FBR updates, income tax, budgets and markets for Pakistan
10 articles
Stay Ahead of the Game: Important Tax Deadlines for the Tax Year 2023 in Pakistan. Be hurry and become tax filer as soon as possible because the last date to file tax…
When will the IRS accept 2023 Tax Returns. The first formal day to file your tax year 2022 tax return is from January 23, 2023. Moreover, one thing to remember is that…
The Federal Board of Revenue (FBR) has extended the date of payment and submission of Sales Tax and Federal Excise Return for the Tax Period of July 2021. In its letter to…
The Securities and Exchange Commission of Pakistan (SECP) has asked companies to submit information of their ultimate beneficial owners (UBOs) through the filing of Form 45, required under Section 123A of the…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July…
With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies' for the tax year 2020. For…
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…
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…
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…
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…