Author: Advocate Shahid

You can enroll on the FBR Iris Portal by filling in your CNIC, mobile number and email to get an NTN to be considered a tax filer in Pakistan. Next, submit your annual income tax return and wealth statement and remember to pay all the taxes in order to be listed on the Active Taxpayers…

In Pakistan, filing of tax late is penalized by FBR Section 182 which includes a daily penalty of 0.1 percent of the amount of tax due payable, a minimum fine of Rs. 40,000 (in case of no tax to pay), and even a one-year imprisonment. Fifty percent penalty reduction would be provided in case of…

In Pakistan, the Federal Board of Revenue (FBR) keeps an official record of all those individuals and entities who have paid their annual income taxes successfully, known as the Active Taxpayer List (ATL). The advantage of being an ATL is that you will have “filer” status, which means that you will pay much less in…

In the view of Advocate Shahid (Income Tax Disputes Lawyer & Advisor in Lahore). To obtain a National Tax Number (NTN) for an Association of Persons (AOP) in Pakistan, you need to register the partnership with the Federal Board of Revenue (FBR) Iris portal by providing a partnership deed, CNICs of the partners, utility bill for…

In the view of Advocate Shahid (Income Tax Disputes Lawyer & Advisor in Lahore). The Registration AOP (Association of Persons) in Pakistan is done online through FBR IRIS portal (IRIS 2.0) by acquiring a 7-digit NTN. The main actions involve entering the portal, choosing FORM 181 (Registration), attachments of partnership deeds, bank accounts and utility…

As pointed out by Advocate Shahid (Tax Filing lawyer & Advisor in Lahore). Yes. Agricultural income is taxable in Pakistan though it does not pay any federal income tax. Rather, it is liable to provincial law on Agricultural Income Tax (AIT), which differs by province. By 2025, the laws in provinces have changed to incorporate higher…

As mentioned by Advocate Shahid (Compliance Lawyer & Advisor in Lahore). The Pakistan Agricultural Tax Returns (provincial) are required to be filed by individuals and entities in Pakistan whose agricultural income is greater than provincial exemption amounts (usually greater than 12.5 acres or certain amounts of income) or of agri-businesses. Federal income tax is usually not…

As mentioned by Advocate Shahid (Compliance Lawyer & Advisor in Lahore). The Income Tax Ordinance 2001, section 80 AOP, defines an Association of Persons (AOP) as a person, that is, a partnership, joint venture, and other groups of persons, but not companies. AOPs are separate taxable entities taxable on their incomes, and profit shares provided…

According to Advocate Shahid (Taxation Issues Lawyer & Advisor in Lahore). An Association of Persons (AOP) is a business organization established between two or more individuals, firms, or entities (not a company) to produce income in Pakistan under the Income Tax Ordinance 2001: it may take the form of partnerships, joint venture, HUF. AOPs are…

Best Tax Advisor in Lahore Pakistan: Taxation in Pakistan can become quite a daunting task for anyone, from being an individual taxpayer, salaried employee, freelancer, startup, or business owner. Whether filing an income tax return or planning, or receiving a notice from FBR and staying in compliance with tax laws, even a minor error can…

AOP Stands for Association of Persons. In Pakistan, an AOP is a type of “person” that is recognized for income-tax purposes. It may contain a firm and certain other associations or bodies of persons, whilst a company is not part of the definition of the AOP. When the term ‘AOP’ is used in day to…

The SECP Full Form in Pakistan is Securities and Exchange Commission of Pakistan. The SECP Pakistan is the regulatory body for the corporate laws of Pakistan, which includes the regulation of companies, corporate organizations, securities markets, insurance companies and other businesses. So, what is SECP? In simple terms, SECP is a Government body tasked with…