Updates
Annual Income tax return filing last date December 31 2020 for companies
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…
#DueDateForSubmissionOfIncomeTaxReturn
5 articles
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
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
Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status
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…
Updates
Rules amended by FBR: Issued time limit for notifying income tax return form
The FBR has issued draft rules for the purpose of setting timelines in respect of various steps involved in notifying income tax return forms for a tax year vide SRO 1041 dated…