TAHSEEN REHMAN & CO.

AUDIT, ACCOUNTANCY, TAXATION AND CORPORATE CONSULTANCY

PHILOSOPHY & CULTURE

TRUST, UNDERSTANDING AND SOLID STUDIED SOLUTION PROVISION.
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DYNAMICS CERTIFIED PROFESSIONALS

EXPERTISE AND ASSURANCE THEY NEED TO MANAGE THEIR ORGANIZATION
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About TRC

Tahseen Rehman & Co. is firm of Chartered Accountants providing high quality audit, accounting, taxation and consultancy services to small and medium size businesses across Pakistan.

TRC philosophy is based upon investing in a tradition of trust, understanding and solid studied solution provision. We at TRC stand firm in our belief that we are a family comprised of our clients and our personnel. By placing the clients’ interests first, they prosper. It is when our clients prosper that TRC prospers.

The team is led by Mr. Tahseen Bukhari who gels the entire spectrum of national and international experience in the domains of Finance, Audit, ERP Implementation, Management, Organization Development, Business Process Outsourcing and Systems Development. He holds Chartered Accountancy certification from the Institute of Chartered Accountants of Pakistan.

 

Our Services

 

audit


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accountancy


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consulting


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taxation


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News & Updates

FBR empowers Inland Revenue officers to send a notice to any person asking about assets of spouse and minor children

Federal Board of Revenue Pakistan has allowed the commissioner of Inland Revenue to send a notice to any person asking about assets of his spouse and minor children.

In this regard, Section 116 of the income tax ordinance, 2001 explains the wealth statement and powers of commissioner regarding information of assets and liabilities of any person.

Section 116:

  1. Wealth Statement

 The Commissioner may, by notice in writing, require any person being an individual to furnish, on the date specified in the notice, a statement (hereinafter referred to as the “wealth statement”) in the prescribed form and verified in the prescribed manner giving particulars of:

  • As on the date specified in notice, total assets and liabilities of any person
  • As on the dates specified in the notice, total assets and liabilities of spouse, minor children and any other dependent of the person
  • As in the period specified in the notice, any assets transferred by the person to any other person and the consideration received for such transfer
  • As in the period specified in the notice, total expenditure incurred by the person, his spouse, minor children and other dependents
  • Reconciliation of wealth statement
  1. A person shall furnish a wealth statement and wealth reconciliation statement for the year along with filing of income tax return for the year

In this case, any association of persons shall along with return of income of association, also furnish wealth statement and wealth reconciliation statement.

  1. Person can furnish a revised wealth statement along with the revised wealth reconciliation if he finds any errors or omissions therein after filing the statements. Person shall also explain the he reasons for filing revised wealth statement, at any time before the receipt of notice under sub-section (9) of section 122, for the tax year to which it relates.
  2. Every person (other than a company or an association of persons) filing statement under sub-section (4) of section 115, falling under final tax regime (FTR) shall file a wealth statement along with reconciliation of wealth statement.
News & Updates

Revision of bank timings by the State Bank of Pakistan

State Bank of Pakistan has sent a notification to all banks, development finance institutions and microfinance banks.

As per this notification by the SBP, following office timings shall be observed by the central bank till further orders:

  • Monday to Thursday: 10:00 a.m. to 4:30 p.m. (with prayer/lunch break from 1:30 p.m. to 2:00 p.m.)
  • Friday: 10:00 a.m. to 1:00 p.m.

SBP has advised all the Banks / DFIs / MFBs to ensure compliance with the above-mentioned timings in letter and spirit.

News & Updates

Banks/MFBs are allowed by the SBP to open their selected branches on May 27, 2020, for the facilitation of the Public.

Banks have been allowed by the State Bank of Pakistan to open their selected branches for the facilitation of the public on May 27, 2020.

For ensuring the availability of limited banking services to the public at large during extended holidays for the occasion of Eid-ul-Fitr, Central bank has decided to allow the Banks/ MFBs to open their selected branches on Wednesday, May 27, 2020, at their discretion in various business centers commercial hubs across Pakistan.

However, the RTGS system and Clearing through NIFT shall not be available on the date mentioned above.

So, as per the SBP, NIFT will be collecting financial instruments from branches for clearing purposes on Thursday, May 28, 2020, onwards.

To follow this instruction of SBP, Banks/ MFBs shall ensure to deploy the minimal number of staff which is necessary to carry out the workings at selected branches on the above-mentioned date.

News & Updates

Reimbursement of claims for the payments of salaries and wages is allowed by the State Bank of Pakistan.

State Bank of Pakistan decides to allow reimbursement claims to all those businesses by which wages and salaries have been paid by own resources.

Refinance scheme for payment of wages and salaries to the workers and employees of business concerns due to Coronavirus pandemic had been announced in a notification on April 10, 2020, by the State Bank of Pakistan.

As per the sayings of the SBP, the entities that had applied for financing in the month of April 2020 but could not get approval in April due to formalities, are now allowed to claim reimbursement of salaries and wages paid in the month of April by using their own resources.

The SBP has also decided to follow similar facilitation for the month of May 2020.

The businesses, who applied for the facility under the captioned Schemes in May 2020, can pay wages and salaries from their own sources and claim reimbursement of the same after their financing is approved.

Also, those entities who could not apply for this refinance scheme in the month of April and paid salaries and wages to the workers and employees in the said month are allowed to claim reimbursement, provided all other terms and conditions including not laying off the employees are met.

News & Updates

Extension in the deadlines for the renewal of license by the S E C P amid Corona Virus Pandemic

A Circular (No. 19/2020) has been issued by the Securities and Exchange Commission of Pakistan (S E C P).

As per this circular, S E C P has provided an extension in time for renewal of license due to COVID-19 ( Corona Virus).

Corona Virus has been impacting many businesses around the globe for a long time.

In order to facilitate the shareholders/directors/employees during this ongoing pandemic, the S E C P issued the guidelines regarding renewal of their licenses, issued in pursuance of section 42 of the Company Law.

As per the S E C P, license shall be revoked with the provision of Section 42(5) of the Companies Act 2017 for all those companies which had not applied for the renewal and the due date for renewal of license was before February 2020.

License would not be revoked till June 30, 2020 for all those companies whose license had been expired in the months of February, March, April, and May 2020 and such companies had not applied for the renewal. However, upon receipt of their applications, the license shall be renewed from the date of the expiry of their existing license.

The license would be revoked for all such companies which had applied for the renewal of their license either before or after February 01, 2020, and certain deficiencies were communicated to them, but they failed to comply with the regulations, said regulator of S E C P.

Also, if the companies face no difficulty, companies may apply for the renewal of the license in a regular manner by complying with all the requirements.

  1. FBR provides extension to filling Sales tax return and payment of sales tax and federal excise duty for March 2020
  2. FPCCI advises the Federal Board of Revenue Pakistan to shun Multiple audits of registered taxpayers
  3. Federal Board of Revenue Issues a list of all such BS-18 officers who failed to submit assets declaration
  4. Further relaxation in the Rozgaar Scheme is allowed by the State Bank of Pakistan
  5. Crackdown on smuggling of contraband items by the FBR
  6. FBR directs officers of BS-18 to submit their asset declaration

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