Sheikhupura returns cover factories, contracts, rice, salaries and rent. This page explains each.
Factory Owners
A Sheikhupura factory's return is the end of a year-long chain of filings: monthly sales tax returns, withholding statements for tax deducted from suppliers, and quarterly advance tax payments. The annual accounts show sales, raw materials, power and gas, wages, repairs and depreciation of machinery, with stock counted on 30 June. Before filing, the sales figure is reconciled with the sales tax returns and the expense figures with the withholding statements, because FBR's systems compare them automatically.
Contractors and Suppliers
Each payment received from factories, the tax withheld and the costs of the work are listed. PRA tax charged on services is collected for the province and is not income.
Rice Mills
Rice and by-product sales against paddy, power, labour and depreciation, with stock on 30 June.
Factory Workers and Commuters
Salary and withholding from certificates; workers who changed jobs combine both.
Landlords
Rent from sheds and houses, with tenants' withholding claimed.
Farmers
Paddy and wheat from family land are agricultural income.
Selling Land on the Industrial Roads
A sale is reported with price, cost, gain and the seller's advance tax; the gain's treatment depends on when the land was acquired.
Bank Profit
Profit on savings is declared with the bank's withholding.
Late Filing
A late return is accepted with the surcharge to rejoin the Active Taxpayers List.
Pensioners
Retired workers declare pensions as exempt and list their houses.
Commutation used for a house is shown as its source.
Also see tax consultant in Sheikhupura and NTN registration in Sheikhupura.
Frequently Asked Questions
Is PRA tax collected income?
No.
Can landlords claim tenants' withholding?
Yes.
Should factory accounts match sales tax?
Yes.