"STRATEGIES THAT MAKE THE DIFFERENCE

FAQ

FAQ'S

What services does your tax consultancy provide?

Rafiq Associates provides Tax, Accounts & Audit Consultancy Services. Also, Rafiq associates also provide assistance for the preparation and implementation of HR policies as well.

Do you provide services for both individuals and businesses?

YES, Rafiq Associates provides both Individuals and Businesses in all formats i.e. Tax, Accounts & Internal Audit.

What services do you provide in accounts and audit?

Rafiq Associates provides accounting-related services for bookkeeping, prepare final accounts, assisting with the preparation of operating financial budgets, and assisting with the preparation of corporate project cash flow. Further, Rafiq Associates provides audit-related services for Inventories Stock Count, Standard Operating Procedure (SOP) audit for GAP analysis, and Final Statement audit.

Can you handle outsourced accounting for my business?

YES, Rafiq Associates provides services for Tax, Accounting & Audit.

What software do you use for accounting?

YES, SAP & ERP besides other software’s are used.

Why should I hire a tax consultant?

YES, first of all, every taxpayer should have basic knowledge of taxation for appropriate compliance. However, after hiring a Tax Consultant, the Taxpayer feels comfort as the tax consultant provides assistance to him/her in all aspects

What is an NTN (National Tax Number) and how do I register for it?

Simply, registration can be easily done on IRIS. Rafiq Associates provides convenient services and ensures registration within a day.

What documents are required for NTN registration?

Valid CNIC, Active Owned Mobile & Active Owned Email id and other necessary information.

What is the deadline for filing income tax returns?

Salaried, AOP and Business individual:Tax Year: 1st July – 30th June Deadline: 30th September following the end of the tax year Companies: Tax Year: 1st July – 30th June Deadline: 31st December

What happens if I don’t file my return?

If you don’t file tax return, you will fall under non-active taxpayer and will face non-filer hit. Further, according to the finance act 2025, certain high-value transactions are now restricted for non-compliant individuals or entities, including the registration or purchase of vehicles, transfer of property, and sale of securities or mutual funds. Banks are also restricted from processing transactions or withdrawals above a notified threshold for such persons.

What is sales tax and who needs to register for it?

Sales tax is an indirect tax paid by the end-user. As per Section 14 of the Sales Tax Act, 1990, the following persons are required to be registered for sales tax: a manufacturer who is not operating a cottage industry; a retailer liable to pay sales tax under the Act or its rules, excluding those required to pay sales tax through their electricity bill under sub-section (9) of section 3; an importer; an exporter intending to obtain a sales tax refund against zero-rated supplies; a wholesaler, dealer, or distributor; and any person required, under any other federal or provincial law, to be registered for the purpose of any duty or tax treated as a levy of sales tax to be collected under the Act.

Do you assist with company incorporation and registration?

Yes, Rafiq Associates can assist.

Do you help with FBR notices and audits?

Yes, Rafiq Associates can assist.

Book keeping is mandatory to keep the accuracy in financial records.

Yes, Rafiq Associates can assist.

What is the purpose of an audit?

Internal Audit function exists to fulfill the responsibilities of assessing the effectiveness of risk management, regulatory compliance, and governance processes.

Why stock count necessary for organization?

A stock count (also called inventory count) is necessary for an organization because it ensures that the physical stock matches the recorded stock in the books.