How To Perform Income Tax Return Filing In Pakistan?

Income tax filing is a critical concept to understand. How income tax is calculated, what are legal obligations etc. It is a document a person is supposed to submit to the income tax department of the country.

Subsequently, this form contains information about a person’s income, salary income, taxes to be paid on it during the year, profit, and gain from the business. 

What Is Income Tax Return?

A form is filed with a tax authority that reports incomes, expenses, and other pertinent tax information are known as a tax return. 

Each individual or business tax return must file annually. The Internal Revenue Service (IRS) provides forms that are used to prepare a tax return. The tax return has three major sections. 

Income, deduction, and creditors. All the sources of income are listed in the income section of the tax return. The W-2 form is the most common method of reporting. 

Deduction means decreasing the tax liability. You can report your income, determine deduction and tax credits.

The tax return report calculates the individual or business income earned with the amount of tax payable to the government. 

Furthermore, an income tax return is a tax that is payable on income. This tax return is an annual record of income and tax details. 

The important obligation in the area of taxation is to file a tax return in a proper and timely manner. 

If you want to file a tax return on your own accord first download the tax return program. As an entrepreneur, you can file a tax return by registering your business when you start a new business.

If you are living abroad you must file a tax return. 

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Trademark registration in Pakistan

Trademark registration is important in Pakistan. Register your trademark with the Intellectual Property Organisation of Pakistan (IPO). Try to register your trademark early on.  

When you register your unique trademark with IPO Pakistan it will give you legal protection from those who want to copy your brand after your success.

Trademark registration means protecting your brand. Trademark can be a logo, word, phrase, symbol, which represents a company. 

It plays an important role in the success of a company because an attractive trademark gives a strong identity to the company. 

To protect the rights of their creation and intellectual property people can register their trademark. 

Governments charge different amounts of fees for trademark registration such as large business trademark registration charges more than trademark registration of small companies.  

Trademarks are registered for specific goods or services; in other words, trademarks divide the products or services into classes. Give a separate identity to each product. 

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Why is trademark registration important?

Business gets success after a lot of hard work. Businesses require sacrifice and significant hard work to reach the top level in the market. 

Trademark is a logo or graphical mark that distinguishes your brand name from other businesses or brands. It is important to protect your trademark from copycats. Trademark and copyright laws exist.

IPO Pakistan gives you the opportunity to register their trademark with it that protects your trademark from copiers. It is very simple to register your business or trademark at IPO Pakistan. 

Currently, all types of businesses should register themselves whether they have small businesses or larger businesses. 

Failure in registering will give your competitors a chance to take advantage of your brand through unfair marketing techniques.

How long is trademark registration valid?

The Trademark registration period for any trademark is around ten years. Even after ten years, you need to renew it for as long as you wish. 

After trademark registration, you have no obligation to use that trademark for any product or service. 

If you don’t use your trademark for the product with which you register then within five years the registration company can delete or partly delete the registration if someone makes a request. 

If you register your trademark you can add symbols to the trademark. ™ is present behind the trademark.

This does not offer protection but you can indicate to the market to consider it as a trademark. You can also apply changes to the registered trademark

Employment contract Pakistan

An employment contract is an agreement signed between an employee and an employer. The agreement includes the roles, rights, and responsibilities of employees. 

The main purpose of this agreement is to ensure that both you and your employer have a clear understanding of the terms and responsibilities written in the agreement. 

Employment contracts are of three types: permanent contract, temporary contract, and individual contract. This agreement is sign by two persons: the employee agrees to work with the employer and the employer agrees to pay the employee. 

Similarly, terms and conditions are part of an employment contract.

Furthermore, employee contracts can be helpful when you want to take control over an employee’s ability to leave your company or business. 

A temporary contract is sign for a temporal period of time. Moreover, employees can leave their business anytime whenever they want. Most business owners prefer a permanent agreement in which an employee’s work is indefinite. 

The employee on this contract can work full-time or part-time and get benefits from the employer.

Purpose and importance of Employment contracts

The main purpose of an employment contract is to ensure that you and your employer have a clear understanding of what we are expecting in terms of employment. The main things included in the company contract are:

• Name of employer and employee
• Commencement date of employment
• The time period of employment
• Salary before tax
• Job title, description and responsibilities
• Working hours
• Probation period
• Notice period
• Work expenses
• Sickness and absence policy
• Details about the employee pension scheme

Having clear and well-drafted contract policies is essential for any business. To manage staff effectively, an employment contract will be very helpful. 

Employment contracts are often on paper or verbal. Moreover written contracts are more clear and act as evidence for both employer and employee. 

Conclusion

As earlier, If the employment contract is clear and easily accessible then no dispute arises between the employee and employer. 

Your employment contract does not change by employee or employer. 

An employer is in breach of contract if he doesn’t follow what they mention in the terms and conditions of the employment contract.