Jump to content

Welcome to Tezi Mandee - Community Of Pakistani Investors & Traders
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!

Welcome to Tezi Mandee - Community Of Pakistani Investors & Traders

Welcome to Tezi Mandee - Community Of Pakistani Investors & Traders, like most online communities you must register to view or post in our community, but don't worry this is a simple free process that requires minimal information for you to sign up. Be a part of Tezi Mandee - Community Of Pakistani Investors & Traders by signing in or creating an account.
  • Start new topics and reply to others
  • Get latest news on Karachi Stock Market
  • Subscribe to topics and forums to get automatic updates
  • Registered member get added in mailing list for mailing updates
  • Get your own profile and make new friends
  • Customize your experience here
  • Be the first to know the KSE latest announcements shared by our members
  • Registered members get access to Protected Forums and topics
  • Registration is free Create Account
  • If you are already a member just Sign in
To Create Account ( Click Here )
To Sign In ( Click Here )
 

Tax Matters

capital gains tax CGT tax stocks

443 replies to this topic

#1
Karoon

    Regular Member

  • Junior
  • 1,395 posts
  • Joined 14-January 10
  • Skin: Main Blue
  • Offline

    Current mood: None chosen
    Reputation: 0
    Tax Matters Capital Gains Tax KSE CGT
    Hello every body!
    Welcome to new forum thread.
    Please post all CGT/Income Tax and other KSE taxes related stuff here.
    Thanks!
    1. Every man has a right to be listened
    2. Hope for the best but be ready for the worst


    #2
    Karoon

      Regular Member

    • Junior
    • 1,395 posts
    • Joined 14-January 10
  • Skin: Main Blue
  • Offline

    Current mood: None chosen
    Reputation: 0
    Related posts picked from "Meray Mutabiq"

    QUOTE (salmanakbar @ Jul 2 2010, 06:22 PM) <{POST_SNAPBACK}>
    mamuuuuuuu muft mashwara mang raha hoon...meharbani farmayain....

    Foreign remittance ko kis taran white declare kartay hain ?

    for example i recieved 1 million in januray ab kia karoun ? saray stock mein laga diye hain ...... kis taran show karoun k ye foreign paisa hai takkay fbr waloun ki tasalli ho jaye....


    QUOTE (zoheb @ Jul 2 2010, 11:53 PM) <{POST_SNAPBACK}>
    Ask your bank to give u a PRC against that remittance. U shd have already taken it from bank in feb. But anyhow u shd ask them and show that PRC in ur tax returns and hence that money wld be considered white...


    QUOTE (AAB SAIFY @ Jul 3 2010, 01:11 AM) <{POST_SNAPBACK}>
    Salman bhai ,
    did they ask you source of million ,
    i think we as small investors nothing to show source of funds as i read some where ,
    Aa bel mujhar mar wala kaam na karna ,
    dont do any thing till they ask you ,
    Yeh na ho keh sary amount ko black money ka label laga dain,

    Thats my advice you can check with IT LAWYER ,


    QUOTE (salmanakbar @ Jul 3 2010, 01:38 AM) <{POST_SNAPBACK}>
    aap ka pehlay wala mashwara mujhay zaida pasand aya PAISA PAISA HOTA HAI KALA HO YA SAFEED .....lol..... 545968m2zw47mkg0.gif

    Actually its not just 1 million its more money over a period of time....so i just wanted to know the procedure....and the money which is transferred to my account is a local clearance and the bank says we cant help you....

    we talked with the agent , he says we simply transfer to pakistan as we have direct contract with GOP so first it goes to national bank and then they locally clear it from karachi to an account in pakistan....

    i do have the original reciept issued from the agent and it is mentioned on it the account number name and the amount trasnsfered .....

    now i need a lawyer to tell me what to do......

    And yes i like the advice ..... aisa na ho AA BAIL MUJHAY MAAR .....

    Chup hi rehtay hain....dekhi jaye gi....


    QUOTE (saqib_Riz @ Jul 3 2010, 03:45 AM) <{POST_SNAPBACK}>
    If it has come directly into your bank then ask your bank to give you "Proceed Realization Certificate" PRC on your remitances becoz when any remittance come through bank, Banks immediately report to SBP about that. Therefore SBP has record of all transactions which came outside the country, U need ur proof of PRC which u will show to FBR.


    QUOTE (Karoon @ Jul 3 2010, 06:31 AM) <{POST_SNAPBACK}>
    In my view it is not enough that we have a proof that money came from abroad....assessee has to show a close blood relation (son/father/mother/brother etc) with the sender.


    1. Every man has a right to be listened
    2. Hope for the best but be ready for the worst

    #3
    MJI

      LIVE FREE or DIE

    • Member
    • 10,741 posts
    • Joined 13-December 06
  • Skin: Main Blue
  • Offline
    • Gender:Male
    • Country: Country Flag

    Current mood: Happy
    Reputation: 1,074
    Funds transfer against cash: banks to deduct 0.3 percent withholding tax: FBR

    ISLAMABAD (July 03 2010): The Federal Board of Revenue (FBR) has informed the State Bank of Pakistan (SBP) that the banks would deduct 0.3 percent withholding tax on transfers of funds made against cash including online transfer, telegraphic transfer, mail transfer and any other mode of electronic transfer.

    In this regard, the FBR has issued a clarification on 'Advance Tax on Transactions in Bank (Section 231AA)' to the SBP and Pakistan Banking Council, Karachi here on Friday.

    According to the FBR letter issued to the SBP, through Finance Act 2010, new section 231AA has been introduced in the Income Tax Ordinance, 2001. Under this section every banking company; non-banking financial institution; exchange company or authorised dealer of foreign exchange is required to deduct adjustable advance tax at the rate of 0.3 percent on sale of any instrument against cash including Demand Draft; Pay order; CDR; SDR; STDR; RTC or any other instrument of bearer nature.

    Such tax is also deductible on transfers if made against cash including online transfer; telegraphic transfer; mail transfer and any other mode of electronic transfer, the FBR said. This tax shall also be charged on payment if made in cash on cancellation of any of the instruments referred above. This tax shall only be charged where total amount of payments for transactions referred to above exceeds Rs 25,000 in a day.


    The FBR has observed this tax shall not be deductible on payment made through a crossed cheque for purchase of any of the financial instrument as referred above and interbank and intra-bank transfers. This tax shall not be applicable on transactions made by the federal or a provincial government; a foreign diplomat or a diplomatic mission in Pakistan and a person who produces a certificate from the Commissioner that his income during the tax year is exempted.

    The tax so deducted shall be paid according to the law, to the credit of the person purchasing any of the above mentioned instruments against cash and to the credit of the person receiving cash on cancellation of any of the instrument referred above. Tax deducted under this section shall be adjustable, the FBR letter added.

    When contacted a tax expert explained that the benefit of withholding tax collected on banking transactions shall be availed by the person, who is making the purchase of the said instrument by payment of cash and the person who is receiving cash at the time of cancellation of such banking instrument.



    Take care yourself

    Regards,

    MJI

    http://islamicgolden...e.blogspot.com/


    #4
    Karoon

      Regular Member

    • Junior
    • 1,395 posts
    • Joined 14-January 10
  • Skin: Main Blue
  • Offline

    Current mood: None chosen
    Reputation: 0
    QUOTE (MJI @ Jul 3 2010, 02:00 PM) <{POST_SNAPBACK}>
    Funds transfer against cash: banks to deduct 0.3 percent withholding tax: FBR

    ........................................

    Such tax is also deductible on transfers if made against cash including online transfer
    ; telegraphic transfer; mail transfer and any other mode of electronic transfer, the FBR said. This tax shall also be charged on payment if made in cash on cancellation of any of the instruments referred above. This tax shall only be charged where total amount of payments for transactions referred to above exceeds Rs 25,000 in a day.
    .................................................


    It means that KASB will also deduct 0.3% on cash transfer from KASB bank account to the client's trading account. ( Ref: AAB Saify bro said that this cash transfer at KASB will be tax free...I think KASB can not carry out this practice legally....I do not have account at KASB, Saify bhai can explain the situation)
    1. Every man has a right to be listened
    2. Hope for the best but be ready for the worst

    #5
    AAB SAIFY

      Technical Analyst and Strategic Investor

    • Senior
    • 1,290 posts
    • Joined 28-February 08
  • Skin: Main Blue
  • Offline
    • Gender:Male
    • Country: Country Flag

    Current mood: Sporty
    Reputation: 245
    QUOTE (MJI @ Jul 3 2010, 02:00 PM) <{POST_SNAPBACK}>
    Funds transfer against cash: banks to deduct 0.3 percent withholding tax: FBR

    ISLAMABAD (July 03 2010): The Federal Board of Revenue (FBR) has informed the State Bank of Pakistan (SBP) that the banks would deduct 0.3 percent withholding tax on transfers of funds made against cash including online transfer, telegraphic transfer, mail transfer and any other mode of electronic transfer.

    In this regard, the FBR has issued a clarification on 'Advance Tax on Transactions in Bank (Section 231AA)' to the SBP and Pakistan Banking Council, Karachi here on Friday.

    According to the FBR letter issued to the SBP, through Finance Act 2010, new section 231AA has been introduced in the Income Tax Ordinance, 2001. Under this section every banking company; non-banking financial institution; exchange company or authorised dealer of foreign exchange is required to deduct adjustable advance tax at the rate of 0.3 percent on sale of any instrument against cash including Demand Draft; Pay order; CDR; SDR; STDR; RTC or any other instrument of bearer nature.

    Such tax is also deductible on transfers if made against cash including online transfer; telegraphic transfer; mail transfer and any other mode of electronic transfer, the FBR said. This tax shall also be charged on payment if made in cash on cancellation of any of the instruments referred above. This tax shall only be charged where total amount of payments for transactions referred to above exceeds Rs 25,000 in a day.


    The FBR has observed this tax shall not be deductible on payment made through a crossed cheque for purchase of any of the financial instrument as referred above and interbank and intra-bank transfers. This tax shall not be applicable on transactions made by the federal or a provincial government; a foreign diplomat or a diplomatic mission in Pakistan and a person who produces a certificate from the Commissioner that his income during the tax year is exempted.

    The tax so deducted shall be paid according to the law, to the credit of the person purchasing any of the above mentioned instruments against cash and to the credit of the person receiving cash on cancellation of any of the instrument referred above. Tax deducted under this section shall be adjustable, the FBR letter added.

    When contacted a tax expert explained that the benefit of withholding tax collected on banking transactions shall be availed by the person, who is making the purchase of the said instrument by payment of cash and the person who is receiving cash at the time of cancellation of such banking instrument.

    Is sary story say jo muj samaj aya woh yeh hai keh ,
    jo banda cash le ja k pay order / ya demand draft ya online karwaye ga is say tax liya jaye ga,
    Magar jo apnay accnunt s tranfer karwaye ga is p tax nahi
    Thats what i understood,
    Tu baat yeh hai keh a/c holders bano ya phir kisi relative ya friend k a/c s tranfer karwa lo .


    MY VIEWS ARE BASED ON MY CALCULATIONS OF SCRIPTS CHART I CALLED IT CHARTS ECG READING KNOWN AS TECHNICALS ,NO ONE CAN PREDICT 100% TREND MOVEMENT,
    MIGHT HIT ON SPOT AND MIGHT NOT , MY VIEWS ARE JUST FOR SHARING ,
    NOR BUY OR SELL CALLS..................TRADE CARE FULLY AVOID BADLA,
    THANKS FOR READING MY VIEWS. *** AAB SAIFY ***

    "Losers are people who are AFRAID OF LOSING" ( ROBERT KIYOSAKI )
    Fact: Eighty-five percent of people who get into stock market lose their money. That’s the reality.
    SO DONT BE RABBIT TO WIN Be turtle and win the Game.

    STOCK MARKET IS JUST LIKE BELOW SAYS !
    ="The cat will mew and dog will have his day"

    #6
    AAB SAIFY

      Technical Analyst and Strategic Investor

    • Senior
    • 1,290 posts
    • Joined 28-February 08
  • Skin: Main Blue
  • Offline
    • Gender:Male
    • Country: Country Flag

    Current mood: Sporty
    Reputation: 245
    QUOTE (Karoon @ Jul 3 2010, 02:16 PM) <{POST_SNAPBACK}>
    It means that KASB will also deduct 0.3% on cash transfer from KASB bank account to the client's trading account. ( Ref: AB Safy bro said that this cash transfer at KASB will be tax free...I think KASB can not carry out this practice legally....I do not have account at KASB, Safy bhai can explain the situation)

    lo kar lo baat , main nay is rumor ki waja s kasb bank &kasbdirect main a/c open karaya ke ghar s he transfer kar liya karain ga or tax bhi nai payorder/dd clearance
    ka intazar na karna paray as kasbdirect manager words with in few min your funds in your a/c 4 trading with any charge ,
    karoon bhai yeh baat kasb walon s thursday ko howi thi jis k baad main nay form forward kar deyay.
    baqi yeh pakistan hai mere jaan ,
    Her pal nai khaber naya tax naya dhamaka ,
    Main Pakistani Awam ko slout karta ho keh woh her hal main khush o khurum hain aur zindagi ka paya chala rahay hai
    Aik aur baat ap ghor s parhain lafz cash s po/dd/online pa tax ho ga , which means a/c p naž but still banker ko bhi pata nai
    main tu kehta ho fbr walon ko bhi pata nai kia ho ga kaisay ho ga











    MY VIEWS ARE BASED ON MY CALCULATIONS OF SCRIPTS CHART I CALLED IT CHARTS ECG READING KNOWN AS TECHNICALS ,NO ONE CAN PREDICT 100% TREND MOVEMENT,
    MIGHT HIT ON SPOT AND MIGHT NOT , MY VIEWS ARE JUST FOR SHARING ,
    NOR BUY OR SELL CALLS..................TRADE CARE FULLY AVOID BADLA,
    THANKS FOR READING MY VIEWS. *** AAB SAIFY ***

    "Losers are people who are AFRAID OF LOSING" ( ROBERT KIYOSAKI )
    Fact: Eighty-five percent of people who get into stock market lose their money. That’s the reality.
    SO DONT BE RABBIT TO WIN Be turtle and win the Game.

    STOCK MARKET IS JUST LIKE BELOW SAYS !
    ="The cat will mew and dog will have his day"






    Karachi Stock Exchange (KSE) Daily Reports


    Top Pakistani Sites        Haroof Top Sites    Promoted at Global Promote

    Indemnity, Disclaimer & Disclosure Notice:
    • By visiting TeziMandee.com you indicate your acceptance of our Forum Rules Disclaimer & Disclosure and indemnify TeziMandee.com, its associates and related parties of all claims howsoever resulting from the usage of the forum.
    Disclaimer: Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. TeziMandee.com will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information.
    Disclosure: The information in this forum is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. The writers may or may not be trading in the securities mentioned.
    • All names or products mentioned are trademarks or registered trademarks of their respective owners.

    Copyright © 2006 - 2012, TeziMandee.com All Rights Reserved.
    eXTReMe Tracker