1. Home
  2. BUDGET

Category: BUDGET

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…

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…

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)…

BUDGET
Finance Act 2021: fixed allowance to be treated as salary for income tax deduction

Finance Act 2021: fixed allowance to be treated as salary for income tax deduction

Amendments in Finance Act 2021 regarding Salary Income “Provisions of clause (c) of sub-section (2) of section 12 were prone to misuse regarding the exemption available to allowance solely expended in the performance of employee’s…

BUDGET
Changes to offences and penalties under Finance Act 2021

Changes to offences and penalties under Finance Act 2021

The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance Act 2021 adopts…

BUDGET
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…

BUDGET
FBR Issues clarification on withholding tax on medicine traders

FBR Issues clarification on withholding tax on medicine traders

FBR Issues Clarification “Federal Board of Revenue (FBR) has issued a clarification on a news story titled “1 pc advance tax pushes up drug prices significantly” appearing in Daily Business Recorder on 3rd August, 2021.…

BUDGET
Omission and merger of withholding tax provisions in finance act 2021

Omission and merger of withholding tax provisions in finance act 2021

Omission of withholding tax provisions There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents.…

BUDGET
KTBA urges FBR to issue directions to banks to stop withholding tax deduction on IT exports

KTBA urges FBR to issue directions to banks to stop withholding tax deduction on IT exports

Karachi Tax Bar Association (KTBA) urges the Federal Board of Revenue (FBR) to issue fresh directions to banks for not collecting withhold tax under section 154A of the Income Tax Ordinance from exporters of software,…

BUDGET
Update Business Bank Accounts to avoid Penalty after due date

Update Business Bank Accounts to avoid Penalty after due date

In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2. The obligation to…

Share it !