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Welcome to the Participants of the WORKSHOP Softax (Pvt) Limited Training – Consulting – Online Services Lahore – Karachi – Islamabad-Sargodha.

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Presentation on theme: "Welcome to the Participants of the WORKSHOP Softax (Pvt) Limited Training – Consulting – Online Services Lahore – Karachi – Islamabad-Sargodha."— Presentation transcript:

1 Welcome to the Participants of the WORKSHOP Softax (Pvt) Limited Training – Consulting – Online Services Lahore – Karachi – Islamabad-Sargodha

2 السلام عليكم ورحمة الله وبركاتة RESOURCE PERSON NOMAN IFTIKHAR KHAWAJA CEO: Softax (Pvt) Limited (Training & Web based taxation support services) Managing Partner: Softax Consulting (Tax & Management Consultancy Services) Contact: Cell: 0314-4027861 Email: noman@softax.com.pknoman@softax.com.pk Contact: Cell: 0314-4027861 Email: noman@softax.com.pknoman@softax.com.pk

3 INCOME TAX RETURN TOPIC TAX YEAR: 2014 WEALTH STATEMENT e-Filing of through IRIS

4 WHATWHATTOTOCOVERCOVERWHATWHATTOTOCOVERCOVER WHATWHATTOTOCOVERCOVERWHATWHATTOTOCOVERCOVER Understanding of few relevant terms Computation of taxable income – Common Factors Step by Step understanding: NTN application E-enrollment Income Tax Return along with Annexures Wealth Statement & Wealth Reconciliation Understanding of few relevant terms Computation of taxable income – Common Factors Step by Step understanding: NTN application E-enrollment Income Tax Return along with Annexures Wealth Statement & Wealth Reconciliation

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7 Taxpayers’ Residential Status Individual.. Section 82Individual.. Section 82 {183 days or more in the tax year} Individual.. Section 82Individual.. Section 82 {183 days or more in the tax year} Tax year.. 2(68) Section 74 Normal Tax Year July to June (1-7-2013 to 30-06-2014) Tax year: 2014

8 Heads of IncomeGross Allowable Ded/ExempNet Salary1,000,00090,909909,091 Business 850,000 500,000 350,000 Property600,000150,000450,000 Capital Gain SEPARATE BLOCK OF INCOME Other Sources 100,000 15,000 85,000 Total Income 1,794,091 Less: Zakat (Section 60) 94,091 Taxable Income1,700,000 8 TOTAL / TAXABLE INCOME

9 9 REPRESENTATIVEREPRESENTATIVE 1. Taxpayerhimself 2. Representativeu/s 172u/s 172 3. E-IntermediaryAuth. Rep. u/s 223 u/s 223 1. Taxpayerhimself 2. Representativeu/s 172u/s 172 3. E-IntermediaryAuth. Rep. u/s 223 u/s 223

10 COMPUTATION OF TAXABLE INCOME

11 General Discussion HEADS OF INOCME

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13 Tax Rates Tax Rates – Non-Salaried Individual & AOP-TY: 2014

14 14 Full Time Teacher = 40% Senior Citizen = 50% Full Time Teacher = 40% Senior Citizen = 50%

15 Tax Credits - Common Charitable Donation (Sec 61) (30% for Ind/AOP, 20% for Companies) Tax Credit for Investment in Shares & Insurance (Sec 62) (Actual, 20% of taxable income or 1 million) Contribution to an approved Pension Fund (Sec 63) (Actual 20-40% of taxable income or 50% of last year’s taxable income) Profit on debt (Loan for construction or acquisition of house) (Sec 64) (Actual or 50% for of taxable income or Rs. 750,000) Charitable Donation (Sec 61) (30% for Ind/AOP, 20% for Companies) Tax Credit for Investment in Shares & Insurance (Sec 62) (Actual, 20% of taxable income or 1 million) Contribution to an approved Pension Fund (Sec 63) (Actual 20-40% of taxable income or 50% of last year’s taxable income) Profit on debt (Loan for construction or acquisition of house) (Sec 64) (Actual or 50% for of taxable income or Rs. 750,000)

16 SUBMISSION OF RETURN Relevant Sections

17 Return of Income Who will submit return of income: Every company Other than company having taxable income exceeding Rs. 400,000/- Non Profit Organization, Welfare Institution Person charged to tax in last two years Person claiming loss to be carried forward Own immovable property of 250 sqyd or more or a flat Own Immovable property of 500 sqyd or more or 2500 sft flat in rating area. Owns motor vehicle of more than 1000cc Obtained NTN

18 Return of Income Holder of Commercial or Industrial undertaking where annual bill exceeds Rs. 500,000/- Resident Person registered with any CoC, trade or business association, market committee or any professional body Individual having business income exceeding Rs. 300,000 Every salaried individual having income exceeding Rs. 400,000 Return can not be revised without written approval of Commissioner. Penalty for non-submission of return – Minimum 20,000/- maximum 50% of the tax.

19 Return of income / Statement u/s 115(4) Company with tax year ending any time between the 1 st day of January and the 30 th day of June - On or before 31 December Statement u/s 115(4) [Other than company] – On or before 31 August Salaried Individual - On or before 31 August Other - On or before 30 September Return Filing Dates Section 118 For Tax Year 2014 the last date was September 30, 2014 now extended upto October 31, 2014

20 WHO IS REQUIRED TO SUBMIT WEALTH STATEMENT Section 116 read with Clause 82 & 83 Part IV, 2 nd Schedule Current Year or Last Year Income = Rs. 1 million or more Every individual having Income subject to Final Tax

21 e-Filing STEP BY STEP UNDERSTANDING

22 Login Screen User Name Password

23 After Login Screen Click on Draft

24 Selection of taxpayer Click on Declaration

25 Selection of return or statement for preparation 1. Select with Single Click 2. Click on Edit

26 Return – Main Screen Main Area of Operation Save Data after completion of each step

27 Return – Salary Income 1. Click on Employment 12(2(a) 12(2(c) 12(2(d) 12(2(b) 12(2(e) 2. Click on Salary 3. Click on Calculate to get result after feeding data

28 Return – Property Income 1. Click on Property 2. Click on Receipts/ Deductions 3. Click on Calculate to get result after feeding data

29 Return – Business Income – Mfg & Trading 1. Click on Business 2. Click here for Mfg/Trading A/c 3. Click on Calculate to get result after feeding data

30 Return – Business Income – Other Revenue 1. Click on Business 2. Click here for Other Revenue 3. Click on Calculate to get result after feeding data

31 Return – Business Income – Opex 1. Click on Business 2. Click here enter Operating Expenses 3. Click on Calculate to get result after feeding data

32 Return – Business Income – Admissible/Inadmissible 1. Click on Business 2. Click here to Enter Admissible / Inadmissible Expenses Continued 3. Click on Calculate to get result after feeding data

33 Return – Business Income – Admissible/Inadmissible

34 Return – Adjustment Losses 1. Click on Business 2. Click here to Enter Adjustment of Previous year9s) Business Losses

35 Return – Amortization 1. Click on Amortization 2. Enter Data 3. Click on Calculate to get result after feeding data

36 Return – Depreciation 3. Click on Calculate to get result after feeding data 1. Click on Depreciaiton 2. Enter Data

37 Return – Minimum Tax 3. Click on Calculate to get result after feeding data 1. Click on Minimum Tax 2. Enter Data

38 Return – Option out of PTR 3. Click on Calculate to get result after feeding data 1. Click on Option out of PTR 2. Enter Data

39 Return – Capital Gain 4. Click on Calculate to get result after feeding data 1. Click on Capital Assets 2. Click on Capital Gain / (Loss) 3. Enter Data

40 Return – Other Sources 4. Click on Calculate to get result after feeding data 1. Click on Other Sources 2. Click on Receipts / Deductions 3. Enter Data

41 Return – Foreign Sources 4. Click on Calculate to get result after feeding data 1. Click on Foreign Sources/Agriculture 2. Click on Foreign Source 3. Enter Data

42 Return – Agricultural Income 4. Click on Calculate to get result after feeding data 1. Click on Foreign Sources/Agriculture 2. Click on Agriculture 3. Enter Data

43 Return – Tax Chargeable – Deductible Allowances Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here

44 Return – Tax Chargeable – Reductions Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here

45 Return – Tax Chargeable – Tax Credits Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here

46 Return – Tax Chargeable – PTR Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here Continued

47 Return – Tax Chargeable – PTR

48 Return – Tax Chargeable – NTR Continued Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here to Calculate

49 Return – Tax Chargeable – NTR

50 Return – Tax Chargeable – Computation Continued Step 1 Click Here Step 2 Click Here Step 3 Click Here to Get Final Result

51 Return – Tax Chargeable – Computation

52 Return – Tax Chargeable – Personal Expenses Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here

53 Return – Tax Chargeable – Wealth Statement Step 1 Click Here Step 2 Click Here Step 3 Click Here to enter data Step 4 Click Here

54 Return – Tax Chargeable – Wealth Reconciliation Step 1 Click Here Step 2 Click Here Step 3 Click Here Step 4 Click Here

55 Return – Tax Chargeable – Verification Step 1 Click Here Step 2 Enter Pin Code Step 3 Click Here

56 Return – Tax Chargeable – Submission / Printing Click Here to Submit Click Here to Print

57 e-Filing through IRIS IRIS

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59 59

60 60 السلام عليكم ورحمة الله وبركاتة Allah Hafiz


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