The Importance of Filing Statutory Returns for Pakistani Companies
Filing statutory returns is not just a formality—it is a fundamental legal obligation that every registered company in Pakistan must fulfill in order to remain compliant with the country’s corporate and tax laws. Whether you are running a small-scale enterprise, a mid-sized operation, or a rapidly growing company, the timely and accurate submission of statutory returns plays a critical role in maintaining your business’s legal standing and financial integrity.
Statutory returns include a range of filings such as income tax returns, sales tax returns, withholding tax statements, and corporate filings required by regulatory bodies like the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP). Each type of return must be submitted within prescribed deadlines and in accordance with specific formats and documentation requirements.
Failure to meet these obligations can lead to severe consequences, including monetary penalties, legal notices, suspension of business activities, audits, and damage to your business reputation. Moreover, non-compliance may affect your ability to secure loans, participate in tenders, or attract investors.
In this comprehensive guide, we delve into the importance of statutory return filing, highlight the most common issues that businesses face during the process, and outline how professional accounting and bookkeeping services—like those provided by Arshad & Associates—can help you navigate these challenges with confidence. With our expert support, you can focus on growing your business while we ensure your filings are always accurate, timely, and fully compliant with applicable laws and regulations.
What Are Statutory Returns?
Statutory returns are legally mandated documents and reports that companies must file with designated government authorities to ensure compliance with national laws and regulatory frameworks. In Pakistan, these filings are primarily submitted to bodies such as the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP). The purpose of these returns is to provide transparent, verifiable records of a business’s financial and operational activities.
These filings are not optional—they are an essential aspect of running a legally compliant business. Companies that fail to file these returns in a timely and accurate manner may face penalties, legal consequences, and even suspension of business operations.
Some of the most commonly required statutory returns in Pakistan include:
- Income Tax Returns:
Every registered business entity is required to declare its annual income, profits, and tax liability by filing an income tax return with the FBR. This return serves as the basis for income tax assessment and is critical for maintaining tax compliance. - Sales Tax Returns:
Businesses registered under the sales tax regime must regularly report their sales, purchases, and input/output tax details. These returns are usually filed monthly and are crucial for determining the net tax payable or refundable by the business. - Withholding Tax Statements:
Companies are often required to deduct tax at source on payments such as salaries, contracts, rent, and dividends. The deducted amounts must be reported and deposited with the FBR through withholding tax returns. These filings must be submitted periodically, depending on the nature of the payments. - Payroll Filings:
Employers are obligated to report employee salaries, tax deductions, and social security contributions. Accurate payroll filings ensure compliance with labor laws and tax regulations and protect both the employer and employee from future disputes. - Annual Returns to SECP:
In addition to tax-related filings, all companies incorporated under the Companies Act are required to file annual returns with the SECP. These returns contain essential corporate information such as shareholding structure, board of directors, and financial statements. Timely submission ensures the company remains in good standing with the corporate registrar.
Together, these statutory returns serve as the foundation of financial accountability. They allow the government to monitor business activities, assess tax liabilities, detect irregularities, and enforce legal compliance across all sectors. More importantly, timely and accurate filings reinforce a company’s reputation as a responsible and trustworthy entity—essential for attracting investors, securing contracts, and accessing credit facilities.
Why Filing Statutory Returns Matters
Filing statutory returns is not merely a legal requirement—it is a critical aspect of maintaining the financial and operational health of your business. By submitting accurate and timely returns, companies demonstrate transparency, uphold their credibility, and stay in good standing with regulatory authorities such as the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP). Beyond compliance, these filings form the backbone of responsible business management, influencing everything from tax planning and financial reporting to investor confidence and access to funding. Neglecting this responsibility can lead to significant legal consequences, reputational damage, and missed opportunities for growth. In the following subsections, we’ll explore the key reasons why consistent and correct filing of statutory returns is essential for every business in Pakistan.
Legal Compliance and Avoiding Penalties
Filing statutory returns is not only a fundamental legal obligation—it also protects your business from severe repercussions. Under Pakistan’s tax and corporate regulations, including the Income Tax Ordinance, 2001, and the Sales Tax Act, 1990, companies are required to submit accurate returns for income tax, withholding tax, and sales tax within specified deadlines. Failing to do so can result in substantial fines, interest charges, notices of audit, account freezes, and even de-registration of the company. In some cases, it may trigger deeper scrutiny of your business practices, causing operational delays and reputational damage.
Consistent and timely filing ensures your company remains compliant with the law, avoiding unnecessary legal trouble and building trust with regulators. It also demonstrates that your business maintains sound financial and operational discipline—an important factor for both internal governance and external evaluations.
Accurate Financial Reporting
Timely statutory filings go hand-in-hand with accurate and organized financial reporting. When your income tax returns, sales tax declarations, and payroll filings are consistently submitted, your general ledger stays clean, current, and audit-ready. This accuracy is essential for producing financial statements, managing budgets, forecasting cash flow, and making informed business decisions.
Moreover, with the help of modern accounting software such as QuickBooks Online, Xero Accounting, and ZohoBooks, companies can automate much of the process, reducing human error and saving time. These platforms provide powerful tools to track expenses, reconcile bank transactions, monitor tax liabilities, and generate detailed reports—all of which depend on up-to-date statutory submissions. Maintaining a habit of on-time filing helps ensure your data is reliable, which is critical for business performance reviews, compliance audits, and strategic planning.
Access to Business Opportunities
Many growth opportunities in Pakistan—especially those involving government contracts, tenders, grants, and funding programs—require businesses to provide evidence of statutory compliance. This includes proof of income tax registration, a valid sales tax number, and records of filed returns. Without these documents, businesses are often disqualified from participating in lucrative projects or partnerships.
Additionally, financial institutions such as banks and venture capital firms commonly request these returns during due diligence processes before approving loans or investments. By staying current with your filings, you not only ensure regulatory compliance but also open doors to new revenue streams, strategic collaborations, and institutional funding. It signals to stakeholders that your business is legitimate, financially responsible, and worthy of investment or partnership.
Common Problems in Filing Statutory Returns
While filing statutory returns is a critical responsibility for every registered business, it often comes with a range of challenges that can hinder compliance and accuracy. From navigating evolving tax laws to managing complex financial records, many businesses—especially small to medium enterprises—struggle to keep up with the demanding requirements set forth by the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP). Errors in documentation, missed deadlines, and lack of internal expertise can lead to penalties, audits, or disruptions in business operations. In this section, we highlight some of the most common issues companies face when filing statutory returns, along with insights on how to overcome them and ensure smooth, stress-free compliance.
1. Disorganized Bookkeeping
One of the most common issues businesses face when filing statutory returns is the lack of organized and up-to-date bookkeeping practices. Many small and medium enterprises fail to implement a consistent bookkeeping system or do not follow double-entry accounting principles, which can lead to incomplete or inaccurate financial records. Without proper documentation of income, expenses, receivables, and liabilities, preparing accurate statutory filings becomes nearly impossible. Disorganized records not only slow down the filing process but also increase the risk of errors, missed deductions, and audit triggers. Professional bookkeeping services can help streamline your financial data and ensure that all transactions are correctly recorded, categorized, and ready for submission when tax season arrives.
2. Incomplete Chart of Accounts
An effective chart of accounts is the backbone of any accounting system, serving as a structured framework for organizing financial transactions. Unfortunately, many businesses either have an outdated chart of accounts or lack one altogether. This leads to disorganized records, misclassified entries, and gaps in financial reporting. When income, expenses, assets, and liabilities are not properly categorized, filing accurate tax returns becomes a daunting task. Incomplete or poorly structured charts also hinder financial analysis and reduce transparency in audits. Implementing a well-designed chart of accounts—tailored to your business model and aligned with SECP and FBR requirements—is essential for generating precise reports and filing compliant statutory returns.
3. Payroll Mismanagement
Payroll mismanagement is another frequent problem that undermines statutory compliance, especially for businesses that lack formal payroll systems. Companies often underreport or inaccurately deduct payroll taxes, resulting in discrepancies between payroll records and actual filings. This can lead to non-compliance with tax deducted at source (TDS) rules, penalties for late or incorrect filings, and difficulties during FBR audits. Additionally, failure to maintain detailed payroll ledgers, employee tax declarations, and proof of payments further complicates the process. Leveraging payroll management tools like QuickBooks Payroll or outsourcing payroll to a professional service provider ensures timely, accurate deductions and compliance with Pakistan’s employment and tax regulations.
4. Withholding Tax Confusion
Withholding tax (WHT) is one of the most misunderstood aspects of Pakistan’s tax system. Many businesses struggle to differentiate between various types of tax deductions, such as withholding on payments to vendors, income tax deductions, and tax withheld at source for salaries, rent, contracts, and commissions. This confusion often leads to incorrect filing of withholding statements or failure to deposit withheld amounts on time—both of which can attract penalties and legal scrutiny. Maintaining clarity on WHT categories, rates, and due dates is crucial for staying compliant. Expert accounting support can help you navigate these complexities and ensure that all deductions are accurately calculated, reported, and deposited with the FBR.
5. Unreconciled Bank Statements
Failing to reconcile bank statements regularly is a critical issue that can have far-reaching consequences when filing statutory returns. Without reconciliation, discrepancies between your books and actual bank balances go unnoticed, leading to misreporting of cash flows, missing transactions, duplicate entries, or inflated income figures. This can directly affect the accuracy of your FBR income tax return and sales tax filings, potentially flagging your business for audits or investigations. Regular bank reconciliation not only keeps your general ledger accurate and reliable but also strengthens internal controls. Cloud-based software like Xero or QuickBooks Online can automate reconciliation tasks, while expert oversight ensures everything aligns before submission deadlines.
Key Statutory Returns for Pakistani Companies
In Pakistan, businesses are required to submit various statutory returns to ensure compliance with financial, tax, and corporate regulations. These returns serve as formal declarations of a company’s income, expenses, tax liabilities, employee payments, and corporate structure. Filing them accurately and on time is not just a regulatory formality—it is a critical step in maintaining transparency, avoiding penalties, and sustaining business operations.
Each type of statutory return corresponds to a specific regulatory requirement governed by bodies like the Federal Board of Revenue (FBR) and the Securities and Exchange Commission of Pakistan (SECP). From tax filings and payroll disclosures to annual corporate reports, these submissions collectively reflect the health and legitimacy of a company’s operations.
In the sections that follow, we’ll break down the most important statutory returns that every registered business in Pakistan must understand and fulfill. Whether you are a startup, SME, or established enterprise, staying informed about these obligations is essential for long-term compliance and growth.
Income Tax Return
The Income Tax Return is a fundamental annual filing requirement for every registered business in Pakistan, submitted to the Federal Board of Revenue (FBR). This return must comprehensively report a company’s total income, expenses, tax liability, and any capital gains realized during the financial year. It includes declarations of business profits, dividend income, rental income, and any other taxable revenues, along with applicable deductions, rebates, and credits. Accurate preparation of the income tax return not only helps avoid penalties and audits but also enables effective tax planning. It is also a key document required when applying for government tenders, loans, or financial audits. Businesses using accounting software like QuickBooks Online, Xero, or ZohoBooks can automate much of the data capture, ensuring reliable and timely submissions.
Sales Tax Return
Companies registered for sales tax with the FBR are required to submit monthly sales tax returns, regardless of whether they have sales during that period. These returns detail input tax (on purchases) and output tax (on sales), enabling the FBR to assess the net payable tax or refund due to the business. The process involves careful documentation of invoices, credit notes, debit notes, and CNICs for B2B transactions, which must align with the data in the FBR’s Point of Sale (POS) integration where applicable. Missing deadlines or errors in sales tax calculations can result in hefty fines, disallowance of input tax, and reputational risk. Accurate sales tax returns also help businesses maintain clean tax records and prevent issues during audits or compliance reviews.
Withholding Tax Statements
Under Pakistan’s tax laws, businesses are responsible for deducting withholding tax (WHT) on specific payments such as salaries, contractual services, professional fees, rent, and supplier invoices. These deductions must be recorded and reported through monthly and annual withholding tax statements, submitted to the FBR. These statements must clearly show the name, CNIC, nature of payment, amount deducted, and the tax head under which the amount was withheld and deposited. Confusion around WHT obligations, incorrect deduction rates, or failure to deposit the tax can lead to disallowance of expenses and monetary penalties. Regular and accurate filing of these statements ensures compliance with Section 149 and Section 153 of the Income Tax Ordinance and reinforces the company’s financial discipline.
SECP Annual Return
All companies incorporated under the Companies Act, 2017 are required to file an Annual Return with the Securities and Exchange Commission of Pakistan (SECP). This return is essential for maintaining the company’s legal status and must include details such as the company’s registered address, shareholding pattern, changes in directorship, authorized and paid-up capital, and key corporate resolutions passed during the year. The filing must be done using the SECP’s eServices portal and often requires digital signatures. Non-compliance can result in penalties, blacklisting, and the inability to make future corporate changes. Timely filing ensures transparency in corporate governance and is especially critical for companies seeking to raise capital or undergo mergers and acquisitions.
Payroll Submissions
Payroll-related statutory returns ensure compliance with Pakistan’s labor, tax, and social security regulations. Employers are required to maintain detailed monthly payroll records, including salary slips, income tax deductions, employer contributions, gratuity, bonuses, and overtime payments. These submissions often tie into withholding tax filings, as payroll tax deducted at source must be reported to the FBR. Additionally, businesses registered with Employee Old-Age Benefits Institution (EOBI) and Social Security Institutions must submit monthly reports detailing employee contributions and coverage. Inaccurate payroll reporting can lead to employee disputes, tax penalties, and labor law violations. Modern payroll solutions such as QuickBooks Payroll or Wagepoint can simplify this process, ensuring accuracy, timeliness, and full compliance with Pakistani labor laws.
Benefits of Using Professional Accounting Services
Managing statutory returns, financial records, and compliance obligations can be a complex and time-consuming task—especially for small to medium-sized businesses with limited in-house expertise. As tax regulations evolve and filing requirements become more stringent, relying solely on internal resources can lead to costly errors, delays, and non-compliance.
This is where professional accounting and bookkeeping services play a crucial role. By partnering with experienced professionals, businesses gain access to expert knowledge, industry-specific insights, and cutting-edge tools that ensure accuracy, efficiency, and peace of mind. Whether it’s managing payroll taxes, filing income and sales tax returns, or reconciling bank statements, outsourcing these responsibilities allows business owners to focus on strategic growth while leaving the complexities of financial compliance to qualified experts.
In the sections below, we explore the key advantages of working with accounting professionals and how their support can significantly enhance your company’s compliance, financial health, and operational success.
Bookkeeping Services for Accuracy
Accurate bookkeeping is the foundation of reliable financial reporting and statutory compliance. Engaging a professional bookkeeper accounting expert ensures that every bookkeeping entry is properly recorded, categorized, and aligned with current tax laws and regulatory requirements. A qualified bookkeeper doesn’t just track transactions—they create a system of financial integrity that supports audits, tax filings, and internal analysis. They help maintain a clear general ledger, ensure all entries follow double-entry accounting principles, and reconcile discrepancies before they become costly mistakes. Whether you’re dealing with sales, vendor bills, payroll, or operating expenses, having a skilled bookkeeper ensures that your financial records are audit-ready and compliant at all times.
Expert Payroll Management
Handling payroll goes far beyond issuing salaries—it involves meticulous calculation of tax deductions, allowances, benefits, and contributions to government schemes such as EOBI and social security. With expert payroll management, businesses can automate salary processing, calculate accurate income tax deductions, and stay compliant with employment laws and payroll tax regulations. Modern payroll solutions now support Single Touch Payroll (STP) systems, enabling real-time reporting of salary and tax data to relevant authorities. Professional services also ensure that employer contributions, payslips, payroll journals, and withholding statements are prepared and filed on time, minimizing the risk of penalties and employee disputes. This streamlined approach saves time, reduces administrative burden, and boosts employee confidence in your organization.
Software-Driven Solutions
Today’s financial compliance landscape demands speed, accuracy, and integration—all of which are achievable with the help of advanced accounting tools. Leading platforms like QuickBooks Online, QuickBooks Enterprise, and ZohoBooks allow companies to automate and simplify critical processes such as ledger account creation, bank reconciliation, invoice generation, and paycheck management. These software solutions provide real-time visibility into financial data, reducing manual entry errors and enabling seamless collaboration between your internal team and accounting professionals. Integrated features like automated tax calculations, reporting dashboards, and cloud-based access ensure that your accounting bookkeeping processes are always up to date. For growing businesses, leveraging these digital tools is a smart, scalable way to manage compliance without sacrificing accuracy or control.
Timely Filing
One of the most significant advantages of working with professional accountants is their ability to ensure timely filing of all required statutory returns. From income tax filing and filing your annual income tax return to submitting monthly sales tax returns and SECP annual returns, experienced professionals ensure that every document is submitted before the deadline—accurately and in the correct format. Timely submissions help avoid late fees, interest penalties, and unnecessary scrutiny from tax authorities. Additionally, staying current with filings improves your business’s credibility and makes you eligible for financial opportunities such as loans, grants, or government contracts. With expert guidance, you can meet all your filing obligations with confidence and focus on strategic growth rather than worrying about last-minute compliance.
How Arshad & Associates Can Help
At Arshad & Associates, we offer a full spectrum of accounting, bookkeeping, taxation, and corporate compliance services specifically tailored to meet the needs of businesses operating in Pakistan. Whether you’re a startup, a growing SME, or a well-established enterprise, our goal is to take the stress out of your financial obligations so you can focus on growing your business. With a team of experienced professionals, industry-specific expertise, and in-depth knowledge of Pakistani regulatory frameworks, we are the trusted partner for companies seeking reliable, results-driven financial solutions.
Comprehensive Compliance Coverage
Our team manages your entire accounting cycle from start to finish, ensuring that all statutory obligations are met without errors or delays. From daily transaction recording and accrual accounting entries to the preparation of financial statements and submission of online tax returns via the FBR’s IRIS portal, we take care of it all. We also assist in generating accurate withholding tax statements, payroll filings, and sales tax returns, keeping your business fully compliant with the Income Tax Ordinance, Sales Tax Act, and other relevant laws. Whether it’s a monthly, quarterly, or annual return, our structured workflows ensure nothing falls through the cracks.
Specialized Software Expertise
In today’s digital landscape, technology-driven accounting solutions are key to accuracy and efficiency. Our team is highly proficient in a wide range of cloud-based accounting software, including QuickBooks Online, QuickBooks Desktop, ZohoBooks, Xero, Wave, and Pastel Online Accounting. Whether you need help setting up a customized chart of accounts, automating bank reconciliations, generating ledger reports, or managing payroll within these systems, we’ve got you covered. We also help clients migrate from manual systems to cloud accounting, ensuring a seamless transition and providing full training and support for your in-house team.
Taxation Experts at Your Service
Taxation in Pakistan can be complex, with varying rates, exemptions, and compliance requirements for different industries. At Arshad & Associates, we provide access to a dedicated team of certified tax advisors, tax accountants, and payroll experts who will guide you through your entire compliance journey. From preparing and filing income tax and sales tax returns to managing withholding tax obligations and payroll deductions, we ensure full compliance with FBR regulations. Our tax professionals also help you identify potential tax-saving opportunities, avoid penalties, and plan your finances more effectively throughout the year.
Company Registration and Support
Looking to start a business or formalize an existing operation? We make the company registration process in Pakistan straightforward and hassle-free. Our services cover everything from name reservation, SECP incorporation (Form A, Form 21, Form 29, etc.), to FBR registration for NTN, STRN, and income tax filing. We also assist with PSEB registration, provincial tax body enrollments, and ongoing compliance requirements such as annual returns, director updates, and share transfers. Whether you need a Private Limited Company, Single Member Company, or Partnership Firm, we provide end-to-end support to get you legally established and operational quickly.
Best Practices for Filing Statutory Returns
Filing statutory returns is more than just a legal necessity—it’s a key part of running a well-managed, compliant, and financially sound business. While the process may seem straightforward, small oversights or delays can lead to costly penalties, lost business opportunities, or unnecessary audits. That’s why adopting best practices for statutory return filing is essential for businesses of all sizes, particularly in Pakistan’s increasingly digital and compliance-focused environment.
Implementing a proactive approach to compliance—supported by accurate bookkeeping, well-organized documentation, and timely submissions—can save time, reduce risk, and strengthen your company’s financial credibility. In the sections below, we outline key strategies and best practices that every business should follow to ensure error-free, on-time statutory return filings year-round.
Maintain an Updated General Ledger
Your general ledger is the foundation of your business’s financial reporting. It consolidates all transactions, including income, expenses, assets, liabilities, and equity, in one organized system. Maintaining an updated and accurate general ledger ensures that every financial activity is recorded in real time, reducing the risk of missing or misclassifying transactions. This is especially important when preparing statutory filings, as inaccuracies in the ledger can directly impact your income tax return, sales tax reporting, and year-end financial statements. By keeping your ledger current and clean, you make the tax filing process more transparent, streamlined, and compliant with double-entry bookkeeping standards.
Schedule Regular Reconciliations
Bank reconciliation is a crucial step in maintaining financial accuracy. Reconciling your bank statements with your ledger or accounting software on a regular basis helps identify discrepancies such as missing transactions, duplicate entries, and unauthorized payments. These issues, if left unaddressed, can lead to inaccurate tax filings and possible red flags during audits. Monthly or bi-weekly reconciliations allow you to catch and correct errors early, improving the reliability of your financial data and reducing the risk of non-compliance with the FBR. Tools like QuickBooks Online and ZohoBooks offer automated reconciliation features, making it easier to maintain up-to-date and error-free books.
Use the Right Chart of Accounts
An effective chart of accounts (CoA) is essential for organizing financial data in a way that supports both internal decision-making and external compliance. Your CoA should align with standard tax categories and industry-specific reporting needs, making it easier to classify revenue, expenses, assets, and liabilities correctly. A well-structured CoA simplifies the process of generating reports, filing statutory returns, and responding to tax audits. It also improves the accuracy of general ledger entries and supports better financial oversight. Periodically reviewing and updating your chart of accounts ensures that it remains relevant as your business evolves.
Don’t Overlook Withholding Taxes
Withholding taxes (WHT) are frequently misunderstood and often overlooked by small to medium-sized businesses, leading to non-compliance and penalties. It’s crucial to correctly identify when WHT is applicable—whether on salaries, rent, professional fees, contractor payments, or vendor services—and ensure that the appropriate tax is deducted at source. These taxes must be deposited with the FBR within prescribed deadlines, and the corresponding withholding tax statements must be filed regularly. Confusion between WHT, income tax withholding, and tax deducted at source can cause reporting errors. Staying updated on applicable tax rates and payment schedules—or seeking help from tax professionals—ensures accuracy and legal compliance.
Outsource Payroll if Needed
Managing payroll involves more than just calculating salaries—it includes tax deductions, EOBI contributions, social security, benefits, and accurate payslip generation. If your internal resources are stretched thin or lack expertise in payroll accounting, it may be time to consider outsourcing. Working with professionals who use platforms like QuickBooks Online Accountant (QBO Accountant) or Wagepoint ensures that your payroll is processed accurately, taxes are calculated in real time, and monthly filings are submitted on schedule. Outsourcing not only saves time and reduces the risk of human error, but it also ensures compliance with Pakistan’s labor and tax laws while giving you peace of mind during audits or inspections.
Frequently Asked Questions (FAQs)
Q1: What happens if I miss the deadline to file my tax return?
Missing the deadline to file your income tax return in Pakistan can lead to serious consequences. The Federal Board of Revenue (FBR) may impose penalties, default surcharges, and additional tax liabilities on the amount due. In some cases, late filers may receive legal notices or be subject to audits and inquiries. Non-filing or delayed submission can also affect your Active Taxpayer status (ATL), which means you’ll have to pay higher withholding tax rates on financial transactions. Moreover, failing to maintain a compliant tax record can hinder your eligibility for bank loans, government tenders, and investment opportunities. Staying on schedule with tax filing is critical to preserving both your financial health and business credibility.
Q2: Is there a benefit to outsourcing bookkeeping and accounting?
Yes, absolutely. Outsourcing your bookkeeping and accounting functions to professionals like Arshad & Associates offers several advantages. It ensures your financial data is managed by experts familiar with Pakistani tax laws, SECP regulations, and the latest accounting standards. Outsourcing provides you with consistent compliance, minimizes errors, and reduces the overhead costs associated with hiring and training full-time staff. You also gain access to advanced cloud-based software like QuickBooks Online, Xero, and ZohoBooks, allowing for real-time collaboration and transparent financial management. Most importantly, outsourcing frees up your time so you can focus on growing your business while we handle your numbers.
Q3: Can I handle statutory filings myself?
While it is possible to handle statutory filings on your own, it requires in-depth knowledge of Pakistan’s Income Tax Ordinance, 2001, applicable capital gains tax rates, withholding tax obligations, taxable income slabs, and evolving FBR rules. Even minor errors in documentation or calculation can result in penalties, interest charges, or rejection of your filing. DIY tax filing is especially risky for businesses with complex transactions, multiple employees, or mixed revenue streams. Unless you have the expertise, it is highly recommended to seek professional assistance to avoid costly mistakes and ensure full compliance with FBR and SECP requirements.
Q4: How much does QuickBooks Online cost?
QuickBooks Online offers a variety of pricing plans tailored to different business needs, ranging from simple bookkeeping tools for freelancers to robust accounting features for growing companies. The cost varies based on the plan you choose—Simple Start, Essentials, Plus, or Advanced—and whether you opt for monthly or annual billing. At Arshad & Associates, we help you evaluate your business requirements and choose the most cost-effective QuickBooks Online Accountant package, ensuring you don’t overpay for features you don’t need. We also offer full setup, customization, and training to help you make the most of your subscription.
Q5: What if my payroll calculations are off?
Errors in payroll calculations, such as incorrect salary payments, missed tax deductions, or delayed EOBI and social security contributions, can lead to serious consequences including employee disputes, FBR audits, and compliance penalties. Inaccurate payroll processing also affects the accuracy of your statutory filings, including income tax and withholding statements. At Arshad & Associates, we provide automated and accurate payroll solutions using tools like QuickBooks Payroll, Wagepoint, and Xero, ensuring your employees are paid correctly, taxes are calculated precisely, and all regulatory filings are completed on time. Our services eliminate errors and give you confidence in your payroll compliance.
📢 Ready to File with Confidence? Partner with Arshad & Associates Today
Don’t let the burden of statutory filings weigh down your business growth. Whether you’re a startup, small business, or expanding enterprise, Arshad & Associates is your trusted partner for seamless compliance and expert financial support.
🔹 What We Offer:
- ✨ Precision-driven bookkeeping and double-entry accounting tailored to your business needs
- ⏱️ On-time income tax filing, payroll management, and withholding tax compliance—no deadlines missed
- 💻 Full integration with QuickBooks Online, Xero, and ZohoBooks for real-time, transparent financial tracking
- 🏢 End-to-end company registration in Pakistan, including SECP and FBR filings—fast, affordable, and compliant
Let our experienced team of certified accountants, tax advisors, and payroll experts handle the numbers, while you focus on building your business.
📞 Call Us: +92 331 5661278
📧 Email: info@arshadassociates.com
🌐 Website: www.arshadassociates.com
✅ Let’s Simplify Your Compliance Journey
From statutory returns to strategic financial planning—we take the stress out of your books so you can take your business to the next level.
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