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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List of exemptions from total income withdrawn through Second Amendment Ordinance

List of exemptions from total income withdrawn through Second Amendment Ordinance

Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001. Following are…

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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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Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020

Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020

Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020. Import Policy Order 2020 The ministry issued SRO 902(I)/2020 dated September 25, 2020. Notified the Import Policy Order,…

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FBR issued order of Rs 35m tax penalty on Justice Isa’s wife

FBR issued order of Rs 35m tax penalty on Justice Isa’s wife

The Federal Board of Revenue (FBR) issued order of Rs 35million tax penalty on Sarina Isa, the wife of Justice Qazi Faez Isa. Commissioner Inland Revenue and International Taxes Zone Zulfiqar Ahmed on September 14…

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Car financing reaches to record high

Car financing reaches to record high

Banks’ financing of cars in Pakistan increased by Rs 99 billion (or 46 per cent) in the last one year to a record high of Rs 314 billion in July, as financing became more affordable…

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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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