate or Nil tax certificate is explained in detail;
• Requirements for filing of WHT-statements;
• Monitoring and audit proceedings;
• Consequences of non-compliance, penalties etc.



Author:M Iqbal Patel
Edition.2018-2019
Rupees.1000/-
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