Sheraz & Co

📢 File Your Companies Income Tax Return Filing for the Tax Year 2025!
💼 Don’t wait till the last minute — file your return today with professional support to avoid penalties and ensure peace of mind.

✅ File Now?
• Avoid Late Filing Penalties
• Ensure Accurate Compliance
• Claim Your Refunds (if any) Without Delays
• Stay Hassle-Free with Expert Handling

🔍 Whether you're a salaried individual, business owner, freelancer, or non-resident – we provide expert assistance at every step of your tax filing journey.

📨 DM us or 📞 WhatsApp at +92-314-5585937
📧 Email: [email protected]

📌 Let the professionals handle your tax, so you can focus on what matters most.

At Sheraz & Co, client satisfaction is at the heart of everything we do. We are grateful to our valued client for sharing their positive experience with us.

&co

Significant Ruling by ATIR Islamabad

The Appellate Tribunal Inland Revenue (ATIR) Islamabad has ruled that serving notices solely through the FBR’s IRIS portal is illegal.

Key Highlights:
A two-member bench clarified that Section 218 of the Income Tax Ordinance, 2001 does not recognize IRIS as a valid service mode.

FBR’s stance that IRIS notices constitute valid service was rejected, as the portal is only an internal system.

Currently, only facsimile and email are recognized for electronic service.

Until the rules are amended to explicitly include IRIS, such service cannot be considered lawful.

Limitation period under Section 131 begins from the date the taxpayer actually receives the order, not the IRIS posting date.

Any recovery action initiated before lawful service is considered invalid.

This ruling sets a crucial precedent for taxpayers and practitioners, ensuring that compliance with legally prescribed modes of service remains essential.

📝 File Your Tax Return for the Tax Year 2025 – Become an Active Filer!

Planning to buy or sell property? 🏠💼

Don’t miss out — non-filers and late filers are subject to much higher withholding tax rates under Sections 236C & 236K of the Income Tax Ordinance.

✅ Activate your filer status within 24 hours
✅ Enjoy reduced tax rates and other benefits

Good News for Late Filers!

If you missed the previous income tax filing deadline? Never registered before? No worries!

You can still become an Active Filer within 24 hours by simply filing your Income Tax Return for Tax Year 2025. ✅

Enjoy reduced withholding tax rates and other filer benefits — it’s quick, easy, and worth it!

💻 Need help filing? We’re here to guide you every step of the way.

📢 FBR Has Officially Opened Income Tax Return Filing for Tax Year 2025!
💼 Don’t wait till the last minute — file your return today with professional support to avoid penalties and ensure peace of mind.

✅ File Now?
• Avoid Late Filing Penalties
• Ensure Accurate Compliance
• Claim Your Refunds (if any) Without Delays
• Stay Hassle-Free with Expert Handling

🔍 Whether you're a salaried individual, business owner, freelancer, or non-resident – we provide expert assistance at every step of your tax filing journey.

📨 DM us or 📞 WhatsApp at +92-314-5585937
📧 Email: [email protected]

📌 Let the professionals handle your tax, so you can focus on what matters most.

Section 126A Removed – Appeal Forums Restored!

With the omission of Section 126A under the Finance Act 2025, taxpayers once again have two levels of appeal for fact-finding:
1️⃣ Commissioner (Appeals)
2️⃣ Appellate Tribunal Inland Revenue (ATIR)
This change removes pecuniary limits and reinstates the standard appellate hierarchy — making tax litigation more structured and accessible.

Proposed increase in tax on profit on debt from 15% to 20%. Review your debt portfolio and tax strategy to mitigate the impact. Stay informed!

Pension income exceeding Rs. 10 million will now be taxable at a flat 5% for individuals below 70 years of age, as per newly inserted Section 149(1A) of the Income Tax Ordinance.

✅ Income up to Rs. 10 million remains exempt
✅ Withholding required by the payer
✅ Adjustment allowed for tax credits u/s 61 & 63

Effective for high-income pensioners – Ensure compliance!