Approved funds explained by Income Tax Ordinance, 2001

Approved funds explained by Income Tax Ordinance, 2001

Income Tax Ordinance (ITO), 2001 has defined various approved funds for the chargeability of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)…

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FTO orders to probe tax officials involved in sales tax refund scam

FTO orders to probe tax officials involved in sales tax refund scam

The Federal Tax Ombudsman (FTO), in pursuance of Own Motion (OM) investigation powers conferred to him under Section 9(1) of the Federal Tax Ombudsman Ordinance, 2000 (FTO Ordinance), has ordered to probe irregularities committed by…

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FBR decides to revise the prescribed Form for taxpayers for filing of references to the High Courts

FBR decides to revise the prescribed Form for taxpayers for filing of references to the High Courts

The Federal Board of Revenue (FBR) has decided to revise the prescribed “Form” for the taxpayers for filing of references to the High Courts on question of law in the tax matters. According to the…

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Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

All Tier 1 retailers are required to integrate with Board’s Point of Sale online real time reporting system. In order to encourage integration with point of sale real time reporting system of FBR, tax credit…

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Tax rates on motor vehicles during tax year 2022

Tax rates on motor vehicles during tax year 2022

Tax rates on motor vehicles during tax year 2022 The rates of income tax on motor vehicles for tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001. The Federal Board of…

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Lahore High Court serves contempt notice to FBR chairman over minimum Tax Formula

Lahore High Court serves contempt notice to FBR chairman over minimum Tax Formula

The Lahore High Court (LHC) issued contempt notices to the Federal Board of Revenue (FBR) over its failure to implement the court’s orders pertaining to the minimum tax computation formula adopted by service sector taxpayers…

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Government decided to harmonise all tax laws by merging them into one law book

Government decided to harmonise all tax laws by merging them into one law book

The federal government has decided to harmonise all four tax laws by merging them into one law book, ‘single rules book’, to promote automation and digitisation in order to ensure taxpayers’ facilitation. As per the…

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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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No Warning from FBR before freezing taxpayers bank accounts

No Warning from FBR before freezing taxpayers bank accounts

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…

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FBR issues directive to freeze taxpayers’ bank accounts without notice

FBR issues directive to freeze taxpayers’ bank accounts without notice

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…

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