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UPDATES
Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations

Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations

The Federal Board of Revenue (FBR) on Tuesday issued regulations governing the use of powers to monitor transactions involving jewelry, real estate agents and accountants. The FBR issued SRO 1319 (I) / 2020 on 10…

MARKETS
PTI federal government has once again dropped a petrol bomb on the people

PTI federal government has once again dropped a petrol bomb on the people

The Pakistan Tehreek-e-Insaf (PTI) federal government once again dropped petrol bombs on the people. The price of petrol has been increased by Rs 3 per liter. The new prices will apply from 12 noon to…

UPDATES
File tax return or pay penalty for tax year 2020: FBR started issuing tax notices

File tax return or pay penalty for tax year 2020: FBR started issuing tax notices

Federal Board of Revenue (FBR) has started issuing tax notices on non-submission of tax return for tax year 2020. FBR issuing notices for imposition of penalty under section 182(2) for Default of Section 114 of…

TAXATION
FBR extended income tax return filing date up to December 24

FBR extended income tax return filing date up to December 24

Federal Board of Revenue (FBR) has extended income tax return filing date up to December 24. Extension has been allowed to those taxpayers who requested to FBR through applications under Section 119 of Income Tax…

TAXATION
Taxpayers are still allowed to file income tax returns: FBR

Taxpayers are still allowed to file income tax returns: FBR

The Federal Board of Revenue further clarified that taxpayers still allowed to file annual income tax returns after the extended date. For the betterment of the taxpayers, the FBR has clarified that they should file…

FINANCE
Prize bond of Rs 25,000 discontinued with immediate effect

Prize bond of Rs 25,000 discontinued with immediate effect

Prize bond of Rs 25,000 discontinued with immediate effect The government has decided to abolish the prize bond worth Rs 25,000 for banking and financial operations nationwide with immediate effect. In a circular issued to…

TAXATION
FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits

FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits

Income Tax Circular Issued by FBR Federal Board of Revenue (FBR) made it mandatory for overseas Pakistanis to seek income tax exemption on ‘profit on bank deposits’ received from remittances deposited in their local bank.…

TAXATION
FBR issued instructions regarding extension procedure

FBR issued instructions regarding extension procedure

Federal Board of Revenue (FBR) notified instructions for procedures of applying extension requests in filing income tax returns for tax year 2020. Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who…

TAXATION
Who is exempt from filing income tax returns ?

Who is exempt from filing income tax returns ?

There is a list of persons who are exempted from filing annual income tax returns under Income Tax Ordinance, 2001. Persons who are not required to file there income tax returns are explained under section…

UPDATES
Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR

Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR

The Federal Board of Revenue (FBR) on Friday said it has given taxpayers legal time to file income tax returns for the 2020 tax year. Therefore, the date will not be extended further after December…