Categories
Tax

Income Tax Law Firm in Karachi Pakistan

top_law_firms_pakistanThe lawyers of Irfan Mir Halepota & Associates understand the challenges Pakistani businesses face as the federal and provincial tax systems grow ever more complex. Our mission is to decipher that complexity and provide sensible, business-oriented services to our clients on income tax and Sales Tax matters.

Our business clients routinely ask us to help structure their corporate transactions in a tax-effective manner, including reorganizations, estate freezes, and the purchase and sale of businesses and assets. We deliver tax advice from beginning (new corporations, partnerships and joint ventures) to end (business succession and estate planning) and all points in between.

Dealing with tax authorities isn’t always easy, but almost everyone has to do it eventually. We help individuals, corporations and trusts work with the CBR on a range of income tax or Sales Tax matter matters, including audits, negotiations, collections, objections to a reassessment, and voluntary disclosures.

We maintain an excellent reputation to resolve our clients’ matters efficiently and cost-effectively manner. But when agreements can’t be reached, our litigation expertise guides clients through appeals to the Tax Court and Tribunal of Pakistan.

We provide following services to our clients

  • Tax returns and Challans.
  • Reply to Show Cause Notices.
  • Tax Compliance.
  • Documentation of Tax record.
  • TAX LITIGATION
  • Legal Representation before Taxation Officer and Hon’able Superior Courts of Pakistan.

Please Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Categories
Tax

Income Tax Law Firm Karachi Pakistan

Top Law Firms in Karachi PakistanWe are a dedicated Tax Law Firm in Karachi that focuses only on tax legal issues between taxpayers and the Tax authorities. We help our clients efficiently resolve tax disputes, and minimize their tax liability. We are Tax Attorneys that serve in Karachi, Pakistan. We can protect your rights, and help you explore every option for tax relief to obtain the most favorable outcome.

We apply a value added approach to minimize your tax liability for the lowest possible cost by eliminating any useless steps that only increase your cost, but do not decrease your overall tax liability. We handle only tax matters at Insight Law, and are dedicated Tax Attorneys that focus our attention on learning every aspect of the ever changing tax laws. We can serve you effectively no matter where you are located in Pakistan.

If you are having a tax problem, you need dedicated Tax Lawyers. If you are facing an audit, Notice of Deficiency, litigation, lien, levy, or garnishment, and you need a Tax attorney to represent you before the Tax authorities. We handle all tax matters including Income, Employment, Property and Estate and Gift Taxes.

Even if you already have an outstanding Tax Debt, and are already subject to a lien, levy, or wage garnishment, we can help provide a tax attorney immediately. You need a motivated and thorough representative to help you explore all of your options to reduce your overall tax liability. Our Tax Lawyers will use a comprehensive, strategic approach to minimize your liability and achieve the best possible outcome. We can help provide immediate relief by stopping liens, levies, and garnishments, while working with you to reach a more permanent solution. Contact us today for a free consultation with an experienced tax lawyer.

We also provide Estate Planning services for you and your family. Let us use our extensive knowledge of tax and Pakistan property law to provide the perfect estate plan for your family. We also handle  probate matters for individuals in Karachi, Pakistan.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Income Tax Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Corporate Law

Partnership

Partnership

1. A partnership is a business relationship entered into by a formal agreement between two or more persons or corporations carrying on a business in common.
2. The capital for a partnership is provided by the partners, who are liable for the total debts of the firms and who share the profits and losses of the business concern according to the terms of the partnership agreement.
3. Partnerships (other than banking companies) are generally limited in size to twenty partners.
4. The interest of a partner is transferable only with the prior consent of the other partner(s).
5. However, a partner’s right to a share of the partnership income may be received in trust for another person.
6. The partnerships are classified into the following two categories for the purpose of taxation:
i. Registered Firms
ii. Unregistered Firms
7. The income of the registered firm is subject to Tax before distribution to the partners.
8. Also the individual income of the partners is subject to income tax at the usual rates.
9. The unregistered firms, income tax may be levied on the firm’s income and the partners are not liable to pay tax on the shares of profit received from the unregistered firm(s).

Submit Your Query For a Legal Advice

For rapid response you can also submit your Query at WhatsApp on +92 321 205 7582 For a Legal Advice
 
Law Firm in Pakistan dealing with Civil Litigation, Commercial, Intellectual Property, Real Estate and Family Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582


Categories
Tax

Income Tax Law Firm in Karachi Pakistan

Top Law Firms in Karachi PakistanThe lawyers of Irfan Mir Halepota & Associates understand the challenges Pakistani businesses face as the federal and provincial tax systems grow ever more complex. Our mission is to decipher that complexity and provide sensible, business-oriented services to our clients on income tax and Sales Tax matters.

Our business clients routinely ask us to help structure their corporate transactions in a tax-effective manner, including reorganizations, estate freezes, and the purchase and sale of businesses and assets. We deliver tax advice from beginning (new corporations, partnerships and joint ventures) to end (business succession and estate planning) and all points in between.

Dealing with tax authorities isn’t always easy, but almost everyone has to do it eventually. We help individuals, corporations and trusts work with the CBR on a range of income tax or Sales Tax matter matters, including audits, negotiations, collections, objections to a reassessment, and voluntary disclosures.

We try to helps our clients to resolve matters efficiently and cost-effectively manner. But when agreements can’t be reached, our litigation expertise guides clients through appeals to the Tax Court and Tribunal of Pakistan.

 

We provide following services to our clients

 

  • Tax returns and Challans.
  • Reply to Show Cause Notices.
  • Tax Compliance.
  • Documentation of Tax record.
  • TAX LITIGATION
  • Legal Representation before Taxation Officer and Hon’able Superior Courts of Pakistan.

If you require more information, Feel Free to Contact Us for detailed consultation.

Telephone: 0321-2057582

Regular Website:  http://www.irfanlaw.com

Law Firm based in Karachi having well experienced Advocates and Lawyers in the fields of Income Tax Law.
E-26, Executive Floor, Glass Tower, Clifton,
Karachi, Sindh
PK
Phone: 03212057582

Categories
Property Law

What is Capital Value Tax on Real Estate in Pakistan ?

Capital Value Tax on Real Estate Related Transactions in Pakistan

The Capital Value Tax is applicable in urban areas for residential property exceeding an area of one kanal and in case of commercial properties without any threshold of land area or size of the property.

The Capital value tax at the rate of 2 percent of recorded value has been levied vide Finance Act, 2006.

Where the value of such property is not recorded, the CVT is payable at Rs. 50 per square yard of land area.

All transfers falling under the scope of purchase, gift, exchange, surrender, power of attorney and relinquishing the rights have been subjected to the capital value tax. However, transactions between spouses, parents, grand parents, brothers and sisters through gift and inheritance have been excluded from its purview.

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Commercial and Residential Property and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

Categories
Property Law Real Estate Deals Tax

Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.