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UPDATES
Computational Errors in FBR Iris Portal identified by KTBA

Computational Errors in FBR Iris Portal identified by KTBA

Karachi Tax Bar Association (KTBA) has expressed dissatisfaction over the classification of income set in IRIS (portal for e-filing of income tax returns), citing various computational errors and glitches. In a letter sent to the…

TAXATION
New Penalty Provisions relating to non-integrated Tier-1 Retailers

New Penalty Provisions relating to non-integrated Tier-1 Retailers

The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR’s computerised system for real time reporting of sales in the prescribed manner.…

BUDGET
Additional income tax slapped on electricity bills of non-filer professionals

Additional income tax slapped on electricity bills of non-filer professionals

ADVANCE TAX ON ELECTRICITY – SECTION 235(1A), DIVISION IV, PART IV, FIRST SCHEDULE As per Section 235 of the Income Tax Ordinance, 2001 the Electricity supply companies are required to collect advance tax on the…

UPDATES
FBR categorically rejected news of extension in date of filing income tax returns

FBR categorically rejected news of extension in date of filing income tax returns

A spokesman for the Federal Board of Revenue has vehemently denied reports in some newspapers of extending the date for filing income tax returns, saying no proposal was being considered at FBR headquarters. Spokesman FBR…

TAXATION
Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021

Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021

The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside Pakistan through normal…

BUDGET
Highlights on Tax Laws Third Amendment Ordinance, 2021

Highlights on Tax Laws Third Amendment Ordinance, 2021

Compulsory Digitized Payment for Expenditure by Companies: This is a highly discussed amendment made in the tax laws for the documentation of the economy. Government is considering to give a grace period of 40 days…

UPDATES
NADRA empowered to use artificial intelligence to increase tax base

NADRA empowered to use artificial intelligence to increase tax base

National Database and Registration Authority (NADRA) has been empowered by government to compute income and tax liability of any citizen by use of artificial intelligence, mathematical or statistical modelling or any other modern device or…

BUDGET
FBR considering to allow corporate sector a grace period to adopt digital payments

FBR considering to allow corporate sector a grace period to adopt digital payments

Federal Board of Revenue (FBR) is considering allowing the corporate taxpayers a grace period of 40 days to switch over to the digital mode of payments w.e.f. November 1, 2021 under Tax Laws (3rd Amendment)…

BLOG
K Electric Tax Certificate 2021 | Download K Electric Tax Deduction Certificate Online Live App, WhatsApp and 118 Helpline

K Electric Tax Certificate 2021 | Download K Electric Tax Deduction Certificate Online Live App, WhatsApp and 118 Helpline

How do I get a tax certificate from K Electric? / How will I get my Advance Tax Deduction certificate? There are four different ways to get tax certificate from K Electric: Tax Certificate Via…

BLOG
Zong tax certificate 2021 | Zong e-care tax deduction certificate

Zong tax certificate 2021 | Zong e-care tax deduction certificate

Zong Tax Certificate Each network of Pakistan has launched e-care, tech app, SMS and WhatsApp services to download tax certificate for required tax period for declaration in annual income tax returns. These all services are…

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