Daily The Business

FBR attaches Kashf Foundation bank for tax evasion

 Recovers Rs 16.58 million on account of advance tax

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M J Hayat

LAHORE: Federal Board of Revenue (FBR) Monday attached Kashf
Foundation bank accounts recovering Rs 16.58 million’s tax evasion on
account of advance tax payment.

Sources told Daily The Business that the Regional Tax Office Lahore
in a raid conducted on Monday recovered Rs16.58 from the Kashf
Foundation bank account in MCB Bank in Gulberg.

The amount has been recovered on account of advance tax payment for the 2019.

The sources said that the tax authorities recovered the evaded tax
amount from the bank accounts of Kashf Foundation under Income Tax
section 147.

The sources said that the foundation had failed to make payment of
first and second installment of the advance tax due to the foundation.

The sources said that the regional tax office served a number of
notices under the section but the foundation paid no heed to it which
finally prompted the tax authorities to seize the bank accounts.

The source said that the team that recovered the evaded tax amount
successfully was constituted by the commissioner Dr Istiaq.

The team consisting inspectors Nadeem Ahmed Punoo and others operated
under the supervision of assistant commissioner Bhawal Shaheryar and
recovered the evaded amount.

It is pertinent to mention here what is Advance Tax? Advance Tax can
be simply understood as an advance estimation of total taxable income
and, thereafter, a presumptive calculation of the tax amount payable
by the assesse for the relevant financial year.

An assessee who is liable to pay advance tax is required to estimate
his current income and pay advance tax thereon without having to
submit any estimate or statement of income to the assessing
authorities. In simpler words, it is payment of the income tax in
equal parts throughout the year, rather than paying the lumpsum tax
amount at the end of the year.

Advance Tax Liability is applicable on all tax payers, whether
salaried, freelancers or businesses. In case of salaried tax payers,
if the employer deducts tax at source or TDS, then there is no further
need of payment of advance tax.

However, if such an assessee has any other income other than salary,
then he/she is required to meet advance tax liability for such income.
Such incomes may include capital gains on shares or house property,
interest on investments, etc. after making appropriate deductions for
losses, if any.

When this scribe contacted Roshaneh Zafar, Founder & Managing Director
for her version on the story she could not be reached despite several
attempts.

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