Last date to file income tax returns and extended timings of FBR and Banks
October 15, 2021
The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without 24 hours prior…
Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account. Business community and tax bars are disappointed over FBR’s decision. Business community says FBR’s decision will be a hurdle for ease…
The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days, according to a…
The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days, according to a…
Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account. Business community and tax bars are disappointed over FBR’s decision. Business community says FBR’s decision will be a hurdle for ease…
The Federal Board of Revenue (FBR) on Wednesday cleared that it is not considering an extension in the date for filing annual income tax returns after deadline of October 15 2021. According to a statement…
The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without 24 hours prior…
The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on Monday that the…
Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of Income Tax Returns till 15th October,…
Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account. Business community and tax bars are disappointed over FBR’s decision. Business community says FBR’s decision will be a hurdle for ease of doing business. The Federal Board of Revenue (FBR) has withdrawn its clause that directed the Board to warn taxpayers...
The Federal Board of Revenue (FBR) on Wednesday cleared that it is not considering an extension in the date for filing annual income tax returns after deadline of October 15 2021. According to a statement by the FBR spokesperson, taxpayers should submit annual tax returns before October 15. “No extension beyond the extended deadline“, FBR...
The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on Monday that the response of the taxpayers is very encouraging in filing of annual income tax returns for the tax year 2021. Tax...
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The Pak-rupee extended losses against the US-dollar on Wednesday, owing to the higher demand for import payments. According to media reports, the exchange rate closed at Rs158.92. Against the greenback, compared with the previous day’s…
Currency Rate as per Open Market as on Wed, Jun 09 2021, 12:30 PST (GMT+5) Currency Symbol Buying Selling Australian Dollar AUD 119 121 US Dollar DD USD-DD 155.3 156.65 Bahrain Dinar BHD 386.5…
As on Wed, Jun 09 2021, 07:08 GMT Gold Rate 24K Gold 22K Gold 21K Gold 18K Gold per Tola Gold Rs. 110300 Rs. 101108 Rs. 96513 Rs. 82725 per 10 Gram Rs. 94600 Rs.…
A leaked data on offshore companies that is larger in size than the Panama Papers, exposed the financial secrets of the global rich and powerful, including politicians, financiers, retired generals, media owners and businessmen. Who…
Lee Kun-hee (9 January 1942 – 25 October 2020) was a South Korean businessman and industrialist who served the chairman of Samsung Group from 1987 to 2008 and from 2010 to 2020. With an estimated net worth of US$21…
An analysis is provided here of different countries with the highest sales tax rates on their retail sector on the sale of their goods and services. Those countries have a general VAT (sales tax) rate…
Anti-poverty activists on Monday criticized the agreement reached by seven rich countries (G7) to impose a minimum tax on multinational companies, saying it would benefit rich countries at the expense of the poor. The finance…
Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate Income Tax deadlines for all…
A complete list of tax tips issued by the Inland Revenue Service (IRS) of USA regarding coronavirus (COVID-19) tax reliefs and Economic Impact Payments for ready reference. What employers need to know about repayment of…
The Federal Board of Revenue (FBR) has issued office directive to allow the field formations to freeze the bank accounts of taxpayers without any prior approval of the Chairman FBR and without 24 hours prior…
Building further on its ongoing drive for digitization and automation of various processes involved in revenue collection, Federal Board of Revenue (FBR) has developed “Single Sales Tax Portal” to facilitate the taxpayers and ensure the…
The Federal Board of Revenue has re-iterated its position that there shall not be any extension in the statutory date of filing of income tax returns for Tax Year 2021. The last date of filing…
The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR’s computerised system for real time reporting of sales in the prescribed manner.…
The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside Pakistan through normal…
The Federal Board of Revenue (FBR) has decided to grant one-time opportunity to the taxpayers who paid their tax under the Assets Declaration Ordinance-2019 but somehow could not file their declarations. For this purpose Federal…
Collectorate of Customs Export, Port Muhammad Bin Qasim (PMBQ) has identified a massive tax evasion in the import of “rejected plastic rolls waste“. According to media reports, a packing company has taken a NOC from…
The Federal Board of Revenue (FBR) has issued a list of 1,136 big retailers (Tier-1) who are required to be integrated with the FBR’s Point of Sale (POS) system, announcing that they would be denied…
SR0 No 127900/2021.- In exercise of the powers conferred by sub-section (1) of section 76 of the Sales Tax Act, 1990, the Federal Board of Revenue with the approval of the Federal Minister-in-charge is pleased…
Federal Board of Revenue (FBR) on Tuesday said that the process of licensing the IT Service Providers for integration of Tier-1 retailers will take time. The FBR issued Rules for licensing of IT Service Providers,…
Lucky Cement Limited has won the Best Corporate Report Award with first position in the Cement category at the much anticipated “Best Corporate & Sustainability Report Awards 2020.” The recognition was jointly announced by the…
Large Taxpayers Office (LTO) Lahore has taken action against the integrated retailers on discontinuation from the Point of Sale (POS) system despite integration with the Federal Board of Revenue (FBR). Focal person responsible for POS…
Notification of FBR for Collection of Duty & Taxes on 15th October, 2021, C.No. 1(137) STM/2017/16485/R “I am directed to refer to the subject and to state that all LT0s/MT0/CTOs/RTOs shall remain open and observe…
Prime Minister Imran Khan has launched the Kamyab Pakistan Program in a ceremony in Islamabad today. The program worth Rs. 1400 billion is aimed at uplifting 3.7 million poor households and is expected to improve…
The Federal Board of Revenue (FBR) has categorically rejected that dollars are being smuggled from Pakistan across the Pakistan-Afghanistan border. A press release issued by FBR on Friday states: “FBR has categorically rebutted the unfounded,…
After the great success of the Roshan Digital Account framework, the State Bank of Pakistan (SBP) has now issued a ‘Customers’ Digital Onboarding Framework’ to remotely open bank accounts of resident Pakistanis by using websites,…
Prize Bond last date to encash for denominations of 15000 40000 and 25000 The last date to exchange or encash the unregistered of bearer prize bonds with denominations of Rs40,000, Rs25,000, and Rs15,000 is September…
Pakistan’s micro finance pioneer Dr Muhammad Amjad Saqib, known for his interest- and collateral-free microfinance programme in Pakistan. That has helped millions of needy families to meet their needs in shape of small loans. Dr…
The Federal Board of Revenue (FBR) has decided to revise and increase the value of the immovable properties to bring them at par with the prevailing market rates. According to the FBR’s instructions to the…
The State Bank of Pakistan (SBP) has decided to impose 100% Cash Margin Requirement (CMR) on the import of 114 items, taking the total number of items subject to Cash Margin to 525. Cash margin…
The Deposit Protection Corporation has increased the guarantee amount for all the eligible depositors of banks from Rs. 250,000 to Rs. 500,000. The decision was made by the members of its board in their meeting…
The State Bank of Pakistan has tightened the rules and regulations of auto financing for consumers to get cars of up to 1000cc. It has revised the Prudential Regulations for Consumer Financing. This targeted step…
The National Database and Registration Authority (Nadra) has introduced contactless biometric verification services for the banking and payments industry, making Pakistan one of the first countries in the world to implement the technology on national…
The federal government on Tuesday announced a reduction in prices of all petroleum products for next fortnight. A statement issued by the Finance Division the new reduced prices will take effect from September 01, 2021.…
The government is considering over a presidential ordinance to withdraw sales tax exemptions, zero-rating, and reduced sales tax rates to the tune of Rs330 billion within the next 10 to 15 days, according to a…
In case a person unable to file annual Income Tax return and wealth statement by due date he has right to get extension in date for filing annual income tax returns on various grounds by…
Within third month of passage of Finance Act, 2021, the Government felt the need of introducing amendments in the Tax Laws. These amendments are primarily directed towards broadening of tax base besides providing concessions to…
ADVANCE TAX ON ELECTRICITY – SECTION 235(1A), DIVISION IV, PART IV, FIRST SCHEDULE As per Section 235 of the Income Tax Ordinance, 2001 the Electricity supply companies are required to collect advance tax on the…
Compulsory Digitized Payment for Expenditure by Companies: This is a highly discussed amendment made in the tax laws for the documentation of the economy. Government is considering to give a grace period of 40 days…
Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021 under Tax Laws (3rd Amendment)…
Previously, FBR had to inform taxpayers 24 hours prior to freezing their bank account. Business community and tax bars are disappointed over FBR’s decision. Business community says FBR’s decision will be a hurdle for ease…
The Federal Board of Revenue (FBR) on Wednesday cleared that it is not considering an extension in the date for filing annual income tax returns after deadline of October 15 2021. According to a statement…
The Federal Board of Revenue (FBR) has received record number of 2.163 million income tax returns for the tax year 2021 up to October 11, 2021. According to media reports here on Monday that the…
Federal Board of Revenue (FBR) has once again urged all the taxpayers, both old and new, to make the most of one-time extension of 15 days granted for filing of Income Tax Returns till 15th October,…
Major changes in NAB Ordinance under the National Accountability Bureau Amendment Ordinance (NAO) 2021 The power to appoint NAB Chairman will be exercised by none other than the president himself under the National Accountability Bureau…
The Federal Board of Revenue (FBR) on Saturday clarified that no extension will be given for the filing of income tax returns after October 15, 2021. The tax authority’s reaction comes after a video went…
32A Challan Form is used to deposit the Govt of Pakistan fee, taxes and duties. The challan form 32a and 32-A challan form has 2 copies filled by deposit persons. 1 copy is for bank…
Download Online PTCL Withholding Tax Certificate You can download PTCL withholding tax certificate online by using the following given link: PTCL TAX CERTIFICATE Step by step procedure to download PTCL tax certificate Get the PTCL tax certificate…
How to Pay ‘Pakistan Single Window’ Rs.500 Subscription Fee How to Pay PSW’s (Pakistan Single Window) Rs.500 Subscription Fee Online. Pakistan Single Window (PSW) is a new and recently launched trade facility system in Pakistan.…
How do I get a tax certificate from K Electric? / How will I get my Advance Tax Deduction certificate? There are four different ways to get tax certificate from K Electric: Tax Certificate Via…
Zong Tax Certificate Each network of Pakistan has launched e-care, tech app, SMS and WhatsApp services to download tax certificate for required tax period for declaration in annual income tax returns. These all services are…
The online tax glossary is here to help you understand terms which may be unfamiliar, and to get tax terms explained in a plain and simple way. We have put together many of the most…
