Agriculture Income Tax Rate in Punjab Pakistan 2020-2021

Agriculture Income Tax Rate in Punjab Pakistan 2020-2021

Agriculture Income tax Rate in Punjab Pakistan in year 2020-2021 on total agricultural income as per acre; THE FIRST SCHEDULE [SEE SECTION 3(1)] Land-based or area based tax is assessed on the basis of the…

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FBR proposes collaboration with Provinces for collection of Agricultural Income Tax

FBR proposes collaboration with Provinces for collection of Agricultural Income Tax

In line with the Government’s resolve towards broadening of tax base and documentation of economy, Dr. Muhammad Ashfaq Ahmed, Chairman FBR has initiated a huge challenge to plug in tax evasion of Agricultural Income through…

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List of sales tax exemptions granted in budget 2021-2022

List of sales tax exemptions granted in budget 2021-2022

Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available. Other exemptions are…

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FBR issued list of identified Tier1 nonintegrated retailers

FBR issued list of identified Tier1 nonintegrated retailers

The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their systems with the revenue authority, failing which they would be denied credit for input tax equal to 60 per cent, claimed in…

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Tax on Agricultural Income in Pakistan

Tax on Agricultural Income in Pakistan

Tax on Agricultural Income in Punjab Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section 41 & section…

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Top tax issues of Pakistan in 2020

Top tax issues of Pakistan in 2020

Tax Potential and its Compliances in Pakistan Pakistan has a potential of a big economy. About 38% of Pakistanis live in cities, yet they contribute about 55% of GDP. This means that if Pakistan manages…

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State Bank of Pakistan launches Five Years Islamic banking plan

State Bank of Pakistan launches Five Years Islamic banking plan

State Bank of Pakistan launched a third five-year Islamic Banking plan (for the period from 2021 to 2025). It will help Islamic banks in enhancing their network nationwide. Advised to increase online banking and “capitalise…

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Government Reopens Applications Under Kamyab Jawan Loan Program

Government Reopens Applications Under Kamyab Jawan Loan Program

Government of Pakistan has re-opened the applications under there loan scheme named, “Kamyab Jawan Program”. This entrepreneurship loan is to uplift the youth of the country by offering different loans in order to start the…

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Cabinet approved budget proposals to meet the IMF’s Demands

Cabinet approved budget proposals to meet the IMF’s Demands

The federal cabinet has approved a new budget to impose a tax of Rs 140 billion to meet a condition of the International Monetary Fund (IMF). An increase of 1.4 Trillion rupees through tax exemptions.…

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