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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Updated tax provisions for property rental income in budget 2021-22

Updated tax provisions for property rental income in budget 2021-22

Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime to fixed tax…

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List of Budget suggestions finalized by senate body

List of Budget suggestions finalized by senate body

The Senate Standing Committee on Finance finalised its suggestions regarding Finance Bill, 2021-22, during a session of the meeting on Wednesday. The meeting of the finance committee which was presided over by Senator Talha Mahmood…

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Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax Experts disclosed FBR’s three budgetary proposals impracticable

Tax experts have termed Federal Board of Revenue’s (FBR) three budgetary proposals are not practicable. These includes 1- collection of withholding tax on domestic electricity bills, 2- sales tax from sugar on printed retail price…

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Political parties exempted in Budget from filing income tax returns and paying taxes

Political parties exempted in Budget from filing income tax returns and paying taxes

The government proposed to exempt all registered political parties of Pakistan from the obligation of submitting their annual income tax returns and wealth statements and other related record. Finance Bill 2021 presented on last Friday.…

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Auto Sector wins Tax Relief in Budget 2021-2022

Auto Sector wins Tax Relief in Budget 2021-2022

The financial year 2021-2022 budget represented by the government on Friday, where several upcoming policy changes have been brought. Rumors’ are being made about the changes that are expected in the new auto policy after…

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Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

Highlights, New Taxes, Relief and Incentive Measures in Budget 2021-2022

The government presented the next fiscal year’s (2021-2022) budget with a total volume of over Rs. 8 trillion. While presenting the federal budget for financial year 2021-2022, the finance minister Shaukat Tarin presented speech in…

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National Assembly Issued Orders of the Day for Budget Date & Time

National Assembly Issued Orders of the Day for Budget Date & Time

The federal government has decided to present the next budget for Financial Year 2021-2022 on June 11, 2021, Time at 4:00 PM today, as per National Assembly Notification. PM has approved presenting of the next…

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Proposed Federal Development Budget

Proposed Federal Development Budget

The federal development budget for the next financial year has been allocated Rs 900 billion, the federal ministries will get Rs 672 billion. According to the documents, Rs 110 billion earmarked for water resources, Rs…

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Proposals for development budget of Punjab for next financial year

Proposals for development budget of Punjab for next financial year

Preliminary proposals have been prepared for the development budget of Punjab for the next financial year. Apart from the recommendations for allocating a development package of Rs. 475 billion for the province and Rs. 60…

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