0334 9590247
info@kkconsultant.net
Facebook
Twitter
LinkedIn
    Menu
    • Home
    • Company
      • About KK Consultant (SMC-PVT) Ltd
      • Vision, Mission & Values
      • Core Team
      • Clients
      • Certificates
    • Services
      • Accounting & Book Keeping 

        Accounting Outsourcing
        Accounts Receivable and Payables
        Payroll Processing
        Inventory Management
        Accounts Reconciliation
        Financial Reporting
        Fixed Asset Management
        ERP / Accounting System Implementation
      • Financial Management Services

        Budgeting and Financial Forecasting
        Financial Feasibility
        Cost Accounting System Implementation
      • Accredited Registration and Certifications

        Intellectual Property Organization
        Pakistan Engineering Council
        Pakistan Software Export Board Chamber Registration
        ISO 9001
      • Consultancy For Registration

        Single Member Company
        Private Company Registration
        Private Company with Foreign Director
        Public Limited Company
        Public Limited Company with Foreign Director
        Liaison Office and Branch Office
        Foreign Company / Foreign Direct Investment
        Limited Liability Partnership (LLP)
        Corporate Laws Secretarial Practices
        NGO and Trust Registration
        Partnership Registration
      • Tax Services

        Employment Taxation
        Personal Taxation
        Partnership / AOP Taxation
        Corporate Taxation
        NGO Taxation
        Provincial Sales Tax
        Tax Advisory Services
        WeBOC Registration
    • Corporate
        • Company Name Reservation
        • Incorporation of a Company
        • Memorandum of Association
        • Articles of Association
        • Winding up of Company
        • Shares Transfer/Change of Directors
        • Changes in MOA
        • Alteration in Paid up Capital
        • Alteration in Authorize Capital
        • Change in Company Address
        • Conversion Pvt to SMC-Pvt Ltd.
        • Conversion of SMC to Pvt Ltd.
        • Conversion of Public to Pvt Ltd
        • Conversion of Pvt to Public Ltd
        • Appointment of Auditor
        • Appointment of Legal Adviser
        • Companies Act, 2017
        • Limited Liability Partnership Act, 2017
        • Single Member Companies Rules,2003
        • Companies Incorporation Regulations
    • Tax
      • Tax Rate for Salaried Individuals
      • Withholding Tax Rates
      • Tax Rate for AOP’s and Business Individuals
      • Corporate Tax Rate
      • Tax and Accounting Depreciation
      • Tax Advisory Services
      • Statement of Tax Collected and Deducted
      • Bookkeeping and Accounting for Tax Purposes
      • Employment Taxation
        • Corporate Taxation
      • Advance Tax
      • Check NTN
      • Changes in NTN
      • Check Active Tax Payer
      • Enrollment- Individuals
      • Enrollment – AOP’s and Companies
    • Knowledge Center
      • SECP Compliance
      • Sales Tax Rate
      • Professional Tax
      • Taxes on IT Exports Services
    • Contact us
    CLOSE
Five basic questions related to Section 114 of Income tax Ordinance 2001

Five basic questions related to Section 114 of Income tax Ordinance 2001

April 20, 2020adminUncategorizedNo comments

Q1. Is every NTN Holder should file Income tax return?

Ans. Yes , every NTN holder is oblige to submit annual income tax return before due date prescribe by the board. For Reference: Section 114(1) (b) (vii)

Q2. Can we revise income tax return after submission?

Ans. Yes, there are certain provisions which allow tax payer to revise income tax return after submission. i) Tax payer can revise return within sixty days of first submission. ii) If taxpayer declare more taxable income in revise return, he may revise it anytime before any notice opened against that tax year. iii) By giving an application to commissioner and request for revision of return on solid ground. For Reference: Section 114(6)

Q3. If person ignore 114(4) notice, what consequence tax payer can face?

Ans. As per section 114(5), commissioner may demand income tax return of last five completed years of any tax payer. And if person ignore it, then commissioner empowered to issue notice for last ten completed years.

Q4. I am doing business and earned three hundred fifty thousand rupees per annum. Is it mandatory for me to file income tax return?

Ans. Yes, as per subsection 1A of Section 114 of income tax ordinance, 2001. This section restrict businessman to file income tax return if income exceeds from three hundred thousands rupees in a tax year.

Q5. I am student but owner of 1300cc car, should i file income tax return?

Ans. Yes, As per sub clause (vi) of clause (b) of sub-section 1 of section 114. It’s mandatory to file income tax return who owns motor vehicle having engine capacity above 1000CC.

READ  Authorize Representative in FBR for Income Tax
admin
Previous post Form 39 – Application for conversion of status from inactive to active company Next post Section 147 – Advance Tax paid by the taxpayer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • SECP Compliances for Year 2022
  • Income Tax Treatment for IT Companies for Tax Year 2023
  • Third Schedule Products in Sales Tax Act 1990 – Tax Year 2022
  • Taxation on IT Export and Services for Tax year 2022-2023
  • Appointment of new Director in SECP

Quick Links

Employee Login
Payment Methods
Careers
Download
Tracking
Scam Protection

Accredited by

Our Courier Partners

Important Links

FBR
SECP
IPO
PEC
PSEB
Company Ordinance 1984
Company Ordinance 2016
Check NTN
Check Name Availability
Check Active Taxpayer

Registered with

Blog

  • SECP Compliances for Year 2022
  • Income Tax Treatment for IT Companies for Tax Year 2023
  • Third Schedule Products in Sales Tax Act 1990 – Tax Year 2022
  • Taxation on IT Export and Services for Tax year 2022-2023
  • Appointment of new Director in SECP
  • Steps Involved In The Registration of Branch Office In Pakistan
© Copyright 2012-2022 All rights reserved. KK Consultant (SMC-PVT) LIMITED

WhatsApp us