Session 1/3 Day 1. Audio Commentary by Anthony Williams (FPFA,LLB) to be added soon. For 1 on 1 discussion call +92-321-4409009, 0321-4409009, 92-42-35925972
2. Types of Tax Year
๏จ Normal Tax Year
๏จ Special Tax Year
๏จ Transitional Tax Year
3. Normal Tax Year
๏จ A period of 12 months
๏จ From July 1 to June 30
๏จ Denoted by the calendar year in which the
normal tax year ends
๏จ Example:
๏จ Tax Year 2008 = Start from July 1 2007
๏จ Ends on June 30 2008
4. Special Tax Year
๏จ Any income year ending
๏จ Other than June 30
๏จ Denoted by the calendar year relevant to the
normal tax year in which the year end falls
๏จ Example:
๏จ October 1 2006 to September 30 2007
๏จ What is the Tax Year for the above dates?
๏จ Tax Year 2008
5. Change in Tax Year
๏จ If a person wants to change his tax year
๏จ He needs permission from,
๏จ Commissioner Income Tax (CIT)
๏จ If a class of persons want to change their tax
year
๏จ They needs permission from,
๏จ Federal Board of Revenue
6. Transitional Tax Year
If you change your tax year from
1. Normal to Special or
2. Special to Normal
๏จ You need an in between period to adjust
๏จ This in between period is called transitional tax
year
๏จ Example: Normal Tax Year 1-7-2007 to
30-6-2008
Now if you want to change to 1-1-2009 to 31-12-09