FBR updates, income tax, budgets and markets for Pakistan
192 articles
FBR notified this while discussing the section 119 of the Income tax ordinance 2001 which deals with the "extension in time for filing income tax returns". Federal Board Of Revenue said that…
The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Construction package is applicable to land…
POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking…
Weboc is a computerized system that provides customs clearance for import and export of goods. Developed by PRAL. It's login and Password which is issued after completion of a series of procedures.…
Registration Section 14 Registration Section 14(1) Every person engaged in making taxable supplies in Pakistan, including zero-rated supplies, in the course or furtherance of any taxable activity carried on by him, falling…
Scope of tax Under Section - 3(1) Scope of tax Under Section - 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as…
The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 relates to serving of documents electronically. In draft rules FBR…
(a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a)…
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…
Salaried class employees, should get tax adjustment on there salary from their employers under the Income Tax Ordinance 2001. There is no need for waiting a refund claim from the Federal Board…
Federal Board of Revenue (FBR) ceased manual processing of income tax refunds. FBR ordered regional tax offices that process the tax refunds at central level through State Bank of Pakistan (SBP). An…
FBR has acquired all authentic information of all filers and non-filers, which include: 1 million filers claiming to have non-taxable income but evidence to the contrary exists. More than 3.5 million NTN…
Monthly sales tax returns submitted treated as a refund claim. With supportive documents including the required information in the format or software. No refund claim shall be entertained if the taxpayer fails…
The return filers now require to submit "Taxpayer's Profile". These include particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets etc. Under section 114A(1) of Income…
(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;(ac) any non-profit organization…
Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers…
Federal Board of Revenue (FBR) updated rate of income tax on vehicles used for both passenger and goods transportation for tax year 2021 (July 01, 2020 to June 30, 2021). The FBR…
While registering a construction company in Pakistan, the process can be divided in to following parts, There are three types of businesses on the basis of legal structure, In case of sole…
The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has also…
According to sub-section (41) of section 2, “taxable supply” means a supply of taxable goods made by,[by an importer, manufacturer, wholesaler (including dealer), distributoror retailer] Other than a supply of goods which…