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ICC TEXTILE LTD. versus FEDERATION OF PAKISTAN

Finance Act 1974 Section 12 Corporate Asset Tax One-time tax The prominent features of corporate asset taxation have stated that the corporate asset tax has been imposed in Section 12 of the Finance Act 1997, it will be seen that the Levy's The features that appear are the one-time taxes imposed on the value of the assets a company has. The value of the words of the assets is stated in Section 12 (12) (d) of the Finance Act 1991, as the value of the assets held by the company. And as of the date stated in the balance sheet, the date specified is the last date on which the Company's accounts are closed, which fell between 30 6 1991 and 30 6 1992. The tax is levied only on those companies. Have The asset tax rate of 50 million or more is on the sliding scale and depending on the valuation of the assets the Central Board of Revenue has been given the authority to formulate rules under this section. The department has to submit the return with the audited and certified balance sheet on the due date within 6 months of the due date. Taxes have to be paid in case of failure to pay tax which can be fined if non-payment of tax. ? The rate of one thousand rupees per day during which the default occurred, however, if the tax is paid less than the taxable tax under this section, the company will have to pay an additional 24% per annum on this amount. Taxes must be paid. Payment has also been made that the provisions of Sections 23, 24, 25 and 35 of the Wealth Tax Act 1963 shall apply to the tax calculation and to appeal or revise against the orders passed under this section. solicitors from Naukot lawyer