Fantastic lecture as usual 👏 Last year bank profit was more than 5M therefore admitted tax was paid. But this year profit rates decreased from 21% to 13.5% & deposits are also decreased so there is no chance that profit would be more than 5M. But based on previous year return FBR issued advance tax notice. What to do ?
@@faheempracticallearningCalculated and whatever tax due is either already deducted by bank at source or will deduct on 31st December this year at source. In such case what to do with Advance tax notice ?
mera ek sawal h k agr aop ho aur uska total turnover 4 lakh ho last year ka aur is saal koi b business na kia ho to ye turnover 4 lakh to tax salb sy b neechy h aur 147 ka notice a jaye to kya kry
I have job, no business, no rental income, no shares. My only income is my bank profit and certificate at National Savings, from which tax is taken before I receive my profit (last year my profit was 63 lakh, and I've already paid tax on the amount above the 40 lakh slab, this year my profit will be no more than 30 lakh). So that means I shouldn't pay anything? But I must still reply to the FBR notice, or should I just ignore the notice? The deadline they set for my notice is on Sunday December 15.
Sir... Working with Govt. Institute, where they with held 5.5% income, which comes under FTR, FBR send notice for advance tax, wether I had to reply or ignore this notice.. plz kindly reply...
This year we have received advance notice but they have calculated previous year total tax that is (normal + Final / Fixed / Minimum tax as well) what should be done as we have to pay normal income tax in advance
@@faheempracticallearning Thanks Sir, agar 30 November ko GD Submit ki hai on PSW , aur 1st Dec ko show ho jaygi Annex B me ya phr 2 sy 3 din b lag sakty?
@Faheem Mehboob, i arranged a birthday party in a club and they have deducted advance tax on functions and gatherings amd provided me the receipt of tax deducted. I have paid this bill including tax in cash and not through banking channel. Can i adjust this amount in advance tax notice recieved from FBR?
Sir, is k oper aik lecture bana den plz. Sir, Agricultural filer person jab credit per Urea, Sapry, etc leta hay tu us k pass koi Khas book keeping nahen hoti, , May Jun 30, tak wo apni Crop sale kar deta hy aur Creditors ko payment after 30 June karta hy, phir wo all creditors related to agricultural producing ky pass jata hy aur apna cash/cheque de kar loan clear karta hy. (aur is main wo discount bhi karwata hy ). So, jab all crop sale krta hy tu Payment us k account main jama ho jati hy wo kesy is loan ko show karey ga k usny payment abhi karni hy.
But if salary person paid a advance tax in previous financial year for buying a plot then what will be the solution. He should ignore that message altogether or not.
salam sir! sale tax main principal business activity kesy change ho sakti ha 181 file kerny se . jub hum 2nd activity add kerty hn to us ko principal select ni kerny deta system any solution plz
I ve received the notice which says the estimated quarterly liability is mentioned below but there is no table or amount written under the notice. My income is from pension and rent from house. What should i do?
In case Profit & loss Bank account profit more than 5 million it will traet normal Income and even then we have to deposited advance tax as per FBR calculation
If an individual's income last year is 1million+ and this year also it will be more than 1 million and if no notice is received u/s 147, then how to proceed?
Assalamu Alaikum Sir I am working as a commission agent in the insurance operation of State Life and I have received a 147 notice. How do I reply to it?
Assalam-o-Alaikum My income is from national savings certificates including behbood certificates. But I have paid final tax on behbood certificates in tax return of 2023-24. Is there any requirement to pay tax on behbood certificate on quarterly basis? Total profit on behbood certificate for tax year 2023-24 was 1,242,000/-
ایک شخص سرکاری پینشنر ہے ، بینک پرافٹ ( 50 لاکھ سالانہ سے کم ) لیتا ہے ، بہبود + پینشنر بینیفٹ اکاؤنٹ میں بھی سرمایہ کاری ہے ، کیا مذکورہ شخص ایڈوانس ٹیکس جمع کرواۓ گا ؟
Respected sir. My income from pension and bebood certificate is 35 lac annual. Whether i have to pay advance tax as per notice or deposit as admitted tax with tax return 2025, kindly guide me. Thanks
I am a retired person. My sole and only income is from RIC (regular income certificate) of National savings. I 've submitted my last tax return within due date. I have received 147 notice afterwards. Should I ignore or do something? kindly guide.
@@faheempracticallearning Profit (before Tax) from RIC=878,880, Tax deducted from RIC=131,832. Profit from private bank A/C (Gross)=85,326, Tax=12,799. If I combine my both profits, then the Gross amount=964,206. I am a filer so my tax rate on profit is 15%. By the way my total "Taxable income" is declared at 1.8Million.
Turnover without sale Tax hoga, aur behtar nahi jab calculation last year ke tax aur tarnover se honi hai to last year ko hi follow kar ke adv tax submit karwa diya jaye
Salam sir, If we close the Business in Next Financial Year than what reply we have to submit?? 2024 Turnovers 8M 2024 Taxable Income 2.2 M Refundable Tax 0.95M after adjusting 2024 Tax Business type Trader Plz advise
If till date, no business just reply, we are in process to close the business due to some certain reasons, but make if you really want to close, thn also file application in FBR, for closure
I received notice on 11Dec based on calculation of last year chargeable tax 150000 instead of admitted tax 69000 I am retired individual major source of income profit on bahbood certificate and only 15% from rental. Kindly guide
السلام علیکم سر یہ بتائیے گا کہ اگر کوئی سول پروپرائٹر کے طور پر کمپنی رجسٹر کروا کے کا کام کر رہا ھے اور اس کا پرافٹ 20 فیصد تک جا بنتا ھے سال کے آخر میں فرض کریں 1.5 ملین بنتا ھے اب تقریباً 1.2 ملین کے اخراجات ھو جاتے ھیں تو اس کے پاس اماؤنٹ بچتی ھے 0.3 ملین تو وہ کیا اس پر ٹیکس دے گا جبکہ وہ اپنی ٹوٹل سیل پر 5.5 فیصد ودھ ہولڈنگ ٹیکس میں کٹوا بیٹھا ھے؟
میرے بھائی اجنٹ انگریزی کا لفظ ھے بد قسمتی سے 80 فیصد پاکستانی ان پڑھ ھے لہذا پاکستانی زبان اردو میں عوام کو بتا ئیں کی بینک FBR کا دلال بن گیا جیسے K Elec بھی FBR کا PTV کا KMC کا دلال ھے
@Faheem Mehboob, i arranged a birthday party in a club and they have deducted advance tax on functions and gatherings and provided me the receipt of tax deducted. I have paid this bill including tax in cash and not through banking channel. Can i adjust this amount in advance tax notice recieved from FBR?
@hassanshahzad2484 for mobile communications it is acceptable, but for any other cases, not acceptable, even for mobile companies almost1.2B short tax payments already identified by the FBR, CPR is the document that, is evidence of payments
Fantastic lecture as usual 👏
Last year bank profit was more than 5M therefore admitted tax was paid. But this year profit rates decreased from 21% to 13.5% & deposits are also decreased so there is no chance that profit would be more than 5M. But based on previous year return FBR issued advance tax notice. What to do ?
Calculate, actual income and prepare estimates of this quarter, and pay the tax if any.
@@faheempracticallearningCalculated and whatever tax due is either already deducted by bank at source or will deduct on 31st December this year at source. In such case what to do with Advance tax notice ?
Good question @@nizamshaikh6074
Great Lecture 💗
@@FahadJaved-n9k 👍
Overseas k lye kya hai bro please kya un ko b pay krna pry ga
mera ek sawal h k agr aop ho aur uska total turnover 4 lakh ho last year ka aur is saal koi b business na kia ho to ye turnover 4 lakh to tax salb sy b neechy h aur 147 ka notice a jaye to kya kry
Assalam walaikum Sir Turn over per minimum Tax me se hum Advance Tax ko adjust ker sakty hai ya wo Pura hi pay kerna pare ga?
W.salam Yes adjustable
Behbood with salary individual py bhi aik return filling aur adjustable tax py video bna dein jo k merey return py apply hota ha
Sir general order supplier ka to govt depatment at source hi kat lete hai. To phr bhi kya jama karana hoga?
Just reply and attached , tax deduction certificate, and submit that, tax already deducted at source
Faheem sb if a company is exporter and his tax is deducted under section 147(6) by bank should that company needs to submit 147 Advance tax????
Yes, if extra tax payable based on calculation, thn need to pay, because from July 2024, now exporter also fall under normal tax regime.
It is reported that adv tax notices o n behbood income are also being issued. Please confirm or apprise on the criteria of payment. Thanks
Sir Kindly guide. PSEB me register person jis ki total income foreign income ha. us ko notice 147 ay to file krna lazmi to nhe.
@SafdarAli-vx5mj any tax deducted by bank when amount credit in your pak bank account?
@@faheempracticallearning g sir total income foreign ha 0.25 deduct hota ha sab transaction pe.
@SafdarAli-vx5mj just reply tax already deducted at source
brother... If rental income comes to Zero this year.... then is there any need to reply??
@@salmanshafiq1475 just reply, no taxable income
Isnt share of AOP (taxed) exempted from 147 ?
@@mohsinkhalid7970 not exempt
I have job, no business, no rental income, no shares. My only income is my bank profit and certificate at National Savings, from which tax is taken before I receive my profit (last year my profit was 63 lakh, and I've already paid tax on the amount above the 40 lakh slab, this year my profit will be no more than 30 lakh). So that means I shouldn't pay anything? But I must still reply to the FBR notice, or should I just ignore the notice? The deadline they set for my notice is on Sunday December 15.
Sir... Working with Govt. Institute, where they with held 5.5% income, which comes under FTR, FBR send notice for advance tax, wether I had to reply or ignore this notice.. plz kindly reply...
This year we have received advance notice but they have calculated previous year total tax that is (normal + Final / Fixed / Minimum tax as well) what should be done as we have to pay normal income tax in advance
On both income, if for final already deducted, thn just make adjustments
Ok thank you!
@@AbdullahSafi4 👍 👍
AoA, Sir G, PSW sy IRIS FBR py GD kitny time me show ho jati hai annex B me? Please Guide. Thanks
Same month
W.salam
@@faheempracticallearning Thanks Sir, agar 30 November ko GD Submit ki hai on PSW , aur 1st Dec ko show ho jaygi Annex B me ya phr 2 sy 3 din b lag sakty?
@mirzawaleed8920 yes on 1st number it will be available, in November sales tax return, annex B
AOA sir if we have an adjustable tax of previous years so then what I should do
@rehmanullah5138 it will not adjust, for this 1st we need to approve from FBR, that it is really available, after that we can adjust
@@rehmanullah5138 W.salam
Faheem bhai make a detailed video k kin persons ko as an aop pvt ya sole proprietor me register krna chaheay. Your suggestions plz
Yes sure
This lecture already in process
@Faheem Mehboob, i arranged a birthday party in a club and they have deducted advance tax on functions and gatherings amd provided me the receipt of tax deducted. I have paid this bill including tax in cash and not through banking channel. Can i adjust this amount in advance tax notice recieved from FBR?
@@hassanshahzad2484 @hassanshahzad2484 yes it is adjustable, ask them to share CPR, after that you can claim just invoice is,not enough
Sir, is k oper aik lecture bana den plz.
Sir, Agricultural filer person jab credit per Urea, Sapry, etc leta hay tu us k pass koi Khas book keeping nahen hoti, , May Jun 30, tak wo apni Crop sale kar deta hy aur Creditors ko payment after 30 June karta hy, phir wo all creditors related to agricultural producing ky pass jata hy aur apna cash/cheque de kar loan clear karta hy. (aur is main wo discount bhi karwata hy ). So, jab all crop sale krta hy tu Payment us k account main jama ho jati hy wo kesy is loan ko show karey ga k usny payment abhi karni hy.
Yes sure I will update in lecture
But if salary person paid a advance tax in previous financial year for buying a plot then what will be the solution. He should ignore that message altogether or not.
I think indiviodual aur AOP ki date 15 hai aur companies ki 25 hai
@@CAGaming-ur5ex yes, agreed,
Aoa sir jaha income uncertain hoti he like property business kbi ziada kbi km. Waha notice ka reply Kia hoga
prepare and same explained in lecture, based on your current QTR income, informed and submit your reply with FBR, rather, last year actual
salam sir!
sale tax main principal business activity kesy change ho sakti ha 181 file kerny se .
jub hum 2nd activity add kerty hn to us ko principal select ni kerny deta system any solution plz
@@elitetaxconsultant for this need to visit local tax office
@elitetaxconsultant we can also update the manual, but on online inquiry, it will not show
Sir market main log ker rahy hn so pucha ap se @@faheempracticallearning
Great
Company main bhi Advance tax ki deadline intimation notice main 25 Dec likhi ha tu 25 deadline nai hogi
Yes ok, follow 25th, may be mixed with business individuals
JazakAllah o Khair Faheem sab
I received email also for advance Tax
I am overseas do I have to pay this tax
Please guide me and advise me
Thanks
Just uploaded one lecture for overseas
Pls watch and apply the same
Our sole proprietorship business didn't received 147 notice yet. Should we pay or wait for notice? We are commercial importers.
Even not received any notice, as per law we need to pay, prepare your estimate
@@faheempracticallearning We have to do manually? Or there is a way to do through IRIS portal?
What is the date for sole proprietorship?
@@asifshamsi5630 manual due date is 15th
I ve received the notice which says the estimated quarterly liability is mentioned below but there is no table or amount written under the notice. My income is from pension and rent from house. What should i do?
How much rental monthly income?
2 lac
@@faheempracticallearning2 lac
@TarikMohiuddin-ec5vj any tax withheld during payment?
@TarikMohiuddin-ec5vj I means when rent amount transferred to your account any tax withheld by party?
In case Profit & loss Bank account profit more than 5 million it will traet normal Income and even then we have to deposited advance tax as per FBR calculation
Make a calculation, when actual profit amount increased from 5M, and how much paid, adjust and remaining pay, if any
If an individual's income last year is 1million+ and this year also it will be more than 1 million and if no notice is received u/s 147, then how to proceed?
calculate the with same logic as explained in lecture, use formula as explained
A/4-D= Payable
Refund ka llaia tu rashwat must he
Assalamu Alaikum Sir
I am working as a commission agent in the insurance operation of State Life and I have received a 147 notice. How do I reply to it?
No tax payable
@@faheempracticallearning thanx sir
@GhulamRasool989-gr 👍
Assalam-o-Alaikum
My income is from national savings certificates including behbood certificates. But I have paid final tax on behbood certificates in tax return of 2023-24. Is there any requirement to pay tax on behbood certificate on quarterly basis? Total profit on behbood certificate for tax year 2023-24 was 1,242,000/-
How much you have received profit till 25th December , deposit 5%, of that amount
@@faheempracticallearning could you please tell in which section it is mentioned to pay quarterly tax on profit of behbood certificates?
@asmr-relaxingsounds6669 it is advance tax, if any individual have income more thn 1M, in last year, by law need to pay section 147
@@faheempracticallearningBut in notice, FBR has taken tax chargeable for calculation instead of admitted tax.
@asmr-relaxingsounds6669 chargeable is total, admitted is balance payable
Please correct Due date for AOP or Comonay is 25 instead of 15
@@naveediqbal6015 😔
@@naveediqbal6015 you can deposit on 25th
ایک شخص سرکاری پینشنر ہے ، بینک پرافٹ ( 50 لاکھ سالانہ سے کم ) لیتا ہے ، بہبود + پینشنر بینیفٹ اکاؤنٹ میں بھی سرمایہ کاری ہے ،
کیا مذکورہ شخص ایڈوانس ٹیکس جمع کرواۓ گا ؟
behbood profit 10 lakh salana sy zyada ho tou 5 percent advance tax pay krna ho ga.
@@eak8333 شُکریہ جناب
Respected sir. My income from pension and bebood certificate is 35 lac annual. Whether i have to pay advance tax as per notice or deposit as admitted tax with tax return 2025, kindly guide me. Thanks
@mirzaakram1776 how much from behbood certificate?
RS 1802000 annually sir remaining is pension
@@mirzaakram1776 yes need to pay as per law, every QTR 5% of profit received on bebood certificate
Ab refund mil rha ha on merit.
If received your lucky 😥
I am a retired person. My sole and only income is from RIC (regular income certificate) of National savings. I 've submitted my last tax return within due date. I have received 147 notice afterwards. Should I ignore or do something? kindly guide.
@@bobwa399 how much profit declared in last year?
@@faheempracticallearning Profit (before Tax) from RIC=878,880, Tax deducted from RIC=131,832.
Profit from private bank A/C (Gross)=85,326, Tax=12,799. If I combine my both profits, then the Gross amount=964,206. I am a filer so my tax rate on profit is 15%. By the way my total "Taxable income" is declared at 1.8Million.
Turnover without sale Tax hoga, aur behtar nahi jab calculation last year ke tax aur tarnover se honi hai to last year ko hi follow kar ke adv tax submit karwa diya jaye
Yes, exlcuding sales tax
Pencion wala kya krn
Not applicable, it is exempt
Salam sir,
If we close the Business in Next Financial Year than what reply we have to submit??
2024 Turnovers 8M
2024 Taxable Income 2.2 M
Refundable Tax 0.95M after adjusting 2024 Tax
Business type Trader
Plz advise
If till date, no business just reply, we are in process to close the business due to some certain reasons, but make if you really want to close, thn also file application in FBR, for closure
W.salam
@@faheempracticallearning thanks for the Regards.
@@moazzamazam1 👍 👍
I received notice on 11Dec based on calculation of last year chargeable tax 150000 instead of admitted tax 69000 I am retired individual major source of income profit on bahbood certificate and only 15% from rental. Kindly guide
Tax calculated, based on chargeable tax, rather admitted. Further how much total income last year?
@@faheempracticallearning behbood income 1173000. Rental net 203000
Sir rental property will be sold this Year
@abduljalil1253 just reply, online there is no income in current, year so advance tax is not applicable on me.
@@faheempracticallearning Thanks 🙏🙏
Importer is liable to pay quarterly advance income tax.
@sens721 yes because at the time of import, it is minimum tax paid, prepare estimates of tax calculation, and if any extra thn need to pay
السلام علیکم سر
یہ بتائیے گا کہ اگر کوئی سول پروپرائٹر کے طور پر کمپنی رجسٹر کروا کے کا کام کر رہا ھے اور اس کا پرافٹ 20 فیصد تک جا بنتا ھے سال کے آخر میں فرض کریں 1.5 ملین بنتا ھے اب تقریباً 1.2 ملین کے اخراجات ھو جاتے ھیں تو اس کے پاس اماؤنٹ بچتی ھے 0.3 ملین تو وہ کیا اس پر ٹیکس دے گا جبکہ وہ اپنی ٹوٹل سیل پر 5.5 فیصد ودھ ہولڈنگ ٹیکس میں کٹوا بیٹھا ھے؟
میرے بھائی اجنٹ انگریزی کا لفظ ھے بد قسمتی سے 80 فیصد پاکستانی ان پڑھ ھے لہذا پاکستانی زبان اردو میں عوام کو بتا ئیں کی بینک FBR کا دلال بن گیا جیسے K Elec بھی FBR کا PTV کا KMC کا دلال ھے
@Faheem Mehboob, i arranged a birthday party in a club and they have deducted advance tax on functions and gatherings and provided me the receipt of tax deducted. I have paid this bill including tax in cash and not through banking channel. Can i adjust this amount in advance tax notice recieved from FBR?
I don't have a CPR but only tax deduction certificate?
@hassanshahzad2484 yes it is adjustable, ask them to share CPR, after that you can claim just invoice is,not enough
@hassanshahzad2484 even on tax deduction certificate CPR also need to mentioned, otherwise deduction certificate not acceptable
@@faheempracticallearning but the CPRs are also not mentioned on the advance tax certificates of mobile companies. So how are they accepted??
@hassanshahzad2484 for mobile communications it is acceptable, but for any other cases, not acceptable, even for mobile companies almost1.2B short tax payments already identified by the FBR, CPR is the document that, is evidence of payments