Zahid Jamal & Co

13/07/2025

Reminder!
All sales tax registered persons must finalize their annual biometric verification by July-2025 to maintain compliance with FBR regulations.

31/08/2024

📣 *Attention Valued Clients* 📣

🗓 The *Financial Year 2024* has closed on 🗓️ 30-June-24, and it's now the season for *Income Tax Return Filing!* 📂

Don't wait until the last moment. *Get Your Income Tax Returns Filed on Time* ⏰

*Become Filer* and enjoy *Low Withholding Tax Rates*.

Join hands with 🤝 *Zahid Jamal & Co,* your trusted Firm, for an effortless and seamless filing process.

*_Our Taxation Services_*
www.zahidjamalco.com/taxation-direct-indirect/

*Contact us:*
📱 03354314158
🌐 www.zahidjamalco.com
📍 ISB/RWP (Remotely all over Pakistan)

_Feel free to forward this message to anyone who might need our assistance. Your referral is the greatest compliment!

22/07/2023

📣 *Attention Valued Clients* 📣

🗓 The *Financial Year 2023* has closed on 🗓️ 30-June-23, and it's now the season for *Income Tax Return Filing!* 📂

Don't wait until the last moment. *Get Your Income Tax Returns Filed on Time* ⏰

*Become Filer* and enjoy *Low Withholding Tax Rates*.

Join hands with 🤝 *Zahid Jamal & Co,* your trusted Firm, for an effortless and seamless filing process.

*_Our Taxation Services_*
www.zahidjamalco.com/taxation-direct-indirect/

*Contact us:*
📱 03354314158
🌐 www.zahidjamalco.com
📍 ISB/RWP (Remotely all over Pakistan)

_Feel free to forward this message to anyone who might need our assistance. Your referral is the greatest compliment!

Tax Consultancy:Do you want to improve the financial security of your organization, then you should search for a competent tax consultant. There are many tax consultancies in the market, the best tax consultancy firm is Zahid Jamal & Co.

29/07/2022

File your Income Tax Return at your earliest.

27/07/2022

Due date for filling your income tax return is 30 September 2022 and still many taxpayers haven’t prepared about. Feel free to contact for filing your tax returns at reasonable rate:
A team of professionals is here to help you.
03354314158

17/11/2021

17/11/2021

Computation of income tax on profit and gains for SMEs.

Fourteenth Schedule of Income Tax Ordinance, 2001 has described the rules for computation of income tax on profit and gains for Small and Medium Enterprises (SMEs).

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Fourteenth Schedule of Income Tax Ordinance, 2001:

1. Application.- These rules shall apply to small and medium enterprises as defined in Clause (59A) of Section 2 of the Ordinance.

2. Registration.- Small and medium enterprise shall be required to register with FBR on its Iris web portal or Small and Medium Enterprises Development Authority on its SME registration portal (SMERP).

3. Categories and tax rates.- There shall be following two categories of small and medium enterprises and tax on their taxable income shall be computed at the tax rates given in the table below, namely:-

Category, Turnover and Rates:

1. Category-1 Where annual business turnover does not exceed Rupees 100 million 7.5% of taxable income
2. Category-2 Where annual turnover exceeds Rupees 100 Million but does not exceed Rupees 250 Million 15% of taxable income

4. Option for Final Tax Regime.- (1) The small and medium enterprises may opt for taxation under final tax regime at the rates given in the table below:

Category, Turnover and Rates
1. Category-1 Where annual business turnover does not exceed Rupees 100 million 0.25% of gross turnover
2. Category-2 Where annual business turnover exceeds Rupees 100 million but does not exceed Rupees 250 million 0.5% of gross turnover
(2) Option under sub-rule (1) of this rule shall be exercised at the time of filing of return of income and option once exercised shall be irrevocable for three tax years.

(3) The provisions of section 177 and 214C shall not apply to SME who opts for taxation under sub-rule (1) of this rule.

5. Audit.- (1) SMEs who opt for taxation under normal law under rule 3 may be selected for tax audit through risk based parametric computer ballot under section 214C of the Ordinance if its tax to turnover ratio is below tax rates given in rule 4 of these rules.

(2) The cases selected under sub-rule (1) of this rule shall not exceed 5% of the total population of SMEs whose tax to turnover ratio is below tax rates given in rule 4 of these rules.

6. Exports.- The export proceeds of SMEs shall be subject to tax as per rates prescribed in Rule (4) under final tax regime.”;

7. Exclusion from Minimum Tax on Turnover.- The provisions of section 113 of the Ordinance shall not apply to SMEs.

8. Tax on Supply of Goods.-The tax deductible under clause (a) of sub-section (1) of section 153 shall not be minimum tax where payments are received on sale or supply of goods by SMEs.

9. Provisions of Ordinance to apply.- The other provisions of the Ordinance shall apply mutatis mutandis to the SMEs.