How to save Tax on Property Income | Rental Income | Practical Example withing Law | FBR | Saving |
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- Опубліковано 17 жов 2024
- Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Click on below WhatsApp link for further details of Practical Taxation Course
wa.me/92300757...
Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231AA and 236P Advance tax on certain banking transection
7. Section-231B Advance tax at the time of registration of private motor vehicle
8. Section-235A Tax collection from domestic electric bills
9. Section-236 Tax collection from telephone users
10. Section-236B Advance tax on purchase of domestic air ticket
11. Section-236F Advance tax on cable operator and other electronic media
12. Section-236G Advance tax on sale to distributor, dealer and wholesalers
13. Section-236H Advance tax on sale to retailers
14. Section-236I Advance tax by educational institutions
15. Section-236U Advance tax on insurance premium
16. Section-236X Advance tax on Tobacco
17. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
18. Fine and penalties
19. Section-177 Audit
20. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.
Regards,
Faheem Mehboob
ACCA Member
03007574731
Aoa, Fahim bhai thank you for the updates and the explanations. I have contested many cases u/s 161 of the ordinance. You are right the dispute between WHT deduction and certaning the Income from property is unattended since many years. Tax authorities do not allow a prescribed person to deduct tax by considering the deductions allowed u/s 15A as they mention that any withholding agent could not certain the income of the owner of the property. Where clause (a) of section 15A is clear about the deduction allowed.
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Zabardast Allah Bless You Always
Faheem bhai your efforts are awesome. On UA-cam too much video about tax and the followers are also more than your channel butt your accuracy and to the point videos are really appreciate able. Public trends towards much following ratio without knowing the truth. Wrong information is being told on other channels butt you are on the top of my list after searching much about tax info. I quit every one after gathering all your vids on channel. I m a shopkeeper but found of study. I stopped my education for some reason butt again taking classes from you. I m watching your vids from 5 years ago uploaded.
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Hi I have 2 queries.
1. Refund of previous year is not getting adjusted it gets zero all tha time.
2. What will be the treatment of hiring of house received by govt employee?
Awesome...informative
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Thanks for sharing useful info 👍
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Agr kisi govt department ne rent ki payment krni ho to wo tax cut kry ga? Wo company hai k aop?
Jazak ALLAH sir❤
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کرایہ نامہ 11 ماہ کا ھوتا ھے اور ٹیکس ایک سال پر لگاتے ھیں اس کو کیسے کور کریں گے@@faheempracticallearning
Excellent
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1-Annual salary income= 38 lac rupees
2-Annual shop rent=1 lac
Please tell how i calculate property tax of shop.
❤ great 👍
Aoa Sir, If I have rental income and pay property tax of that building to the Punjab government every year, can I adjust that property tax against your rental income when filing my tax return? Some UA-camrs suggest it might be possible.
Aoa Sir is me last 5 years k refund claim ho sakte ha ya 4 years k ho sakte ha jis trah video me ap bata rahe ha law k mutabiq hum kitne years ka kr sakte ha?
W.salam yes
If house is service benefit house and given on rent. Is tax applicable on this rent.
AoA. Collection charges kitne percent le sakte hain
Sir,
I have a question, please help me.
I got a profit of 9 million from special savings certificates in 2022-23.
But this was profit of three years, 2020-21, 2021-22, and 2022-23.
Can I enter profit of first two years in fixed tax under
National savings certificates from previous years under 39 (4A)
Thanks
aoa, please advise, whether we need to book INHERITED PROPERTY on ZERO value or otherwise?
Nice video
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Faheem bhai, Can you please explain how to treat life insurance policies in Tax Return. suppose if I am paying 3 policies every year , amount of 4 lakh rupees. I will mention it in my expenses. Do I need to enter it in my assets too ? as this money is like an investment and will be returned either on completion or if I will cancel the policy. Then how to treat amount received at maturity or at withdrawl?
it is not expense, report this in asset, when received money at maturity, add in bank or cash balance, and other.
If A take a property on 700,000 rent per annum
And sublet it on 1200,000 per annum
Then how A will declare income of 500,000/
AOA. I am non resident salaried person working in Afghanistan. Our country has no banking channel this time. Please guide me how can I prove my salary to tax department in Pakistan.
Note: I am carrying salary in cash from Afghanistan to Pakistan or through Private money exchanges (sarafi)
and how can get written clarification from FBR about this. Thanks
Sir my question is different from this video butt only reason for asking, it's your latest video so i thought that here i could find answer as early as possible. My question is " could we put withholding tax entry in iris without getting their certificates as we have downloaded the withholding tax list from iris dashboard? I have 233 type certificate that was deducted against income earned on commition earned.butt i don't have certificate against 236 h against retailers tax butt iris shows in excel file that tax. Should i enter in iris this withholding tax without certificate?
certificate, help you to show the easy document, if any point of time, FBR asked for any document, if all withholding available in dashboard thn ok, but mostly date not 100% showing in dashboard.
AOA Sir I have only one house but I have to rent it out due to my transfer posting and almost same amount I have to pay against rent at my posting place. Whether I have to pay tax on that income i am getting from my rentee as practically I have no earning from rent income.
Is depreciation is applicable on residential property under 7 E ? Kindly guide on this .
No
What about if own residential apartment is given to an individual on rent agreement of 88000/-…. ?
AOA sir and if there is possibility if someone mistakenly Registered in fbr but not submitted form 181. Some ask me if form 181 not submitted then there is a option to delete this form and then also delete account sir?
Faheem shb, can you plz guide how to differentiate Residential & Commercial Properties? Once built and start using for commercial purposes, then sure it will fall under commercial but until then, when its empty plot on the road side, will it still fall in commercial category? Thanks.
For land side and valuation side, it will be more clear from land record department, whether considered area, fall that commercial or not. 7e only deal with collection of tax
@@faheempracticallearning Ok, Thanks. In FBR valuation table, the location is given in both categories of Residential and Commercial. Last time I wants to do some construction on a road side plot, and I came to know that I've to convert the land to Commercial first by paying the required Fee and then can do the construction. So can we consider those plots Residential, unless converted to Commercial?
Property purchased ki hai but nam transfer ni ki to declare kr saktay 2024 k return mai
tax paid? if not paid thn report as advance against property, when actually ownership transfer thn report as property
AoA, If an individual has to deduct withholding tax from payment of rent to owner/individual??
So what is your question?
@@faheempracticallearning kia individual ne bhi tax deduct kerna hota ha jab rent pay Kare?
@@market6847 watch rent tax lecture, for complete understanding
#FaheemPracticalLearningHouse Bhai aap na mazeed tax save karna k points nahe batae shayed pehla wala lectures ma hun ga jasa us property pa ju taxes dia hain, koe rent collect karna jata ha etc
Yes, I think already explained, in previous lectures
Sit let me know, my client having 2 type of income salay and rental all taxes are being paid u/s 155 and 149 properly , but when we put the amounts in return a extra tax demand is being created , how to deal with that problums.
Business rates will be applied,
Suppose an individual has annual salary income of 6 Million and he has paid tax on that income as per section 149. At the same time he has received 580,000 annual rent without any withholding of tax. As per your above discussion, what i understand is that this rental income will be treated under the head of buusiness income and therefore he will pay zero tax as rental income is below threashold of 6lac business income irrespective of the fact that his salary income is more than 70% of his total income. Am i right? Plz clarify?
@@EconTech_Insights no, watch rent and salary tax calculation lecture
Plz share link here
اگرآپ کی تنخواھ 6 لاکھ اور پراپرٹی انکم بھی 6 لاکھ ہے تو بچت کیسے ہو سکتی ہے؟
AoA, how we can add fair market value, if housing society is not on the list of fbr notification tks
w.salam, which city?
My plot located at grand Avenue housing scheme, main ferozpur road Lahore, which is not included in fbr list /notification.
السلام علیکم
If Rental Income is less than Rs. 300,000 and Salary Income is above Rs. 600,00 then also Rental Income is Exempt??
300K used for withholding, but in annual return exempt value same as salary
@@faheempracticallearning When I enter Rental Income of Rs. 300,000 in Iris, the tax is increased. Although Tax on Salary is already paid by me. How should I manage it to avoid Tax on Rental Income of Rs. 300,000??
@@muhammadazherjaved7638 when 2 income source IRIS applied combined rates
@@faheempracticallearning Then why it is quoted by Law that Rental Income (Property Income) upto Rs. 300,000 is Exempt??
@@faheempracticallearningYes please guide how to avoid it
INCOM TAX RETURN KAY CHARGES KIA HAIN
0300-7574731 pls contact on this number for further details
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Sir contact number please?
@@muhammadidrees2607 03007574731