COMPLIANCE OBLIGATIONS OF A BUSINESS ENTITY UNDER ITO
Following are the tax compliance obligations of a business entity as per various sections the Income
Tax Ordinance 1984:
(1) Obligations of a business entity as an assessee (taxpayer):
(2) Obligations of a business entity as a tax collector on behalf of tax authority: (3) Obligations of related persons of a business entity.
(1) Compliance as an assessee (taxpayer):
- Collection of TIN (Tax-payer’s Identification Number) Certificate u/s 184B, 184A
- Displaying of TIN Certificate u/s 184C
- Advance income tax payment u/s 48, 64-73
- Preparation of tax return u/s 75
- Payment of tax as per tax return u/s 74
- Filing of tax return and statements in prescribed forms u/s 75
- Filing of revised return if any omission or incorrect statement in the previously filed return discovered before the assessment is made u/s 78
- Maintenance of accounts and documents: u/s 35
- Production of accounts and documents on receipts of a notice from the DCT: u/s 79
- Cooperation with income tax authority during inspection (u/s 114), survey (u/s 115), enquiry (u/s 116), search and seizure (u/s 117) and verification regarding deduction or collection of tax at source (u/s 117A)
- Compliance with various notices:
• Notice of Demand u/s 135,
• Notice to file return u/s 77,
• Notice to produce accounts, statements and documents u/s 79,
• Notice to file statement of assets, liabilities and life style u/s 80 [normally applicable for individual assessee],
• Notice to attend hearing u/s 83(1) in case of assessment after hearing,
• Notice to inform re-assessment u/s 93(1),
• Notice to attend hearing u/s 130 in case of imposing penalty u/s 123-128,
• Notice to the transferor, the transferee and the person in occupation of the immovable property to initiate the proceedings for acquisition of the immovable property u/s 32(4) and u/r 42 if the fair market value of the property exceeds the transferor’s declared value and others], and so on.
(2) Compliance as a tax collector on behalf of tax authority:
- Collection of Tax Collection Account number u/s 184BB
- Tax deduction at sources (TDS), if applicable, and deposit thereof to the Treasury u/s 48-63
- Giving documents of TDS with necessary information u/s 58, and
- Furnishing annual returns in case of payment of salary (u/s 108), interest (u/s 109) and dividend (u/s 110).
(3) Compliance obligations of related persons of a business entity.
- Appearance on behalf of the assessee at any income tax proceedings u/s 174,
- Legal representative to be treated as deemed to be assessee in case of a deceased person u/s
92,
- Liability in certain cases (as a representative of another person u/s 95, as an agent of a non- resident principal u/s 96, 102 and 103A),
- Filing a return of the income of any other person for whom the company is assessable [u/s
75(1B)],成绩管理系统 -
- Joint liability in case of director of a private company (u/s 100), and
- Joint liability in case of liquidator of a 本文来自优.文,论-文·网原文请找腾讯752018766private company (u/s 101).
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