Taxpayers to update profile to remain in ATL and skip fine

Taxpayers to update profile to remain in ATL and skip fine

Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date for updating the…

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Late Return Filers Can Join ATL After Payment of Surcharge

Late Return Filers Can Join ATL After Payment of Surcharge

The Federal Board of Revenue (FBR) uploaded the List of Active Taxpayers (ATL) for the tax year 2020 on March 1, 2021. Active Taxpayer List (ATL) is available on FBR’s official website. The number of…

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ATL for tax year 2020 to be published on 1st March, 2021

ATL for tax year 2020 to be published on 1st March, 2021

Federal Board of Revenue will issue a list of active tax payers for the tax year 2020 on March 1, 2021 under Rule 81B of the Income Tax Rules 2002. At present ATL based on…

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Taxpayers to update profile to avoid penalty, and exclusion from ATL

Taxpayers to update profile to avoid penalty, and exclusion from ATL

FBR advised to Taxpayers to update their profile by March 31, 2021 to avoid any penalty and further exclusion of there name from Active Taxpayers List (ATL). According to Federal Board of Revenue (FBR) last…

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Car Prices after Mini Budget

Car Prices after Mini Budget

The Government has announced massive increase in the taxes on cars with the approval of the Mini-Budget (State Bank of Pakistan (Amendment) Bill 2021 and Supplementary Finance Bill 2021 ). The Government has introduced several…

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FBR lifts valuation rates of immovable properties in one go up to 600 per cent

FBR lifts valuation rates of immovable properties in one go up to 600 per cent

The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties in the range of 100 to 600 per cent for 40 major cities depending upon location and commercial areas within the…

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Senate Committee suggests changes to  Tax Laws (Third Amendment) Bill 2021

Senate Committee suggests changes to Tax Laws (Third Amendment) Bill 2021

The Senate Standing Committee on Finance on Thursday reviewed the Tax Laws (Third Amendment) Bill, 2021 and recommended with a majority vote a number of recommendations, including the one rejecting the suggestion to disconnect gas…

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Penalty for Non Filing of Annual Income Tax Returns 2021

Penalty for Non Filing of Annual Income Tax Returns 2021

A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021. A new amendment has been made part to the Income Tax…

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List of Tier-1 Retailers identified by FBR to integrate with POS system to claim input tax

List of Tier-1 Retailers identified by FBR to integrate with POS system to claim input tax

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…

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Updated Penalty Provisions on failure to file the return within the due date 2021

Updated Penalty Provisions on failure to file the return within the due date 2021

The Federal Board of Revenue (FBR) has clarified that a person who fails to file the return within the due date will have to pay a penalty of higher of Rs1,000 or 0.1 percent of…

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