Taxation
Criteria for selection & conduct of income tax audit
The Federal Board of Revenue (FBR) has issued a criteria for selection and conduct of income tax audit under Section 214C of the Income Tax Ordinance, 2001. The criteria have been given…
Taxation Page 8
192 articles
Taxation
Income Tax Return Filing reached at it's peak
The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR…
Taxation
Weekly Tax Updates: January 10 2021
Tax Updates | Federal Board of Revenue | Tax News | Income Tax Ordinance 2001 | Sales Tax Act 1990 | FBR |
Taxation
Taxation of Builders and Developers
There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was…
Taxation
Significant progresses in corporate taxes
Currently, the Government of Pakistan has introduced amendments in the following areas, taking into account the extraordinary economic conditions caused by the Covid 19 epidemic. Fixed tax regime introduced for builders and…
Taxation
Company tax return
The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…
Taxation
FBR launched electronic filing of appeals from 1st January 2021
The Federal Board of Revenue has started electronic filing of appeals from January 1, 2021. Under with the orders of Inland Revenue tax authorities, the first appeal is filed with the Commissioner…
Taxation
Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan
23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This…
Taxation
Top tax issues of Pakistan in 2020
Pakistan has a potential of a big economy. About 38% of Pakistanis live in cities, yet they contribute about 55% of GDP. This means that if Pakistan manages to collect taxes effectively…
Taxation
Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR
Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with…
Taxation
Further extension in time for filing income tax return
Extension of time for furnishing returns and other documents. Section 119 of the Income Tax Ordinance 2001 deals with the extension in time for filing annual income tax returns. According to the…
Taxation
Income Tax on Foreign Remittance in Pakistan 2022
Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under…
Taxation
Exemption from sales tax on medical and testing equipment regarding covid-19
This Notification shall take effect from the 1st day of October, 2020 and shall remain in force up to the 30 th day of June, 2021.
Taxation
Withholding tax on Pakistan-made mobile phones abolished
The Cabinet's Economic Co-ordination Committee approved the Mobile Device Manufacturing Policy and Electric Vehicle Policy. The meeting approved the abolition of 4% withholding tax on locally manufactured mobile phones. The framework for…
Taxation
FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers
(1) All customers of Tier-1 retailers are entitled to refund @5 percent of the sales tax paid as cash back on purchases made from Teir-1 retailers. (2) Under sub-rule (1) the cash…
Taxation
FBR extended income tax return filing date up to December 24
Previously, the last date of filing income tax return was up to 8th December, 2020. FBR refused to further extend the general last date for filing income tax return for tax year…
Taxation
Taxpayers are still allowed to file income tax returns: FBR
For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It…
Taxation
FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits
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. Exemption Certificate needs…
Taxation
FBR issued instructions regarding extension procedure
Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has…
Taxation
Who is exempt from filing income tax returns ?
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…