At SM ASSOCIATES, we understand that navigating the complexities of taxation can be overwhelming. Whether you’re an individual, a small business owner, or a company, staying compliant with ever-changing tax laws while maximizing your returns requires expertise and dedication. That’s where we come in.

SM ASSOCIATES offers a comprehensive range of taxation services tailored to meet the unique needs of our clients. Our team of experienced tax professionals is committed to providing accurate, timely, and personalized solutions that help you achieve your financial goals. Our services include:

1. NTN REGISTRATION:

If you’re a Business owner, Freelancer, or Individual taxpayer in Pakistan, obtaining a National Tax Number (NTN) is a crucial step towards fulfilling your tax obligations and conducting business legally. At SM ASSOCIATES, we specialize in helping individuals and entities navigate the NTN registration process with ease and efficiency.

The National Tax Number (NTN) is a unique identification number assigned by the Federal Board of Revenue (FBR) to individuals, businesses, and other entities for tax purposes. It serves as a primary reference number for all tax-related transactions, including filing tax returns, paying taxes, and claiming tax refunds.

2. STRN REGISTRATION:

The Sales Tax Act 1990 of Pakistan mandates that individuals and businesses (Manufacturers, Importers, Commercial Importers, Exporters, Distributors & Tier-1 Retailers) engaged in taxable activities register for sales tax purposes and obtain an STRN from the Federal Board of Revenue (FBR). The STRN serves as a unique identification number for sales tax purposes and is required for invoicing, filing sales tax returns, and compliance with sales tax regulations.

At SM ASSOCIATES, we specialize in helping individuals and entities navigate the STRN registration process with ease and efficiency.

3. TAX PREPARATION:

• Individual Tax Preparation: Whether you’re a salaried employee, a freelancer, or a retiree, our tax experts are here to help you maximize your deductions and minimize your tax liabilities. We’ll work closely with you to gather all the necessary documents, identify potential deductions and credits, and prepare your tax return with precision and care.
• Business Tax Preparation: Running a business comes with its own set of tax challenges. From organizing your financial records to navigating complex tax laws, our team has the expertise to ensure that your business tax return is prepared accurately and filed on time. Whether you’re a sole proprietor, partnership. We’ll help you optimize your tax strategy and stay compliant with all applicable regulations.
• Company Tax Preparation:

For corporations or Companies, tax preparation involves more than just filling out forms. It requires a thorough understanding of corporate tax laws, accounting principles, and financial reporting requirements applicable in Pakistan. Our experienced tax professionals have the knowledge and expertise to handle all aspects of corporate tax preparation, from preparing financial statements to filing corporate tax returns.

4. MONTHLY SALES TAX FILING:

The Sales Tax Act 1990 of Pakistan mandates that registered businesses file monthly sales tax returns with the Federal Board of Revenue (FBR) to report their taxable sales and calculate the sales tax due for the reporting period. Monthly sales tax filing is essential for businesses engaged in taxable activities, including the sale of goods and services subject to sales tax.

• We assist businesses in compiling their sales data and preparing accurate monthly sales tax returns in accordance with the requirements of the Sales Tax Act 1990 and FBR guidelines.
• Our team calculates the sales tax liability for the reporting period based on the taxable sales reported in the monthly sales tax return, ensuring accuracy and compliance with sales tax regulations.
• We handle the filing and submission of monthly sales tax returns with the FBR on behalf of our clients, ensuring timely submission and compliance with filing deadlines.
• We provide guidance on record-keeping requirements and assist businesses in maintaining proper documentation to support their monthly sales tax filings and comply with audit requirements.

5. WITHHOLDING TAX STATEMENTS:

Withholding tax statements in Pakistan are documents used to report income subject to withholding tax and the amount of tax withheld. These statements serve as records of tax withheld from various sources of income, such as salaries, dividends, interest, royalties, and contract payments.

Every Company, AOP (having Sales Tax Registration Number) & Individual/sole proprietor (whose annual turnover is more than 100 Million) is required to withhold tax on certain transactions and deposit with the FBR as per the rules defines in Income Tax Rules 2002.

We SM ASSOCIATES assist entities to prepare and file withholding statements effectively and efficiently.

6. TAX AUDIT:

A tax audit is an examination of an individual’s or a business’s financial records and tax returns by the tax authorities to ensure compliance with tax laws and regulations. Audits may be conducted randomly or triggered by specific red flags or discrepancies in tax filings.

At SM Associates, we offer a range of tax audit services tailored to meet the needs of individuals and businesses. Whether you’re facing an audit from the tax authorities or seeking proactive assistance to minimize your audit risk, our experienced team is here to help. Our services include

• Audit representation before FBR & different tax authorities
• Pre Audit Preparation
• Audit Defense
• Post Audit Resolution

7. TAX APPEAL:

The Income Tax Ordinance 2001 of Pakistan provides taxpayers with the right to appeal against tax assessments, penalties, and other decisions made by the tax authorities. Tax appeals are heard by specialized appellate forums, including the Commissioner (Appeals), the Appellate Tribunal, and the High Court.

At SM Associates, we offer a range of tax appeals services designed to help taxpayers navigate the appeals process effectively and achieve favorable outcomes. Our services include:

• Appeal Preparation
• Legal Representation
• Negotiation & Settlement

8. TAX REFUNDS:

The Income Tax Ordinance 2001 of Pakistan provides taxpayers with the right to claim tax refunds in various situations, including

• Excess Tax Withholding: Taxpayers who have had taxes withheld from their income at a rate higher than their actual tax liability are entitled to claim a refund for the excess amount withheld.
• Advance Tax Payments: Taxpayers who have made advance tax payments during the tax year in excess of their actual tax liability are eligible to claim a refund for the excess amount paid.
• Tax Credits and Deductions: Taxpayers who are eligible for tax credits or deductions under the law may claim refunds for the amounts to which they are entitled.