Avoid FBR Harassment|Difference between foreign remittance, foreign income & export proceeds in Iris

Further Study Videos:
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For MS Accounting/M.Com/MBA & Law Students:
2022|Episode 7|Season 4|#Foreign #Remittance|#Taxable or #Tax #Exempt in #Pakistan|#Circular5 #FBR|
• 2022|Episode 7|Season ...
For ICAP/ACCA/PIPFA/ICMAP/CIMA Students:
Taxation of #Foreign #Remittance in #Pakistan|October 12th, 2020|#FBR #Iris #Live #Tax #show
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For Help in Interview Questions:
Today's Business Topic|#Taxability of #Foreign #Remittance|
What, You Should Learn From This Video:
1. If you are a genuine non-resident earning outside Pakistan, your foreign remittance sent to Pakistan is not taxable.
2. If you are a genuine IT freelancer earning export income, foreign remittances sent by your clients are eligible for 100 tax credits in Pakistan.
• Good News for #Non #Re...
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Advocate Anthony Williams,
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Meet Our Cofounder Tanveer Asif Khan, FCA| Call 0333-7642600
Mr. Williams brings with him over 20 years of experience in various business sections, with key expertise regarding income tax, wealth tax, sales tax, service tax, federal tax, taxation history, litigation, AI, Startup Incubator, author of news publications and articles.
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[@MuhammadAli-tu9bi]

Once again explained in a veryyyy comprehensive manner... Have not seen this much detail in paid training courses...u are love sir.😋

[@TaxDosti]

Much appreciated. Do give your feedback on our upcoming Tax Dosti Lectures for CA, MBA...Students. Starting from August 1, 2023.

[@irfanamjadsheikh7764]

Very informative video.

[@TaxDosti]

@@irfanamjadsheikh7764 Thanks

[@khalidsaeed4342]

Sir, you explained well, At some points you moved from one point to other without detail of previous point. It was confusing.please go to next segment after clearing one. Thanks.

[@TaxDosti]

You can ask your question on WhatsApp [phone], we will love to answer you.

[@MuhammadAli-tu9bi]

Each and every confusion of mine is cleared on the topic.❤

[@TaxDosti]

Thanks a Million.

[@MuhammadAli-tu9bi]

@@TaxDosti no no sir.. Thank you for sharing ur best with us...👍

[@TaxDosti]

Welcome. Much appreciated

[@irfanamjadsheikh7764]

Sir congratulations on the road to complete five years . Great job.

[@TaxDosti]

Much appreciated. We are fortunate to have fans like you.

[@Delighthd]

Hello friend, we are absolutely honored to follow your work, we are immensely happy and grateful to share your amazing work with us, we admire every work shared by you, congratulations for the excellent work we wish you success friend, another subscriber here

[@TaxDosti]

Thank you, we are thrilled to have your feedback. We look forward to more, as we try to produce quality tax information about Pakistani taxes. Have a great day !

[@monkeydluffy2063]

Well I blame FBR for creating such confusing forms - there is no explanation for these sections anywhere, such duffers sitting in taxation offices. General public can't understand these short 2 word labels, and most consultants are also playing guessing game for same reason. FBR people should be the ones to explain to courts why even tax consultants can't understand these labels

[@TaxDosti]

Agreed. Thanks for your feedback.

[@Faizan-A-Khan]

Things are intentionally kept too technical that a layman or incompetent tax lawyer do not understand, this is where they start making money.

[@monkeydluffy2063]

@@Faizan-A-Khan exactly why I think they should answer to the courts

[@TaxDosti]

Tax laws are complicated in every country

[@TaxDosti]

Agreed

[@hussnainhaider7327]

love you bhai

[@TaxDosti]

We love you too !

[@TrueKing-vr6mi]

Sir basic question hai, jab fbr 5 million tak koi questions poch hi nahi sakti toh fbr ko yeh kaise pata chale ga ke yeh flreign remittance hai ya foreign income? Bank account mein toh international remittance likha ata hai, toh agr kal ko fbr pochta hai ke tax pay kare toh banda keh sakta hai ke 5 million tak no questions

[@TaxDosti]

They get data directly from Bank

[@TrueKing-vr6mi]

@@TaxDosti even on the bank statement it says international remittance. It doesn't say foreign income or foreign remittance.

[@TaxDosti]

@@TrueKing-vr6mi Let's discuss on WhatsApp [phone]

[@zahidkhurshid7457]

Sir, Now the wealth statement sheet (116/2) is part of the income tax return (114) so while putting data as blank in the wealth statement it is not possible to make reconciliation value zero as the return automatically picks the 'Previous year assets automatically.

[@TaxDosti]

If you don’t put any data in the first wealth statement that you declare, then no data will be carried forward. Thanks

[@user-fu6rw1jd9f]

Yar ap nay shayad ka word kiu use kiya? Were you not sure which of the head represents foreign income of freelancers. Isn't it a grey area in the tax return which FBR should have or need to address themselves and explicitly mention in the ordinance as well as add a tab somewhere in the tax return for freelancers representing their foreign income? Kiya blunder ap say tu nahi ho jaye ga? I am not criticizing you but export proceeds should have been mentioned somewhere in the business area which you have been referring too.

[@TaxDosti]

You have misunderstood the video. Export proceeds are income from business. Thanks

[@TaxDosti]

For Taxation of IT freelancer we have separate detail videos and playlists. Please watch them before you file your tax returns and do consult a professional, since these videos are for information purpose only and not tax advice.

[@user-fu6rw1jd9f]

@@TaxDosti Thank you for your reply. Can you just kindly tell under which head of income should a freelancer, providing IT services for example ''graphic designing'' to foreign clients, report his earnings: foreign source of income or other revenues in the business section? Waiting for your reply.

[@TaxDosti]

Income from Business head

[@syedjahanzeb3594]

Foreign income ko wealth mai kaha declared kregay fix n final ya normal mai

[@TaxDosti]

Lets connect on WhatsApp [phone]

[@canada8517]

Salam Alaikum , I have send my salary remittance and my friend also send me remittance. Should I declared both or I declared only Remittance by myself only.

[@TaxDosti]

It’s better we discuss! Connect on WhatsApp [phone]

[@iftikharahmed7042]

AA Sir how can i watch your all videoes from starting?

[@TaxDosti]

Just go to videos section on KZbin channel and select oldest

[@Asp1287]

What if an IT freelancer is not registered with pseb but he receives payment via banking channel & his proceeds is not deducted at 1% by banks?Should he declare his foreign proceeds as export proceeds in his tax return and pay 1% tax to fbr?

[@TaxDosti]

Let’s connect on WhatsApp [phone]

[@rashiddar6655]

My question is that being a resident taxpayer is running online business in USA. Additionally, company account and personal account also opened in USA. The said company is also submitted quarterly income tax return and properly tax paid in USA. In such circumstances, we will declared in foreign source income as well as personal account will also be declared in wealth statement under the head of outside Pakistan assets. In the said case, no foreign assets except personal bank account. In this situation, whether taxpayer will be filed separate statement 116A. Plz guide.

[@TaxDosti]

It’s better we discuss on WhatsApp [phone]. I can a general answer here.

[@TaxDosti]

116A wealth statement is only filed by resident taxpayers, if they earn more than $10,000/ per year as foreign income in any one tax year. Thanks

[@saeedghauri6689]

Fc account ki valuation kaisay kergay sir. For example a person maitain USD account as per y 2022 component was lessor tha than value of encashment in year 2023 . How differece will treated in the year 2023.

[@TaxDosti]

is it personal account or business bank account ?

[@saeedghauri6689]

@@TaxDosti personal joint account

[@TaxDosti]

@@saeedghauri6689 Just show the gain as inflows - others in wealth reconciliation statement. This is not advice just a suggestion. Consult professionals before acting on it.

[@khalidsaeed4342]

Sir, If I am non resident, I am working abroad and send money through banking channel to my own account. Is it not foreign remittance? Where it should be mentioned in IRIS and Under which code. As some experts are confusing that foreign remittance can be sent only to relatives, not to your own account.

[@TaxDosti]

You don't need to file wealth statement. For more let's connect on WhatApp [phone].

[@Bholapanchi]

below 5 million remittance, is it necessary that only blood relative sends money ?

[@TaxDosti]

No its not like that, let's connect on whatsapp [phone] to discuss.

[@Bholapanchi]

@@TaxDosti boss there is no condition of blood relation in finance bill. i think there is some SRO in this case.

[@TaxDosti]

Both

[@KamranSamson]

I provide IT enabled services and all income is coming via banking channel as foreign income with the deductiion of 1% WHT in business bank account. I also pay my team from this income. How to represent expense, salaries, etc from foreign income in Return 2023.

[@TaxDosti]

The short answer is pay them and make withholding tax from them and file your withholding statements. For more info. WhatsApp Us [phone].

[@KamranSamson]

@@TaxDosti thankful, i will reach out via WhatsApp

[@TaxDosti]

Welcome