Deemed Income Tax 7E | How to calculate 1% Income Tax | Exemption on Income Tax | FBR |

• SALE TAX AND INCOME TA...
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Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231AA and 236P Advance tax on certain banking transection
7. Section-231B Advance tax at the time of registration of private motor vehicle
8. Section-235A Tax collection from domestic electric bills
9. Section-236 Tax collection from telephone users
10. Section-236B Advance tax on purchase of domestic air ticket
11. Section-236F Advance tax on cable operator and other electronic media
12. Section-236G Advance tax on sale to distributor, dealer and wholesalers
13. Section-236H Advance tax on sale to retailers
14. Section-236I Advance tax by educational institutions
15. Section-236U Advance tax on insurance premium
16. Section-236X Advance tax on Tobacco
17. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
18. Fine and penalties
19. Section-177 Audit
20. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
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.
Regards,
Faheem Mehboob
ACCA Member
03007574731
Sale tax, Income tax, Practical Learning house, Taxation of Pakistan, Taxation of Pakistan, FBR, IRIS, Tax of Pakistan,

[@darwaishbaba8184]

Very well explained. Much appreciated. 👍

[@ahsanlive]

That's great, Thank you sir most convenient way explain it.

[@irfanhabeeb3660]

EVERY VIDEO IS MUCH INFORMATIVE..................

[@taxfinanceeducation7276]

I think its not on declear value its on Fbr value of property pls correct

[@mrhumman9100]

Sir Whats the difference between CVT and 7E or both of them same means cover under definition of CVT section 8?

[@Tofique]

Sir, well clear as always. Please upload a new video on this, because many points are to be reconciled

[@faheempracticallearning]

Yes sure

[@Uzairrwrites]

Kindly yeh bata de ghr leny py jo registry k expenses aty hai or ghr ki maintaines py jo expenses aty hai wo return me kaha add krny hai?

[@tabkhan1179]

Sir, please guide if property declared in the wealth statement is in installments and will get the possession after 3 to 4 years for that property we have to submit 7e foam.

[@mohammadumarsaleem3686]

Faheem Bhai Jo tax calculator hogi 7E ki wo fair market value py hogi ya jo declaration ki we us py like agr ksi k pas 5 plot hain jo aj say 5 sal pehly leya wy thy wo sb add kr 25 million nai bnta to kia wo tax dy ga ga nai ya phr fair market k hissab sy calculations hogi 1%

[@hannanrana2241]

Sir what is the tax rate on agriculture commission agent.

[@syedarifhilal7048]

👍🏼

[@tahirh952]

What about developing society plot files

[@osmanahmed8185]

It looks property owners are sitting on a gold mine, Harsh taxation , when the economy on verge of collapsing .

[@faheempracticallearning]

Yes agreed

[@altafamirali4946]

Thank you sir for your informative video. Please let me know if there's one property which is the value of 26M this is a living property it's taxable property

[@faheempracticallearning]

No, watch lecture again

[@itscity6192]

Very valuable knowledge 👌👍 is there any need for a person to file the statement having aggregate value of the declared properties is less than 25M? Plz guide

[@faheempracticallearning]

Yes , pls check latest lecture, already explained how to file form

[@IsmaeelBaloch]

Dollar 💵 Army pr bhi Tex lago Proverty Army 🖕🏿🖕🏿

[@maliksalmantaxconsultantFcma]

Dear, Kindly check your example again , If someone has two assets , like your example both valued at Rs 15 million each ,in this case one assets which is residential assets excludes from valuation and the remaining figure 15 million will not be taxable because its below 25 million thresh hold . I am quoting from ordinance check this definition (where the fair market value of the capital assets in aggregate excluding the capital assets mentioned in clauses (a), (b), (c), (d), (e) and (f) does not exceed Rupees twenty-five million;)

[@faheempracticallearning]

Same explained, watch lecture again and listen exemption 😄

[@faheempracticallearning]

In that example, already assumed that, 2 capital assets not covered in exempt list. Don't forward watch complete lecture

[@checking6663]

Dear Sir, Please tell us that whether we will take market value or wealth value for calculation of tax U/s. 7E ? Please guide.

[@faheempracticallearning]

Fair market value on 30th june

[@shamsazarlish2297]

Sir number 5 main aap thori si corrections kar lijiy. Yaha ager aap koi property sirf buy hi karly aur 236K ka tax pay kardy to bhi exempt hy

[@faheempracticallearning]

Yes already explained, but 236K must be paid.

[@hyderrashid5820]

Please make a video on actual filing of Form 7E

[@faheempracticallearning]

Yes sure, in next lecture

[@arslanghazi2386]

Sir kindly voice ko behtr kren voice zyada kren

[@faheempracticallearning]

Yes sure

[@syedmaqsood-ul-hassan3233]

Sir, AoA, If a person is and have some property in Pakistan (i.e) one house from which he earn rental income, Two number plots , Total Value of comes to Rs. 30 million. It may kindly be clarify weather will he pay deem income tax or not on that property. it is mentioned here that he is paying tax on rental income. I shall be very thank full if you kindly guide me.

[@awaiskhan-mz3ji]

Sir what about the inheritance property? Will it be taxed under this section?

[@faheempracticallearning]

Yes apparently it will apply, better to wait for further clarity

[@faisalmobin2303]

Exemption on one property include both residential and commercial or one exemption available in each category ?

[@faheempracticallearning]

property address that available in your profile, or online NTN inquiry information.

[@RM-ci7be]

Mr. ishaq dar on his statement said it would FBR value exceeding whereas on FBR site it says the market value. so which one are they going to assess the value upon?

[@faheempracticallearning]

Yes, but we need to follow rules

[@zeeshansincere]

Sir Kindly Guide Under Section 7E Capital Assets In The First Tax Year of acquisition where Tax Under section 236K Has Been Paid. From This, I understand that a property will be taxable under 7E after 2 years but in your video, you said that the property will be exempt if it is purchased and sold in the tax year with the condition of 236K

[@faheempracticallearning]

Yes this is in case of accumulative property. 1st year will be exempt

[@zeeshansincere]

@@faheempracticallearning Thank You Sir

[@salmanshafiq1475]

sir if a person have 3 properties (20M, 15M and 11M), including the one where he lives(20M). Then Tax under 7E will be calculated by excluding that 1st property value where he is living that is 26M ??? or Tax will be calculated on total amount of 46M

[@faheempracticallearning]

On 26 million

[@anisqureshi881]

I think there are loopholes in this new section. What if I have a property of 30 million and I rent that property on 30,000rs per month. Per Annual rent is 360,000. So i will pay tax on 360,000, which is much much lower than 1% of 30 million. It is better to rent all the properties to save tax, even on a dummy/fake rent agreements with any family member or friends. OR Register a new business and use that building for business, put on a small board of business on that house and declare very low net profit around 500,000 and pay Rs 5,000 tax on net profit, instead of 1% on 30 million.

[@faheempracticallearning]

Yes different condition and ways to save tax, later in lecture we will discuss

[@salmanshafiq1475]

moreover properties which were purchased and entered in IRIS during past years have less value entered. Now market value is increased then what will we enter in "declared value column" of Form 7E?

[@faheempracticallearning]

Use FBR valuation rates

[@salmanshafiq1475]

@@faheempracticallearning declared amount is less than these rates, as some inherited properties are included. So fbr rates will be higher than these ones. calculation will be made on fbr rates but will declared rates not make any problem/difference?

[@faheempracticallearning]

@@salmanshafiq1475 we need to follow, FBR valuation rates as per law, this is also main purpose of this section to apply latest rates.

[@insideazadkashmirmuzaffara1604]

Deprecation tax return pr koi lecture bnyen for business ind

[@faheempracticallearning]

Yes sure

[@atiqurrahman3304]

As Salamu alikum, Deemed Income Tax 7E k notice par koi Video hai App ki ??

[@faheempracticallearning]

Yes available, pls check 7E lecture

[@anisqureshi881]

Sir, Do we have to take the purchase amount of properties or the market value of the properties or DC/FBR rate of the property?

[@faheempracticallearning]

Fair market, value evey year on June .

[@anisqureshi881]

@@faheempracticallearning Sir, what is the best accepted method to calculate the Fair Market value of immovable properties? what evidence can we have about the fair market value?

[@faheempracticallearning]

@@anisqureshi881 FBR valuation rates

[@anisqureshi881]

@@faheempracticallearning ok Got it but FBR valuation rates are mostly below than the actual market fair value.

[@faheempracticallearning]

@@anisqureshi881 for this we need to more wait for further Clarity from FBR side.

[@irfanamjadsheikh7764]

Sir those who have already filed return how can they file 7e form

[@faheempracticallearning]

Check latest lecture

[@syedhussain7967]

Sir jis ghr my abhi reh raha hn wo 26.5m r khud reh raha hn...kya is pa tax hoga??

[@faheempracticallearning]

No, one property exempt, if your living there.

[@syedhussain7967]

@@faheempracticallearning thanks

[@ZafarIqbal-em3eb]

IF I AM LIVING IN A PROPERTY "A" AND AN IN OTHER PROPERTY "B"MY FATHER IS LIVING IS ALSO ON MY NAME THAN WHAT WILL TREATMENT

[@faheempracticallearning]

Yes, it is acceptable, if both added, in profile address, but for more clarity we need to wait from FBR sides

[@ZafarIqbal-em3eb]

@@faheempracticallearning thanks

[@mustafaali328]

Sir, in your example given in this video you took 01% of PKR 30 Million instead of 01% of PKR 05 Million. I think you forgot to minus PKR 25 Million exemption from PKR 30 Million. Kindly explain?

[@faheempracticallearning]

No, if value more thn 25 million, thn 1% of total value

[@mustafaali328]

Sir, but in FBR IRIS PORTAL FORM pertaining to section 7E, if we take aggregate value of capital asset less than PKR 25 Million and if no exemption is selected then that aggregate value fall under "total value of capital assets under section 7E but deemed income under section 7E remains zero. Now MY QUESTION IS RELATED TO PRESENTATION IN IRIS PORTAL REGARDING SECTION 7E OF CAPITAL ASSETS LESS THAN PKR 25 Million. What we take in exemption as 'yes' or 'no' of capital assets having aggregate value less than PKR 25 Million?

[@faheempracticallearning]

@@mustafaali328 new Form will be added on IRIS, wait some days

[@KashifKhan-kk4rh]

Make a video on Minimum Turnover Tax