Property Purchase Restriction New Bill Pas | Bad News | Sufficient Source Declare | Filer Non Filer

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Bill Draft;
"114C. Restriction on economic transactions by certain person. __ (1) Notwithstanding anything contained in any law for the time being in force, __
(b) any application or request by any ineligible person, to any authority responsible for registering, recording or attesting transfer of any immovable property, more then such value in aggregate in a tax year as may e notified by the Board from time to time, shall not be accepted or processed by such authority:
(5) For the purposes of this section, __

(a) "cash equivalent assets" shall be such assets as may be prescribed;
(b) "eligible person" shall mean a person, who has filed a return of income for the tax year immediately preceding the year of transaction mentioned in sub-section (1) and has sufficient resources in the wealth statement in case of an individual, or financial statement in case of a company of an association of persons, as the case may be, for such transaction:
(d) "ineligible person" shall mean a person who is not a n eligible person;

Income tax Includes;
Section-4 Tax on taxable income
Section-5 Tax on dividends
PART l
Section-9 Tax on taxable income
Section-10 Total Income
Section-11 Heads of income
PART ll
Section-12 Salary
PART lll
Section-15 income from property
PART IV
Section-18 Income from business
PART V
Section-37 Capital gains
PART Vl
Section-39 Income from other sources
PART Vll EXEMPTIONS AND TAX CONCESSIONS
PART Vlll LOSSES
PART lX DEDUCTIBLE ALLOWANCES
Section-60 Zakat
PART X TAX CREDITS
Chepter X
PROCEDURE
PART l RETURNS
Section-114 Return of Income
Section-114A Taxpayer's profile
Section-115 Persons not required to furnish a return of income
Section-116 Wealth statement
Section-147 Advance income tax
Section-148 Import
Section-149 Income from Salary
Section-153 Payment of goods, service and contract
Section-155 Income from Property
Section-231AA and 236P Advance tax on certain banking transection
Section-231B Advance tax at the time of registration of private motor vehicle
Section-234 Tax on motor-vehicles
Section-234A CNG Stations
Section-235A Tax collection from domestic electric bills (Electricity consumption)
Section-236 Tax collection from telephone users
Section-236B Advance tax on purchase of domestic air ticket
Section-236F Advance tax on cable operator and other electronic media
Section-236G Advance tax on sale to distributor, dealer and wholesalers
Section-236H Advance tax on sale to retailers
Section-236I Advance tax by educational institutions
Section-236U Advance tax on insurance premium
Section-236X Advance tax on Tobacco
Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
Fine and penalties
Section-170 Refunds
Section-171 Additional payment for delayed
Section-177 Audit
Treatment of provision for bad and doubtful debts

E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.

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Speaker;
IRFAN SIDDIQUI
Advocate HighCourt & Tax Advisor
Contact No.
03018772514

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