Wealth Statement Reconciliation |

#WealthStatement #Declaration116 #CApaikersheikh
In this video you will come to know about the detailed information of the Wealth Statement and how we can file wealth statement, what is the correct way to file wealth statement. Detailed information of the wealth statement and what are the common mistakes which we should avoid. How we can refrain from audit.
This Video is essential to watch for every person including students, officers and business person.
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[@waqarcheema820]

One of the best Video on Wealth Tax Statement, Great Job 👍👍

[@paikersheikh]

Thank you for watching.

[@Khanahmednaseem1952]

Thank you, this is very comprehensive and in sufficient detail. God bless you.

[@paikersheikh]

Thanks for watching

[@fahadshakil5351]

thank you sir best video my all doubts regarding this issue has been cleared thanks again

[@saeedayasmeen6597]

Informetive Thanks a lot

[@marsal502]

Zaberdast Sir very easy and informative video

[@paikersheikh]

Thanks for liking

[@theaays6181]

very comprehensive and informative, well done

[@paikersheikh]

Thank you

[@EngrJD]

Awesome Sir. You are doing in amazing job please keep it

[@paikersheikh]

Thank you for watching

[@KhalidAhmed-kl8zt]

You did a great job good teaching style please make more videos on company account

[@paikersheikh]

Thank you for watching. I am attaching the link for company return

[@paikersheikh]

kzbin.info/www/bejne/ZmPIqZyidtJrnqs

[@iqbalbhatti505]

Impressive sir.

[@paikersheikh]

Glad you liked it!

[@arsalanfarooq5588]

very well explained

[@paikersheikh]

Thank you for watching.

[@Fshah1]

Very nice brother. Professionals are professional

[@paikersheikh]

Thank you for watching

[@amazingshorts2607]

Good 👍

[@aliusmanhashmi5222]

Excel Drawing is very important ✅

[@amazingshorts2607]

Nice❤

[@theaays6181]

i subscribed you because of watching your video

[@paikersheikh]

Thank you for watching

[@shazam12691]

AoA, is life insurance policy premium of 60000/year considered an asset or an expense, where should one declare/show it? is it supposed to be shown at both places? as i have invested in an asset but that investment itself is an expense until the policy is matured? JazakAllah

[@paikersheikh]

Life Insurance premium paid each year is an outflow of cash and will be shown under the personal expenses tab. On the other hand, it will be recorded as an asset each year as it is an investment which will mature in future years. Total amount of premiums paid each year will be accumulated as an asset which will increase the asset amount every year till its maturity date.

[@mp4movies241]

sir life insurance aur life insurance policy 2 alag chzy hain??? kiu k ap nay phly btaya Life insurance Donation zakat Annuity waly folder m likhy gy life insurance hamra personal expence h...

[@tahirabbas9212]

V nice sir

[@paikersheikh]

Keep watching

[@nailagul5651]

@C.A Paker Sheikh should we add all the credited amount of our bank statment in inflow. Cuz some amounts are of others and paid simultaneously. Kindly do share.

[@paikersheikh]

All credits are not income and all debits are not expenses. Each transaction should be checked and declared accordingly.

[@akramilahi6444]

Bahatreen 👍

[@paikersheikh]

thanks

[@abdurrafayakhtar4321]

Assalmoalikum, how to treat pf deduction in rax return? In which column or tab it should be shown? Or is it to declare only mine contribution or total balance accumulated?

[@paikersheikh]

PF deduction is treated as an outflow during the year and showm under the personal expenses tab as Misc. Expenses. Your contribution will be shown as expense and total PF balance will be shown under investments tab as PF balance including both employer's and employee's contribution plus the profit earned.

[@hasnaindeo83]

Awesome! could you please upload the excel working sheet?

[@paikersheikh]

I have emailed the excel sheet to you.

[@hasnaindeo83]

@@paikersheikh Received with bundle of thanks

[@muhammadumair-qj8cx]

Sir. In which tab / option should we show our dollars equivalent to pkr amount in assets?

[@paikersheikh]

If dollars are kept in cash form than it will be shown under cash tab

[@khalidmunirhassan229]

Respected Sir kindly guide about treatment of foreign remittance in income tax return portion and in wealth statement reconciliation portion. Is it treat in income tax portion in other source (Other receipt, declare it as exempted) and in reconciliation foreign remittance or only treat it in reconciliation portion in foreign remittance? Kindly do the needful and oblige. Jazzak Allah

[@paikersheikh]

Foreign remittance will only be shown in the wealth reconciliation statement. No need to show in return.

[@khalidmunirhassan229]

@@paikersheikh Jazzak Allah Respected Sir

[@wajihzamannn]

One question regarding 'Rates/TaxesCharge/Cess' field in personal expense. Do we need to add enter total tax decucted on slaary and profit from saving account? Fo example, if tax deducted on salary is Rs 50,000 and and Rs 30,000 tax deducted on profit from saving account then we need to enter Rs 80, 000 in Rates/TaxesCharge/Cess field?

[@paikersheikh]

Yes total tax deduction is your personal expense and will be shown under this tab.

[@waliali-x6k]

Sir excel sheet be provide ker dain through a link. It would be a great help.

[@paikersheikh]

Please send email at [e-mail]

[@muhammadumair-qj8cx]

Sir. I wrongfully entered my gratuity of my present job in assets of 2022 year that was my first ever wealth statement. What is the solution for 2023 wealth statement?

[@paikersheikh]

You may leave it unchanged for 2023 and onwards till it is received to avoid any litigation

[@ghauri001]

May I have excel sheet?. video is very informative and helpful. Thanks

[@paikersheikh]

Yes. Please send an email at [e-mail]

[@knowMEplz]

How to mention a car purchased n sold in the same financial year after registration.

[@paikersheikh]

No need to mention in assets. Gain or loss on its sale will be mentioned in reconciliation tab under inflows/outflows.

[@Truthful5]

Due to revised property rates published in SRO 341964.6 dated 2/3/2022 the value of my property has gone down. In 2021 return the value of the property shown was 1.2 crores and due to revised published property values the revised property value for the year 2022 is now 1.0 crores. To make reconciled amount zero the loss or devalued property amount of 0.2 crores is to be adjusted otherwise the reconciled amount will not be zero. The question is under what head the devalued/loss amount 0.2 crores is to be shown in the return. Thanks

[@paikersheikh]

No need to devalue your property in return because the amount shown in return is the purchase cost not the market value or fbr value at the time of purchase. If today, the value of property as per fbr has been reduced it doesn't mean we will reduce it in our return. Return shows the amount at historical cost not the market value

[@faisalanmol]

please share excel sheet as well ... waiting ur response

[@paikersheikh]

Please send an email at [e-mail]

[@muhammadumair-qj8cx]

Sir. How we should show our gratuity in assets that we will receive in future when we will resign?

[@paikersheikh]

Gratuity is taxable under the Head Salary. It will not be shown as asset as normally no salary deduction are made against gratuity. It will be shown in inflows when received

[@muhammadumair-qj8cx]

Thanks sir. Stay blessed

[@Asp1287]

Where to put the amount of business capital in reconciliation tab?I mean apart from personal assets & liabilities tab

[@paikersheikh]

It is shown under assets tab as Business Capital

[@Asp1287]

@@paikersheikh thanks But where to put this in reconciliation tab coz my assets are increased due to this in reconciliation tab whereas my income doesnot justify this in reconciliation tab

[@Asp1287]

I am first time filer Capital injected 2 lac Business income 4lac Personal exp 3 lac I mentioned 2lac in business capital tab bt in reconciliation tab it could not be balanced.Where to show amount invested in capital in reconcilaition tab in order to balance my statement.

[@ishtiaqhussain4635]

Excellent information sir Sir agar hum ne Apne asset mein Kuch gold show kia ho aur usko hum sale kar dain to kia us ke gain per tax Hoga uske gain ki entry Kahan ho ge plz guide

[@paikersheikh]

Asset shown as "Gold" is not a capital asset and hence gain on its sale is not taxable. Gain amount will be shown as inflow under "Gain on sale of assets other than gain on sale of immovable property". However, if you have declared Jewelry in your return than it will be capital asset and gain on its disposal is taxable gain under the head Capital Gain.

[@ishtiaqhussain4635]

@@paikersheikh sir kia gold aur jewelry me farq HOTA hai. Agar aisi BAAT hai to ye acha hai. Thanks a lot for replying my query.

[@expandables6400]

Banks details main total credit amount in current year show krni hoti, ya closing balance?

[@paikersheikh]

Closing balance

[@tahirabbas9212]

Sir meine 2022 ki return file ki thi us mein meine salary account show kiya tha meri annual salary incom 450000 hei meine aik saving account ki c aur bank mein open krwaya tha December mein aur mujhy profit Febuary 2023 se milna shuru hua ab mein saray tax certificates aur bank statements le li hein 15% claim k liye sawal yeh hei k jo raqam meine invest ki thi 7 month pehly us ki total worth bhi wealth statement mein section 7b mein darj krni hogi k nahe ya mein sirf profit income ko he darj krdun

[@paikersheikh]

Profit amount will be shown under section 7b. Amount of investment is basically your savings account bank balance which will be shown in Wealth statement.

[@candyshandyy]

can you please send this tax computational format excel file/document ?

[@paikersheikh]

Please send an email at [e-mail]

[@sooperfood8728]

fbr reconciliation in exil format share krde .

[@paikersheikh]

Please send an email at [e-mail]

[@muhammadumair-qj8cx]

Sir. where can we show US$ in assets that we have in cash? Will we have to convert their equivalent value to PKR?

[@paikersheikh]

Yes you have to convert it into PKR at 30 Jun 2023 rate.

[@muhammadumair-qj8cx]

Sir in which tab/ option in assets should we should we show our dollar equivalent to pkr amount?

[@ahmadafzal5109]

Aoa, sir agr kisi ko ma ne loan dya hoa ha to us ki entry srf debt head ma aye gi?

[@paikersheikh]

Yes it will be your asset and will be shown under investment category.

[@humaishfaq5561]

i have purchased a home of 50 lakh upon taking loan from bank of 30 lakh mortgage with bank, how to add in wealth statement, please tell

[@paikersheikh]

You should declare the FBR value of your property as an asset in your wealth statement and the payable amount of loan as of 30-Jun-2022 will be shown in liabilities section in your wealth statement.

[@walimuhammad6549]

السلام علیکم : سر میں فائلر ہوں پہلے ميرے 3 بنک اکاؤنٹ تھے اب 2 اکاؤنٹ ڈارمنٹ ہوگئے ھیں تو ٹیکس رٹرن میں جس طرح پہلے 3 اکاؤنٹ لکھتا تھا، (3) تین ہی لکھوں یا (1) ایک لکھوں : رہنمائی فرمائیں :مھربانی ھوگی

[@paikersheikh]

جو اکائوٹ ایکٹو ہیں صرف وہی لکھیں

[@khalidmunirhassan229]

Respected Sir my second question is that my brother gave me some amount through crossed cheques and transferred it in my account from their account. Kindly guide its treatment in income tax return portion and in wealth statement reconciliation portion. Is it treat in income tax return portion in other source (other receipt, as exempted) and in reconciliation portion treat in other head? Kindly do the needful and oblige. Jazzak Allah

[@paikersheikh]

If you do not intend to pay it back to your brother then it will be shown as exempt income in other sources. If you intend to pay it back then it will be shown as liability in wealth statement.

[@khalidmunirhassan229]

@@paikersheikh Jazzak Allah Respected Sir

[@SuperLughmani]

👍

[@bobwa399]

I dont have a job or business. My income comes from my rented Flat and Regular income Certificate (RIC) of National Savings. How should I return file?

[@paikersheikh]

Your taxable income is rental income and income from RIC. You can file return by providing your rental income details.

[@bobwa399]

@@paikersheikh Thank you.

[@HanifJiwani]

Dear Sir, Please be adviced the treatment the purchase of property on instalment in wealth statement. where to enter in Row or head? in Code 7006 Investment or Code 7007 Debt or Code 7013 any other assets Thank you

[@paikersheikh]

It will be shown under property head. Each year balance will be increased with the amount of installments paid.

[@muhammadumair-qj8cx]

Sir. I am non resident pakistani. I got 400 $ as cash out of my salary. Remaining salary is credited as PKR into my PKR pakistani bank account. I save cash dollars and take them to Pakistan. Can i show pkr amount equivalent to dollars ithat i bring Pakistan as cash in my foreign source salary income/ remittance ?

[@paikersheikh]

If you declare your dollars as salary than you might need to pay extra tax in Pakistan. You can declare it as Foreign Remittance in Pakistan to avoid tax

[@masood12124]

Aoa, Sir What is the logic of pasting Unreconciled amount in Cash (Non Business) while I dont actually have that much amount in my account or in cash.?

[@paikersheikh]

The amount in your account is not entered in Cash rather it is entered in Bank details. Entering the balancing amount in your Cash head is the safest and recommended option.

[@masood12124]

@@paikersheikh Jazak Allah

[@ABDULRAHIM-nk6ij]

kindly define final tax /minimum tax conecpt

[@paikersheikh]

Will upload a video on this soon.

[@nadeemsarwarofficial654]

A. O. A Sir, send me excel working of wealth statement, please

[@paikersheikh]

Please send an email at [e-mail]

[@nadeemsarwarofficial654]

I sent email address from Hotmail but you didn't reply

[@paikersheikh]

@@nadeemsarwarofficial654 I have sent the file

[@abrarkhan-of6ri]

please tell me about, The taxes that are deducted on the internet, cell, salary, stock market income others can be written in personal expenses under code 7052.

[@paikersheikh]

Yes all taxes will be shown under this code

[@muhammadchoudhry4357]

Sir, will you be kind enough to share excel working sheet with me

[@paikersheikh]

Email sent. Please check

[@muhammadchoudhry4357]

@@paikersheikh Sir, thankyou so much for your favour.

[@shoaib-universal]

I want to revise my wealth statement of 2021. What are the requirements? It is necessary to get approval or to give reasons of revision??

[@paikersheikh]

You can revise your wealth statement by filing a revised wealth statement from under Declaration tab on iris and no reason or prior permission is required from FBR

[@shoaib-universal]

Thank you for clearing my point

[@shoaib-universal]

After revising wealth statement of 2021, Can i submit tax return of 2022 on same day or i have to wait? Kindly share your whats app no.

[@paikersheikh]

@@shoaib-universal you can submit your return for 2022 right after you have filed revised wealth statement.

[@shoaib-universal]

JAZAKALLAH for your guidance.

[@fragileheart9640]

Salaam, a quick question if you please reply asap. " father gifted a property to son, but father still taking the rent. Should rental income be shown in Father's return?"

[@paikersheikh]

Yes it will be shown in father's return. If the property has been transferred in the son's name then the rental income of the father will be shown as income from other sources and taxable at normal rates. However, if property is not yet transferred in the son's name then the rental income of the father will be shown as property income of the father and taxable at normal rates.

[@fragileheart9640]

@@paikersheikh thanks alot So it can't be shown as rental income in father's return. Kindly advise in which column this income can be shown in father's return? Appreciated

[@paikersheikh]

@@fragileheart9640 it will be shown as income from other sources

[@jojinfoworld]

Sir meri salary 4 lakh se kam hai lekin Main Chahta Hun Ki filer Bano to return Kaise file karunga Kuchh Vakil Kehte Hain Ki Nil kar do aur kuchh Kehte Hain ki aap 400000 show karo to kaun sa Tarika behtar Hai?

[@paikersheikh]

Yes you can become a filer and you should declare your actual income earned for the year i.e. Rs. 400,000 in your case

[@jojinfoworld]

@@paikersheikh but I don't have any Bank account then how should I declare?

[@paikersheikh]

@@jojinfoworld you dont need a bank account to file your return. You can still declare your income if you have the employment contact or pay slips for the year in which you have earned income.

[@zeeshansahib]

Sir can you please send file

[@paikersheikh]

Yes. Please send an email at [e-mail]

[@fadyfahad5452]

Aoa, Kindly can you Send me the Excel file. I have already sent an email.

[@paikersheikh]

I have sent you the excel file. Please check

[@shahidsafi5912]

kindly send me excel file

[@paikersheikh]

Email sent. Please check

[@accablues]

very informative and well explained. plz share excel file. email sent thanks

[@paikersheikh]

Thank you for watching Please check your email.

[@sabtainhussan5157]

A. O. A Sir, send me excel working of wealth statement, please

[@paikersheikh]

Please send an email at [e-mail]

[@ziasalahuddin]

Sir, will you be kind enough to share excel working sheet with me

[@paikersheikh]

Please send an email at [e-mail]