28Oct 2017

Tax Rates for Companies  Tax Laws of Pakistan are considered too much wide and difficult consulting law or extracting something from law is difficult for a lay man, even if we talk about tax rates or corporate tax rates . Tax rate for companies is 30 % for tax year 2017 , 2018 and onward […]

27Oct 2017
Islamabad

Capital Development Authority (CDA) Board has approved Rs. 37.9 billion Budget of the CDA for the Financial Year 2017-18 in its meeting held here at CDA Headquarters on Friday. The Budgetmeeting was  chaired by Mayor of Islamabad and Chairman CDA, Sheikh Anser Aziz. The meeting was attended by Member Finance Dr. Fahad Haroon Aziz, Member Administration Muhammad Yasir Peerzada, Member Planning […]

14Oct 2017

Today’s dilemma is that our mentor/teachers gave us examples of The Henry Ford, Albert Einstein, Warren Buffett etc. While in practical life, we have to face Mr. Cheema, Chaudhry Shab, Basheer Chachu and etc. Our professional life is completely 100% opposite to what we learned in our universities/Colleges. The major reason i observed about the […]

07Oct 2017
Company Tax Return

Steps By Step Process of Filing of Corporate Tax  Return For last several years last date for filing of tax returns for individuals had been extended many times , but as far as companies are concerned filing date for IT-I is hardly extended by Federal Board of Revenue. For tax year 2015 date was extended […]

24Sep 2017

Pakistan is 26th largest economy in the world with a population of 200 Millions. In recent years, thousands of students graduated from the universities of Pakistan and many started their own startups across the country. Why Startup Registration is required in Pakistan?  Every business required registration to operate its activities in the country, likewise startup […]

19Sep 2017
Diploma Attestation from UAE Embassy

OLY Consultant attest documents from UAE Embassy ( Abu Dhabi , Dubai , Sharjah , Al – Ain, ras al khaimah, fujairah . umm al quwain , Ajma) Marriage Certificate • ID cards and passport photocopy for both husband and wife. • The wife’s husband name should be on her id card. • Husband’s UAE visa photocopy […]

23Aug 2017

Almost all salaried individuals have ntn and their tax is automatically deducted from salary from employers end. Therefore, Salaried individuals must submit annual tax return and save themselves from tax penalties. There are three major benefit of annual tax filling. Saving in Bank Transactions Buying/Selling Properties Buying/Selling Vehicles We assist you in this regard with […]

16Aug 2017

  FTN Name Province 9010000-0 FEDERAL GOVERNMENT Federal 9010100-6 CABINET DIVISION Federal 9010102-2 DEPARTMENT OF COMMUNICATION SECURITY Federal 9010103-7 FEDERAL LAND COMMISSION Federal 9010105-7 INTELLIGENCE BUREAU Federal 9010106-5 NATIONAL ACCOUNTABILITY BUREAU Federal 9010107-3 NATIONAL ARCHIVES OF PAKISTAN Federal 9010108-1 NATIONAL COMMISSION FOR HUMAN DEVELOPMENT Federal 9010109-0 NATIONAL DOCUMENT CENTER Federal 9010110-3 NATIONAL ELECTRIC POWER REGULATORY […]

13Aug 2017
Business Registration in Pakistan

Business Registration in Pakistan Before starting any business required registration and mostly newbies lost their energy and passion during this hectic process. For this reason, OLY Consultant came into the market with a new concept of Corporate Business Shop. CBS is a concept to assist business community in establishing their own business across Pakistan. There […]

30Jul 2017

THE PARTNERSHIP ACT, 1932 1ACT No. IX OF 1932 [8th April, 1932] An Act to define and amend the law relating to partnership WHEREAS it is expedient to define and amend the law relating to partnership ; It is hereby enacted as follows :‑ CHAPTER I PRELIMINARY Short title, extent and commencement.__(1) This Act may […]

21Jul 2017
Firm Registration in Islamabad

Partnership   is second oldest form of business, it has its own advantage and disadvantages.The form of business later gave birth to the company form of business, corporation,  which is considered most advanced form of business. Two or more person agreed to share the profit of a business carried on by all or any of […]

14Jul 2017
Company Registration in Pakistan , Faisalabad

Company Registration in Faisalabad Faisalabad is the third largest city of Pakistan; Faisalabad is industrial hub of the Punjab. Beside thousands of power looms, cottage industries and small industrial units , hundreds of  large and heavy industrial setups are working in the city. Faisalabad contributes over 20% toward Pakistan’s annual GDP; therefore, it is often […]

08Jul 2017

    Company Registration in Multan Multan is fifth largest city of Pakistan, it is like economic  hub of   Southern Punjab. Multan is connected to motorway and national highway. It has good infrastructural and communication facilities. Multan is like commercial capital of southern Punjab as a large area of the region depends upon Multan for […]

01Jul 2017
Trust Registration

What is Trust Creation of a trust, particularly relating to an immovable property is also a species of transfer of property. Trust is defined in section 3 of the Trust Act, 1882 as ” an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, […]

20Jun 2017

How to Become Tax Filer in Pakistan   In order to promote the culture of filing tax returns increased/ higher Withholding Tax (WHT) rates have been introduced for Non-Filers. On banking transaction, sale and purchase of vehicles & property and other many transactions higher WHT . Even on annual token taxes of vehicles additional tax […]

13Jun 2017
Pakistani Currency

State BANK SMS Service The State Bank of Pakistan (SBP) has re-launched SMS service for the issuance of fresh currency notes to the public. The distribution will be made through the SBP’s subsidiary, the SBP Banking Services Corporation (SBP BSC). The fresh notes will be available from designated commercial bank branches called “e-branches” and the […]

09Jun 2017
Personal NTN

How to Obtain Personal National Tax Number (NTN) National Tax Number and Its Need NTN is necessary for both salaried and business individuals .NTN is required for filing of income tax, being a non filer you attract high/increased withholding tax rate on banking transactions, vehicle purchase, property transactions and vehicle token. If salary of a […]

08Jun 2017
Partnership NTN

How to Apply NTN for Partnership/AOP What is National Tax Number (NTN)? National Tax Number is like an identity card of a business it is used to verify the registration of a business with Federal Board of Revenue, the apex tax regulatory authority. NTN is required to open a bank account and to enter in […]

06Jun 2017
GST Registration

How to Apply Sales Tax Registration for Company What is Sales Tax Registration Number (STRN)? Sales Tax Registration Number is a number allocated by the government of Pakistan to a person/AOP /company, involved in any taxable activity, for charging sales tax on products. Sales tax is an indirect tax, so collected from end users by […]

06Jun 2017
How to apply NTN for Company

How to Apply  NTN for Company What is National Tax Number (NTN)? National Tax Number is like an identity card of a business it is used to verify the registration of a business with Federal Board of Revenue (FBR), the apex tax regulatory authority. NTN is required to open a bank account and to enter […]

05Jun 2017
How to Register Trademark

How to Register Trademark in Pakistan  What is Trademark (TM)? A trade mark is a sign that is used to distinguish business’ goods or services from those of other traders. A trade mark can be represented graphically in the form of your company’s logo or a signature. Intellectual Property organization of Pakistan The only government body that governs rules […]

05Jun 2017
Sole Proprietor Business Registration in Pakistan

How to Register Sole Proprietorship in Pakistan Sole proprietorship is ancient form of business organization; it is as old as human civilization. With some merits and demerits, sole proprietorship is easiest to form. Any single person without joining hands with any other person can start a sole proprietorship business in Pakistan. Pakistan is amongst the […]

03Jun 2017
Company Registration in Islambad

How to Register a Company in Islamabad – Pakistan Islamabad is capital of Pakistan; it is among the top ten most beautiful cities of the world. It is the financial and investment hub of Pakistan.Highest per capital income, developed infrastructure, largest population, strategic location and many other factors have and made the city most attractive […]

03Jun 2017

Registered Office for Company Registration in Pakistan Notice of the location/address of the registered office and any of change therein shall be given within twenty-eight days after the date of the incorporation of the company or of the change, as the case may be, to the registrar who shall record the same. It is customary […]

03Jun 2017

How to Change Company Address or Registered Office Relevant provisions: Sections 21, 142 and Section 172 of the Companies Ordinance, 1984 read with Rule 3 & 30 of The Companies (General Provisions and Forms) Rules, 1985 Mode of documents submission: Both online and offline STEP 1 Pass resolution in Board of Directors meeting for change […]

03Jun 2017

Company Registration in Pakistan with Foreign Director A company, being an artificial person, is managed and controlled by the directors of the company. The Directors are the head of a company. They are the supreme authority controlling the managerial and other affairs of the company. They are jointly known as the Board of Directors (BOD) […]

03Jun 2017

  Company Registration in Pakistan Single Member Company and Private Company (Tabular Comparison) A tabular comparison between Single Member Company and Private Limited Company is as under: Description Single Member Company – Only one natural person as shareholder Private Limited Company – Two or more natural persons as shareholders 1. How company name is written in legal […]

01Jun 2017

Single Member Company Registration in Pakistan A Single Member Company (SMC) is a class of private company, limited by shares, which is incorporated with one member. SMC does not invite the public to subscribe for any share of the company. The company does not register any share(s) in the name of two or more persons […]

01Jun 2017

Provident Fund Accounting In provident fund employer and employee contribute a specific amount and at the end of employment accumulated amount, sum of employer and employee contribution, is paid to employee. Suppose total salary (inclusive of all) is Rs.10,500 employee PF contribution:500 Employer’s contribution: 500 Entry will be Salary   10,500————————–Dr. Employer’s contribution  500———Dr. To Provident […]

01Jun 2017

Cash Salary As per income tax ordinance, 1984, salary up-to Rs. 15,000 can be paid in cash. Any amount, for payment of salary, exceeding 15,000 shall must be paid through crossed cheque or direct bank transfer. If a business pays salary in cash to any employee, exceeding the prescribed limit then such expense shall be […]