On which Value we will Report Gold in Tax Return | Gain on Gold Taxable or Exempt? | FBR | IRIS |

• 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
#GoldRecording#

[@muhammadmuzammilarshad2720]

Please also expalin on sale of animals with profit.

[@muhammadishaq9330]

Yours way of explanation is outstanding

[@faheempracticallearning]

👍

[@hafizfabrics]

السلام علیکم سر میں نے اس سال کی ریٹرن میں 2.5 تولہ گولڈ والدہ سے گفٹ منشن کروانا ہے تو ساتھ میں پرائس منشن کر دوں اس کی اپنی ٹیکس ریٹرن میں؟ اور دوسری بات یہ ہے کہ اگر اگلے سال میں اس کو فروخت کر دیتا ہوں تو اس پر جو مجھے پرافٹ ہوگا اس پر مجھے ٹیکس دینا ہوگا؟ میرا اصل مقصد اپنے پرسنل ایسٹس انکریز کرنا ہے

[@babarishaq6822]

Sir... thank you very much for such a useful information

[@faheempracticallearning]

👍

[@adurrani6]

thank you sir i was doing it wrong but not shall repeat the same mistake from now onward.

[@faheempracticallearning]

😔

[@Asp1287]

If i declare service benefit plot at fair value,then where should i put this amount on wealth statement...Gift or others?? Coz actual money has not been paid for it.

[@tariqmehadvotaxconsultant9979]

Informative video Faeem Sb

[@faheempracticallearning]

👍

[@shafeeqahmadchaduhary2946]

Thankyou for information . please let me know where to enter extra income earned by part time job other than salary.

[@hannanrana2241]

Thanks for your video kindly explain how to report gold receive in dowry.

[@Accountant2023]

Great video sir

[@faheempracticallearning]

👍

[@bilalhaider6605]

If we report according to market value then how we can prove our source of income ?

[@arifkhatani8063]

Great sir

[@faheempracticallearning]

👍

[@Accountant2023]

Thank you 😊

[@faheempracticallearning]

👍

[@mardanmatch]

Sir agr already 3 sal pehle hum gold ko zero value pe show kr chuke hain tu ab 100% sale value pe capital gain se kese bacha ja sakta hai?

[@formanauto6034]

Aoa sir. How to declare inherited property in tax return. Thanks and Regards

[@faheempracticallearning]

w.salam pls watch lecture of property reporting in tax return

[@cookwithmaha869]

Please also explain gain on sale of vehicles

[@faheempracticallearning]

Exempt in case of personal assets

[@riazmastoi]

Does the holding period of Gold not matter for imhposition of tax ?

[@faheempracticallearning]

Yes, no holding period

[@alflaz2400]

Your great I learn alot

[@atiqBurki]

i have surrender the insurance policy before maturity and the amount received is less then the amount of premium paid (already mentioned in assets section ) , what will be the entries in IRIS.

[@EbuJan-ke2jo]

Aoa, Dear Sir, I hv heard to report inherited property on zero value in balance sheet. Is it ok? Or v should mention inherited property on DC rate to save ourself from capital gain. Please reply.

[@shahidmorning4947]

12 tola gold liya year 2007 ma 10 Lac ka ap return ma present gold ki value likh ya porana rate per gold liya wo likh

[@umairkhalid831]

Assalam u alaikum, Sir Section 37 (5) (d) mn capital assets 38 (5) ko ko exclude kiya gya hai capital gain se, jis mn Gold / Jewellery bhi shamil hai please comment

[@faheempracticallearning]

any movable property 7 [excluding capital assets specified in sub-section (5) of section 38] 38-5 (5) No loss shall be recognized under this Ordinance on the disposal of the following capital assets, namely:- (a) A painting, sculpture, drawing or other work of art; (b) jewellery; (c) a rare manuscript, folio or book; (d) a postage stamp or first day cover; (e) a coin or medallion; or (f) an antique. Word used exclude, means added in capital assets. in Finance act 2003

[@faheempracticallearning]

if word used does not include thn it means not taxable

[@umairkhalid831]

@@faheempracticallearning understand thanks

[@amirsajjad8976]

السلام علیکم سر ذرا رہنمائی کر دیجئے گا اگر ہماری ریٹرن میں جو وائٹ منی پڑی ہوتی ہے اگر اس رقم کو بینک میں جمع کروا دے تو پھر بھی نوٹس ائے گامثلا پورے سال میں وائٹ منی میں سے چھوٹی چھوٹی رقم کرکے جمع کروا دیں تو وہ وائٹ منی کا حصہ ہوگی

[@TheMyousufsaleem]

Please make a video on income tax return for mutual funds account holder. Specially for one when profit shown in mutual fund account but no tax deducted as amount not redeem from account

[@creatv3668]

Q.1: Household and personal items ki sale per agr 6lac tak gain ho u? sold to relative + olx, no receipts.

[@faheempracticallearning]

Description of goods?

[@creatv3668]

​​​@@faheempracticallearning Non-resident: Due to going abroad sold all household items e.g. furniture, TVs, ACs, refrigerator, electric kitchen appliances everything during the year Total lump value of all were declared under 2 heads household items 17lac and personal items 10lac like, total 27 but now gain is near to

[@rehmanmalik8174]

What is tax rate of gain of sale of gold? Kindly explain?

[@irfanrana429]

Gold which was reported in return is given to daughter as gift on her marriage. How it would be reported in return now. Please guide. Thanks

[@E90999]

problem solve hoi aap ki?

[@irfanrana429]

Not so far, No body has responded yet.

[@Jjr-sk7vr]

Marriage gifts ,cash,gold etc par income tax lagu hoga,jis tarhan normal gift par tax hota hey

[@ahsanulhaqhashmi9408]

No

[@ARMalik-zs6ix]

AoA Faheem sahib I want to know what is the treatment of Exchange Gain on Foreign Currency . in tax year 2022 $10000xRs. 205= 2,050,000 was reported in 2002 in Tax 2023 On 30th June 2023 $10,000* Rs. 287= Rs. 2,870,000 How to treat this foreign currency exchange rate in tax return for the year 2023 Appreciate your earlier response thanks

[@faheempracticallearning]

At the end of each year return, no need to report as per actual exchange, rate until it is realized, means convert into PKR, on additional profit or gain we need to pay capital gain tax as well, so at year end don't covert at actual rate, when sale report capital gain if any

[@user-lt3wu7tt8c]

AOA sir, her saal ki tax return mei gold ya propery ki price value ko increase karna hai ya jo 1st return mei likha tha wohi rehne dain ????

[@faheempracticallearning]

Not increase, eveytime sale, same reported in 1st return.

[@user-lt3wu7tt8c]

@@faheempracticallearning sir one more thing return mei property ki DC value likhi jaye ya market value

[@user-lt3wu7tt8c]

@@faheempracticallearning agr mere pass suppose aj 7 Tolla gold hai or mei 2 ya 2.5 tolla sale karta hon jis ki value 4 lac tak hoti hai to kya phir b mujhe captain gain tax dena pare ga

[@waqasfareed1447]

Sir agar 5 tola main se 1 ya 2 tola sale kare to use kaise zahir kare ge please guide

[@amanalam7866]

Ab jis ny pehli bar 0 declare kr dya ,,wo kia kary,,ab usko change kr sakty he

[@malikkhan1245]

Dear agar gold 2007 ma liya hu like 20x30000= 6 lac And sold in 2023 20x230000= 46 lac Is pa koi tax apply hoga?? Mainay suna ha 5 years old gold pa capital gain tax ni lagta. Kindly answer please. Tax lagaga ya ni? Or kitna lagaga or gold ka tax alag caclualte hoga ya ni q k salary 12 lac yearly report ha tu tax salb change hoga.

[@faheempracticallearning]

No time limit, applied

[@khalidMahmood-ew4vm]

Will and how value of Inherited gold be entered in tax return?

[@faheempracticallearning]

At 30th June gold rate

[@hafizmuhammadusman1269]

A.A sir keya koi person apni return main wife possession gold likh sakta hey? Aur agar likh sakta to wife possession gold ki value zero likhi jaey gi ya fair market value? Plz guide about it

[@rmfukt]

Aoa please advise how to report fcy dollar account amount value in tax returns as value fluctuating.

[@faheempracticallearning]

Update the closing value, based on rate, available in state bank, and difference report in adjustment of inflow tax

[@rmfukt]

Thanks, I believe you advised considering +ve rate change, please advise inase of -ve rate change. Also please advise what rate to be considered upon withdrawal.

[@mianabid3460]

Asslamo alaikum sir, 2018 se gold marriage pe Mila uski value 0 likh di.. Kya ab 2023-24 ki return mein 2018 mein Jo gold ki value thi wo likh sakty Hain? Matlab 0 se value change ho jayegi? And 2nd question ye k us mein se 3 tola gold sale kr dia Lekin receipt ni hai. Us ka Kya kia ja sakta hai ab? Thanks

[@faheempracticallearning]

no, one declared, not changed, subsequently

[@accountingmadeeasy8135]

Sir agar Meri company koi cheeze manufacture karti hai 6 cars bhi purchase karti for reselling aur isko sales aik particular year mein profit generate karti tu ye capital gain mein include hoga ye kisi aur head of income mein

[@user-rd8ji7is2i]

excellent. very well explained. it really makes sense. your valuable input is required in following particular case. e.g. u mentioned value of one tola gold one lac in your previous return. In current year value of one tola gold becomes two lac. u did not sell the gold. u have to mention it in current year. where will u mention one lac increase in asset in income head? it is not your salary. It is not capital gain because u did not sell the gold. In which head we should mention it?? Reply

[@NomanKhan-ii9oo]

Same question plz reply

[@ayeshaurooj7192]

If falls in personal assets..

[@alflaz2400]

Nice lecture

[@faheempracticallearning]

Jazak Allah

[@Jjr-sk7vr]

What is the ruling of gold bars in tax return?

[@faheempracticallearning]

Report actual

[@zarentertainment4820]

sir mein unemployed hun. meray father nay 2013 mein aik commercial property meray naam pr buy ki thy. jo aj bhi meray name pr hai. ab mein us property ko sale krna chahta hun. mein yesterday 1st time iris fbr pr register huwa hun aur mein nay 2021 aur 2022 ki nill tax return submit kr di hain issi month (Dec-2022). But mein nay apni wealth statement mein kuch bi add (property etc.) nai kiya. 1. Iss ki wja say koi problem tu nai hu ga property isi saal (January 2023) sale kertay waqt filer property tax mein ya income tax mein aur bank account mein paisay rakhwatay waqt ? 2. Kya mujay revised wealth statement fill krni chaiya (property add krnay kay liya) ?

[@faheempracticallearning]

Revise both statements, you need to report all assets in your return

[@Multivibez]

I have purchase gold thru forex broker, and still its in trading account and not sold yet , How to show in tax return

[@faheempracticallearning]

Report buying value

[@saeedahmad2362]

سر اگر ھم ویلتھ سٹیٹمنٹ میں Dowry شو کرتے ھیں 10 تولہ اور لکھ دیتے ھیں belong to wife since marriage تو اس پر gain کیسے بنتا ھے کیوں کہ یہ تو بیوی کی ملکیت ھے اکتر بیبیاں شوھروں سے پہلی رات ھی بخشوا لیتی ھیں اور اگر یہ 5 سال یا دس سال بعد شوھر کو دیتی ھیں کہ یہ فروخت کر کے اپنی ضرورت پورا کر لیں تو کیا اس پر بھی gain آۓ گا جبکہ بیوی نے دو دن بیچنے سے پہلے خاوند کو دیا ھو حوالے کیا ھو اور اشٹام بھی لکھ کر دیا ھو کہ میں آج خاوند کو اس کی ضرورت پوری کرنے کیلیے دے رھی ھوں کیا یہ ٹھیک ھے اور اس پر gain نہ ھو گا

[@atiqurrahman3304]

AS Salamu aikum sir , how to show foreign currency account in annual returns,

[@faheempracticallearning]

Same like bank account

[@atiqurrahman3304]

@@faheempracticallearning how to Show its Appreciations e,g last year 50 000 usd equal to 11 million and this year 14.1 million ,

[@Accountant2023]

Can you guide me plz, 2 year old Wealth statements revise krnay k lye approval ki application deni parti hai?

[@faheempracticallearning]

Yes

[@Accountant2023]

@@faheempracticallearning Thanks alot sir for your reply

[@naveedhaider7729]

I have some gold inherited do i have to report it in my return and what value?

[@faheempracticallearning]

Check gold lecture

[@ammarmalik1842]

AOA! Agr Gold ki Amount mention krty hain return m tu agr kl ko notice ajy os m wo puchy k evidence dy es ka tb hmary pas tu koi evidence nai ho ga………..?

[@faheempracticallearning]

1st we need to mention actual value, if we don't have then we can use fair market value, that buying price

[@attalawcompanyalc7773]

Faheem sahb kindly guide me about inherited property and inherited gold.... hum normally eski value nill hi mention krty hain

[@faheempracticallearning]

Pls check, already explained in lecture watch all lecture, don't forward

[@tariqhassan387]

Inheritance may gold ki invoices ka se arrange karey current value mention kernay baad annually gold value addition per Tax jamma kerwaty jain ?

[@zainulabideen8859]

@faheem sir if someone has reported it at zero value at time of first two returns then how it should be corrected?

[@faheempracticallearning]

Now revision quite difficult, just keep this

[@anasqayyum8985]

In k case me agr ye gain tax ki taxable slab SE Neechy reh kr her Saal gold ko sale krty rahy or JB Sara gold sold ho jae according to books to next year dobara se gold purchase ki entry kr dein aj k market rate pe to I think ye matter solve ho skta? What do u think?? ​@@faheempracticallearning

[@faheempracticallearning]

@@anasqayyum8985 all gain taxable, no slab available in this case.

[@anasqayyum8985]

​@@faheempracticallearningsir apny hi lecture me bataya k 4 lac gain tk koi tax nhi hai. 4 lac SE oper jae ga to tax pary ga according to slab. Agr ye Bhai 4 lac se Neechy reh kr her Saal sale krty rahy to phr to koi gain tax nhi pary ga.?? Ya slab rates change ho gaye hain is financial year mein?

[@smile-bj1mf]

Sir agar 0 report kia howa hay pehli return sy he previous returns ma tu ab value add kr sakty hain ya nahe? Plz guide

[@faheempracticallearning]

No, we can't change

[@smile-bj1mf]

@@faheempracticallearning Jazzak Allah

[@scorpian3366]

i declared my inherited property as zero value pt-1 on my name for 10 years but registry is still on deceased name , am i out of holding period condition thus no tax when i sell , should i update my inherited value from zero to fbr value next year or not please guide

[@faheempracticallearning]

Gain and loss period will be started from the date when transfer on your name,

[@scorpian3366]

@@faheempracticallearning so should i updated from zero value to fbr rate next year

[@faheempracticallearning]

@@scorpian3366 you can only report in your return, when on your name, further when transfered, FBR calculate the sale and cost price, cost price is registery value.

[@scorpian3366]

@@faheempracticallearning so when i make registry on my name .i can declare it , my share at fbr rate according valuation table, so that means pt 1 form does not satisfy fbr as a owner ship proof even if your name is on that form for 10 years ,written their as well that property is in self possession

[@faheempracticallearning]

@@scorpian3366 1st need to transfer on your name.

[@NasirAli-mv6cj]

ریٹائرمنٹ پر 6 ماہ کی Leave in cashment ملتی ہے کیا وہ taxable ہے

[@MalikQayyumAQ]

nhi

[@saifrashid6713]

Sir Is there any obligation on Husband to Show his wife's Gold in his return in case wife is non filler.

[@faheempracticallearning]

We can report, if actually available

[@saifrashid6713]

@@faheempracticallearning Can you explain any plus point or drawback of reporting?

[@faheempracticallearning]

@@saifrashid6713 for this you can report