Salam. Sir I just want to precisely know whether while filing return the entire amount of profit is to be shown or it should be after subtracting the exemption of 600000?
Please make a video on taxability of income of National Saving Center scheme such as mahana Income Certificate Income 1) Whether Income on National Saving Center Schemes/ Certificates such as Regular Income Certificates/Defence Savings Certificates and Post office schemes fall under section151/7b or Income from other sources (U/s 39) of IT ordinance 2001. 2) If the Income on National Saving Center Schemes/ Certificates such as Regular Income Certificates/Defence Savings Certificates and Post office schemes exceeds Rs 5 millionm, tax calculation is based on final taxation or normal tax regime. 3) Reflection of Income/Tax Deduction in Return.
Sir, you are providing very informative information not only for Accounts & Finance People but for General Public as well. Thanks The issue i am facing for Behboob Certificate is that system is automatically calculating it to normal tax and charging normal tax rate on it and not allowing the tax reduction accordingly to keep the tax rate of maximum 10% profit on Behboob certificate. in my case normal income tax rate is 25% due to Salary income and Tax on Profit from Behboob is also calculated at 25% and reduction allow is only 8.2% so in reality we have to pay around 16.8% tax on profit of Behboob certificate while it should only be 10% as per your video.
@@faheempracticallearning So sir the Tax Rate is not fix @10% it depends upon your total Normal Income and if the rate on normal income is 25% the rate of tax on Behboob certificate profit will also be 25%. more than the Fix 15% rate on the Banks Profit
Thanks Sir for this nice information. I was having a plot this year I sold that plot and purchased a house for the same price of plot, no profit earned. How can I show this transaction in my returns . Please explain. Thanks a lot.
Nice explanation sir. Kindly make a detailed video on taxation of IT and IT enabled exported services for FY 2022 & 2023 and make a comparison of FY 2022 & FY 2023,
@Faheem Mehboob , if we pay tax at the time of filing of return on Bahbood Savings Certificates and not in advance. Will it attract any penalty from FBR?
Sir Kya return me behbood certificates regd nos and NSC branches name mention Karna zaroori hay ya sirf total value of certificates mention kar de? Please guide me
AOA, I understand that, it is necessary to entered income from bank profits in sections ‘’Income Attributable to Receipts, etc. Declared as per Return for the year subject to Final / Fixed Tax (7033)’’ in section ‘’Reconciliations of net assets’’ (Wealth statement). Please advice, is it necessary to enter profit received from Behbood certificate and property rental income in this section as well. Thanks
Thank you for your reply. But I understand that only income in which tax already has been deducted need to enter in section 7033. All other income in which tax has not been deducted need to enter in section 7031 known as income declare as a normal tax
I am a pensioner and I paid Token Tax (vehicle Tax is 4000 and Income Tax is 2500) Total = 6500. Which of the amount is refundable and how to claim the amount being a filer. !!!
Aoa sir, agar koi bi filer ban raho toh is aur behbood certificate maturity pa ho. Toh all year ka profit pa tax dayna. Ya iss year profit. Let assume 2013 ma liya tha ab woh person filer ho na chai toh. 2013 sa laker 2023 tak profit pa tax day ga. 2023 wala per.
Regular income certificate profit pr 15% withholding at source national saving deduct kr leta hy, ab return main jo profit received hy wo dekhana hy ya total ,ager total dekhana hy tu kahan pr final fix main 7B main ya kaheen aur
If you are non filer and don't file return than you got away with the deduction in tax.Its only if you file your tax return and show income from Behbod you are subjected to tax
sir tax credits ya reduction ma shayad ma bahbood ka column bhi hai per wo inactive hai all columns. us ka use batayn kindly sir. plus your services are commendable
Is advance tax mandatory for an old person earning only from bahbood and pension beneficiary account? Assuming his annual profit from bahbood and PBA is above 1 million but he has no other income.
Salaam, I got confusion due to large un-reconciled amount. As per my understanding un-reconciled amount need to put in inflow (gift, others etc) if it is positive and put the same figure in outflow (expenses and others etc) if it is in negative. My Unreconciled Amount is Rs 5,198,966.00. it became zero when I have put the same figure in inflow. But in this way my assets has increased with same amount but I do not have that much assets. This is a large amount. So I am worried about this. Please advise me if it will okey. My income (Inflow) is only based on rental income and profit from Bank. My outgiing (Outflow) is normaly zero. Secondly, From bank profit , they are already detecting 15% WHT on gross profit. Net profit income = gross profit - 15% WHT. So which amount should enter in Section (7033) ‘’Income Attributable to Receipts, etc. Declared as per Return for the year subject to Final / Fixed Tax. Net profit or Gross income? Thanks
Agar exempt nahi hai TU deduct kyun nhi kia jata, Rahi yeh baat k khud hama karwayen, TU phir baqi certificates pe bhi deduct na Karen wo bhi khud jams karwa den ge.
The main reason for not deducting the I/T on BSCs by the govt. can be: All Holders of BSCs are not Filers. If NSC deducts IT on BSCs the deducted IT amounts will go into FBR treasury. Who will file IT Returns for non-filers ? Hence, the govt. might had decided not to deduct IT on BSCs from all BSCs Holders. In this way: - The Filers will be bound to show their BSCs income in their IT Returns and will pay applicable IT on their divided/profit. - Non-Filers do not file ITRs so they will neither file their ITRs nor deposit 10% IT. Thus, Non-Filers, who hold BSCs, have the advantage of no payment of 10% IT amount to FBR. In case of BSCs the Non-Filers have an upper edge by saving 10% IT amount. FBR's hunger will never come to an end even if Brunei's whole wealth is given to FBR.
Behbood certificates are different from other certificates as they are issued to senior citizens only over 60 years of age. Thats why as a welfare measure they had been exempted from witholding tax and zakat.
Can one split the tax burden for a jointly held BSC? For example total profit 7lac. Two filings for 3.5lac each. Thanks in advance and nicely explained video.
I hv one question. Myself and wife have joint ownership of behbood certificate. We also file return seperately. So if we get rs. 5 lacs profit . Can we declare half . half amount I e. 2.5 lacs in each return.?
Good morning. Now the profit earned on Behbood s certificates is being deposited in saving accounts of purchasers and tax is being recovered through saving accounts.Eventhen the holder is to pay income tax through return filing. What is the case for non residents.
Yes. Profit is paid directly into saving accounts now but without detecting WHT. You need to entered values of net profit on Behbood section. Tax will automatically detected as per Behbood tax band. Non resident also required to pay WHT as per Behbood tax band.
bebood kin entery wealth statement mn b entery ho gi??????????????
Salam. Sir I just want to precisely know whether while filing return the entire amount of profit is to be shown or it should be after subtracting the exemption of 600000?
Total amount
Please make a video on taxability of income of National Saving Center scheme such as mahana Income Certificate Income
1) Whether Income on National Saving Center Schemes/ Certificates such as Regular Income Certificates/Defence Savings Certificates and Post office schemes fall under section151/7b or Income from other sources (U/s 39) of IT ordinance 2001.
2) If the Income on National Saving Center Schemes/ Certificates such as Regular Income Certificates/Defence Savings Certificates and Post office schemes exceeds Rs 5 millionm, tax calculation is based on final taxation or normal tax regime.
3) Reflection of Income/Tax Deduction in Return.
Yes sure, in future
Thanks Sir aaj concept clear huwa hy
;)
Sir, you are providing very informative information not only for Accounts & Finance People but for General Public as well. Thanks
The issue i am facing for Behboob Certificate is that system is automatically calculating it to normal tax and charging normal tax rate on it and not allowing the tax reduction accordingly to keep the tax rate of maximum 10% profit on Behboob certificate. in my case normal income tax rate is 25% due to Salary income and Tax on Profit from Behboob is also calculated at 25% and reduction allow is only 8.2% so in reality we have to pay around 16.8% tax on profit of Behboob certificate while it should only be 10% as per your video.
Yes if other source, thn system apply on all,
@@faheempracticallearning So sir the Tax Rate is not fix @10% it depends upon your total Normal Income and if the rate on normal income is 25% the rate of tax on Behboob certificate profit will also be 25%. more than the Fix 15% rate on the Banks Profit
@@alammahmood1778 only fixed if behbood income only, check lecture again
@@faheempracticallearning Thanks - Sir
Thanks Sir for this nice information.
I was having a plot this year I sold that plot and purchased a house for the same price of plot, no profit earned.
How can I show this transaction in my returns . Please explain.
Thanks a lot.
Nice explanation sir.
Kindly make a detailed video on taxation of IT and IT enabled exported services for FY 2022 & 2023 and make a comparison of FY 2022 & FY 2023,
Sure in future,
@Faheem Mehboob , if we pay tax at the time of filing of return on Bahbood Savings Certificates and not in advance. Will it attract any penalty from FBR?
Yes, but normally people paid with return
very good....acha agar behbood ka sath aur income bhi ho like rental income ..to phir kia tab hi cap 10% rahay ga
Today i will explain in lecture
Bhai As Par 2022 Say 23 Mayn 6 Lac Say Opar Par Tax Ha Na
Good information. It means National savings is mis-guiding by saying no tax on behbood certificate.
Yes, same explained in lecture
Sir Kya return me behbood certificates regd nos and NSC branches name mention Karna zaroori hay ya sirf total value of certificates mention kar de? Please guide me
Or Abhi Business Man Par 2022 Say 23 Mayn 4 Lac Say Oapr Par Tax Ha Ya 6 Lac Say Opar Par
Good information thanks
AOA, I understand that, it is necessary to entered income from bank profits in sections
‘’Income Attributable to Receipts, etc. Declared as per Return for the year subject to Final / Fixed Tax (7033)’’ in section ‘’Reconciliations of net assets’’ (Wealth statement).
Please advice, is it necessary to enter profit received from Behbood certificate and property rental income in this section as well.
Thanks
Yes both are also part of income as well.
Thank you for your reply. But I understand that only income in which tax already has been deducted need to enter in section 7033. All other income in which tax has not been deducted need to enter in section 7031 known as income declare as a normal tax
@@Fshah1 pls watch this lecture, already explained this, 2nd also watch lecture of rental income. Carefully
I am a pensioner and I paid Token Tax (vehicle Tax is 4000 and Income Tax is 2500) Total = 6500. Which of the amount is refundable and how to claim the amount being a filer. !!!
I would like to what kind of documents required for filing tax return. What is PRC and how to get it
Very well explain
Keep watching
Aoa sir, agar koi bi filer ban raho toh is aur behbood certificate maturity pa ho. Toh all year ka profit pa tax dayna. Ya iss year profit. Let assume 2013 ma liya tha ab woh person filer ho na chai toh. 2013 sa laker 2023 tak profit pa tax day ga. 2023 wala per.
v informative video thanks
Regular income certificate profit pr 15% withholding at source national saving deduct kr leta hy, ab return main jo profit received hy wo dekhana hy ya total ,ager total dekhana hy tu kahan pr final fix main 7B main ya kaheen aur
Dear Sir, Please guide about tax calculation on joint Pension benefit account /Behbood Savings Certificate.
Same process, just put pension in salary tab exempt
Well briefed!
Excellent sir.
Jazak Allah
If you are non filer and don't file return than you got away with the deduction in tax.Its only if you file your tax return and show income from Behbod you are subjected to tax
Don't be filer
sir tax credits ya reduction ma shayad ma bahbood ka column bhi hai per wo inactive hai all columns. us ka use batayn kindly sir. plus your services are commendable
Now system auto calculate, check lecture already explained this
It means non filer is exempted
Yes tax not deducted, but obviously other non-filer factor also needs to be considered
Last year 10% Sy kam karky 5% Kar dia that.
Sir agr rental income bhi hai tou kiya bahbood par 10% hi lagay ga
Please guide bcz mera tax 10% sy zada bata raha hai
No, today i will explain in lecture
Is advance tax mandatory for an old person earning only from bahbood and pension beneficiary account? Assuming his annual profit from bahbood and PBA is above 1 million but he has no other income.
Surely this isn't a business..... but fbr charges it any way...
What is the meaning of Advance Tax and notification 147.. ???
Please let me know
Check latest lecture
Thanks for the information
Salaam, I got confusion due to large un-reconciled amount. As per my understanding un-reconciled amount need to put in inflow (gift, others etc) if it is positive and put the same figure in outflow (expenses and others etc) if it is in negative. My Unreconciled Amount is Rs 5,198,966.00. it became zero when I have put the same figure in inflow. But in this way my assets has increased with same amount but I do not have that much assets. This is a large amount. So I am worried about this. Please advise me if it will okey.
My income (Inflow) is only based on rental income and profit from Bank. My outgiing (Outflow) is normaly zero.
Secondly, From bank profit , they are already detecting 15% WHT on gross profit.
Net profit income = gross profit - 15% WHT.
So which amount should enter in
Section (7033)
‘’Income Attributable to Receipts, etc. Declared as per Return for the year subject to Final / Fixed Tax.
Net profit or Gross income? Thanks
watch lecture, how to file annual income tax return, it must be zero, in real term, not to put where deemed fit
If income is subject to normal tax then how tax reduction is calculated on Behbood Savings certiticated it is not reduced @ 5 % @ Feheem Mehboob
maximum tax is 5%
Agar exempt nahi hai TU deduct kyun nhi kia jata, Rahi yeh baat k khud hama karwayen, TU phir baqi certificates pe bhi deduct na Karen wo bhi khud jams karwa den ge.
This is law, we need to follow
Not justified.
@@zayadmn yes agreed
Not authenticated information. Seem to be illogical and faulty reply from youtuber
The main reason for not deducting the I/T on BSCs by the govt. can be:
All Holders of BSCs are not Filers. If NSC deducts IT on BSCs the deducted IT amounts will go into FBR treasury. Who will file IT Returns for non-filers ?
Hence, the govt. might had decided not to deduct IT on BSCs from all BSCs Holders. In this way:
- The Filers will be bound to show their BSCs income in their IT Returns and will pay applicable IT on their divided/profit.
- Non-Filers do not file ITRs so they will neither file their ITRs nor deposit 10% IT.
Thus, Non-Filers, who hold BSCs, have the advantage of no payment of 10% IT amount to FBR.
In case of BSCs the Non-Filers have an upper edge by saving 10% IT amount.
FBR's hunger will never come to an end even if Brunei's whole wealth is given to FBR.
Behbood certificates are different from other certificates as they are issued to senior citizens only over 60 years of age.
Thats why as a welfare measure they had been exempted from witholding tax and zakat.
But it is taxable, as per law, pls watch lecture
Thanks so much sir
Most welcome
Can one split the tax burden for a jointly held BSC?
For example total profit 7lac. Two filings for 3.5lac each.
Thanks in advance and nicely explained video.
Yes, only if profit directly credit in both accounts, otherwise not
I hv one question. Myself and wife have joint ownership of behbood certificate. We also file return seperately. So if we get rs. 5 lacs profit . Can we declare half . half amount I e. 2.5 lacs in each return.?
Pls guide..Thanks
Good morning. Now the profit earned on Behbood s certificates is being deposited in saving accounts of purchasers and tax is being recovered through saving accounts.Eventhen the holder is to pay income tax through return filing. What is the case for non residents.
Yes. Profit is paid directly into saving accounts now but without detecting WHT. You need to entered values of net profit on Behbood section. Tax will automatically detected as per Behbood tax band. Non resident also required to pay WHT as per Behbood tax band.
Sir ji kya aap tax return ka kam karte hain agar han to aapko kaise contact kiya jaye kiya jaye
0300-7574731
Bahood ma investment not more than 50 lac. So prifit cannot 40 lac
Yes, this is just example dear