Edge Consultants - EC

05/01/2026

Does your business require an ongoing accounting/ advisory service?

We can help you solve this problem with our retainership program!

All you need to do is sign an agreement with us and we would take care of your monthly/ quarterly/ annually
- book keeping
- with holding tax filing
- sales tax filing
- return of income
- special assignments

It is this simple. Hence contact us today!

15/10/2025

General extension in return filing 2025 up to 31st October 2025.

30/09/2025

Extension in date of filing of Income Tax Returns for 2025!

14/10/2024

Tax Return filing date extended up to 31st October 2024!

30/09/2024

Extension in filing of tax returns for the year 2024! Contact Edge Consultants today.

25/09/2024

𝗕𝗶𝗴 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗖𝗼𝗺𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲 𝗔𝗰𝘁𝗶𝘃𝗲 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿 𝗟𝗶𝘀𝘁 (𝗔𝗧𝗟)!

FBR has proposed amendments to make the Active Taxpayer List (ATL) more dynamic and user-friendly. Following are the key implications:

𝗜𝗺𝗺𝗲𝗱𝗶𝗮𝘁𝗲 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻: Previously, the ATL was updated for a tax year on March 1 for the following year, which caused confusion. This meant that you’d have to wait until the next year to become an active taxpayer, or file returns for two years to get onto the list. But now, the ATL will be updated right after the deadline, allowing you to become active without the long wait.

𝗗𝗮𝗶𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲𝘀: No more waiting until Sunday for ATL list updates. ATL will now update daily, keeping your status current specially in case of banks' systems.

𝗟𝗮𝘁𝗲 𝗙𝗶𝗹𝗲𝗿𝘀 𝗖𝗮𝗻 𝗦𝘁𝗶𝗹𝗹 𝗝𝗼𝗶𝗻: If you missed the tax return deadline but still want to be part of the ATL, you can file late with a small surcharge and become an active taxpayer immediately. However, your name will be listed as late filer, which may result in increased withholding taxes in case of property transactions.

𝗡𝗲𝘄 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀-𝗙𝗿𝗶𝗲𝗻𝗱𝗹𝘆: Newly registered businesses will also be included in the ATL, since their filing deadline hasn’t arrived yet.

𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗶𝘁𝘆 𝗳𝗼𝗿 𝗔𝗝𝗞 𝗮𝗻𝗱 𝗚𝗕: Tax filers from Azad Jammu & Kashmir and Gilgit-Baltistan will also be included in the ATL if their addresses match the region.

These changes will reduce confusion, save time, and ensure a smoother tax filing process. Stay active, file your taxes, and enjoy the benefits of being on the ATL without delay!

25/03/2024

Are you a business owner, partnership firm or a private company limited by shares? Are you looking for reliable and value adding business/ consulting services?

Contact us and we look forward to providing you all in one solution to your consulting requirements.

12/03/2024

The SECP has issued a circular No. 7/2024 clarifying power of the Commission to call or direct the calling of general meetings of the companies. Copy of the circular is accessible at https://lnkd.in/dvMdvDCX

28/02/2024

Congratulations to SECP and ICAP Council & ICAP Accounting Standards Board!

This to inform that ICAP has developed an Accounting Standard for Financial Statements Disclosures of Zakat Received by an Entity . Its approved by SECP vide SRO 240 of 2024. The NPOs shall apply the standards for annual reporting periods beginning on or after January 1, 2024.

The financial reporting standards as applicable in Pakistan under third schedule of the Companies Act 2017 were not sufficient to provide specific disclosures for zakat utilization
Specific disclosures :
Para 9(a)
The accounting policy adopted for the utilization of zakat, stating the basis on which Zakat utilized by the entity is recognized in the financial statements. Where an entity has chosen to recognize zakat utilization at cost plus margin basis, the percentage of margin on cost shall also be disclosed by the entity
Para 9 (b)
Movement in the zakat balance during the reporting period, reconciling the opening and closing balances of zakat.
Information about the nature and amounts of costs/expenditures for which
zakat was utilized by the entity during the year.
Information about the nature and amounts of zakat received (including in kind) during the year.
Closing balance of zakat and its representation by the net assets (e.g. cash and bank balances, accrued liabilities).
Where an entity has recognized an item of zakat received in kind as per the requirement of financial reporting standards as applicable in Pakistan, it shall disclose its value including name of valuer, date and basis of valuation.

27/12/2023

Sindh High Court follows Islamabad and Lahore High Courts in suspending FBR's SRO 1588(I)/2023, imposing a 40% tax on banks' windfall income. Legal challenges against the controversial tax continue to unfold across multiple jurisdictions.

The Sindh High Court (SHC) has suspended the operation of SRO 1588(I)/2023 until the next date of hearing, citing controversies over the vires of section 99D of the Income Tax Ordinance 2001. The Lahore High Court (LHC) had previously stayed the tax imposed under section 99D and SRO1588(I)/2023 at a rate of 40 percent on foreign exchange income of banks. The LHC has re-fixed the next date of hearing for January 15, 2024. The Islamabad High Court (IHC) had earlier suspended SRO 1588(1)/2023. The petitioner banks argue that the additional tax imposed is invalid and subject to approval by the National Assembly. The IHC expressed concerns about the ambiguity in section 99D and stated that the SRO remains in abeyance until approved by the National Assembly. The petitioner's counsel contends that section 99D represents excessive delegation of power by Parliament and challenges the validity of the SRO issued by the caretaker government. The counsel also criticizes the SRO for lacking details on the economic factors leading to windfall income. Additionally, the formula for calculating windfall income is criticized for using a six-year period instead of the specified three-year period.

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