Accountant blogs

Bookkeeping is the practise of maintaining financial records that are accurate and up to date, as well as keeping track of all financial transactions. Due to the fact that it covers all of these responsibilities, bookkeeping is a vital component of running a business. In Pakistan, there is an abundance of bookkeeping service providers that are able to offer a diverse range of services to businesses of various sizes. These providers can be found throughout the country. One of the most major benefits of using the services of an accounting service in Pakistan is the access to their vast store of information and expertise. This is one of the reasons why using their services is so beneficial. Bookkeepers who operate professionally receive training to enable them to complete financial transactions and have an in-depth understanding of accounting principles and procedures. This implies that they are capable of maintaining your financial records in an accurate and effective manner, so freeing

Depending on the nature of the transaction, several taxes may apply to business transactions. Income taxes, whether personal or corporate, sales taxes on goods, and customs duties all fall under the purview of the federal government. The Federal Board of Revenue (FBR) is the federal government's tax collection agency. Provinces, on the other hand, collect sales tax on services. The revenue collection agencies for sales tax on services are as follows: Revenue Authority of Punjab Sindh Revenue Authority Baloch Revenue Authority Revenue Authority of KPK The FBR collects sales tax on services in the Islamabad capital territory. The main taxes that businesses must pay are income tax and sales tax. Pakistan's income tax is governed by the Income Tax Ordinance, 2001. The Sales Tax Act of 1990, on the other hand, governs sales tax on goods. Sales tax on services is governed by provincial tax laws. In Pakistan, the fiscal year begins on July 1st and ends on June 30th. Any year other th