Updates
FBR extended Tax Return Filing Date 2021
Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2021 has been extended by by the Federal Board of Revenue (FBR).…
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Budget
Procedure to get extension in Date for filing annual Income Tax Returns
In case a person unable to file annual Income Tax return and wealth statement by due date he has right to get extension in date for filing annual income tax returns on…
Taxation
FBR's Updates regarding extension in date of filing Income Tax Returns 2021
The Federal Board of Revenue has re-iterated its position that there shall not be any extension in the statutory date of filing of income tax returns for Tax Year 2021. The last…
Updates
Updated Penalty Provisions on failure to file the return within the due date 2021
The Federal Board of Revenue (FBR) has clarified that a person who fails to file the return within the due date will have to pay a penalty of higher of Rs1,000 or…
Updates
Current figures of tax filings for tax year 2021
Federal Board of Revenue (FBR) has currently received just one million income tax returns with only five days left in the returns’ deadline, underscoring that the tax broadening campaign is not yielding…
Finance
FBR rejected claims of Currency smuggling from Pakistan
The Federal Board of Revenue (FBR) has categorically rejected that dollars are being smuggled from Pakistan across the Pakistan-Afghanistan border. A press release issued by FBR on Friday states: “FBR has categorically…
Budget
Tax Incentives granted under tax laws third amendment ordinance 2021
Within third month of passage of Finance Act, 2021, the Government felt the need of introducing amendments in the Tax Laws. These amendments are primarily directed towards broadening of tax base besides…
Updates
Computational Errors in FBR Iris Portal identified by KTBA
Karachi Tax Bar Association (KTBA) has expressed dissatisfaction over the classification of income set in IRIS (portal for e-filing of income tax returns), citing various computational errors and glitches. In a letter…
Updates
FBR categorically rejected news of extension in date of filing income tax returns
A spokesman for the Federal Board of Revenue has vehemently denied reports in some newspapers of extending the date for filing income tax returns, saying no proposal was being considered at FBR…
Taxation
Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021
The government has given legal cover to foreign remittances through Money Service Bureaus (MCBs), Exchange Companies (ECs) and Money Transfer Operators (MTOs), which would be considered as foreign exchange remitted from outside…
Budget
Highlights on Tax Laws Third Amendment Ordinance, 2021
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 for its full implementation.…
Updates
NADRA empowered to use artificial intelligence to increase tax base
National Database and Registration Authority (NADRA) has been empowered by government to compute income and tax liability of any citizen by use of artificial intelligence, mathematical or statistical modelling or any other…
Budget
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…
Blog
Salary tax calculator | Salary tax slabs | Salary Tax Rates | Tax Card | 2021-2022 |
As per Finance Act 2021 presented by Government of Pakistan, following salary tax slabs of salaried persons and salary income tax rates will be applicable for salaried persons for the financial year…
Taxation
FBR grants relaxation in filing of declarations under Assets Declaration Ordinance-2019
The Federal Board of Revenue (FBR) has decided to grant one-time opportunity to the taxpayers who paid their tax under the Assets Declaration Ordinance-2019 but somehow could not file their declarations. For…
Updates
FBR says No extension in Returns filing date after 30th September 2021
Federal Board of Revenue (FBR) Thursday decided for no extension in tax returns filing date after September 30, 2021 to ensure the in-time tax collection in the country. Improvement of tax compliance…
Updates
FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers
Federal Board of Revenue (FBR) in its drive to integrate Tier-1 Retailers across the country, has issued Sales Tax General Order No.2 of 2022 by which a system-based approach has been adopted…
Business
FBR to complete the licensing of IT service provider soon for Tier-1 retailers integration
Federal Board of Revenue (FBR) on Tuesday said that the process of licensing the IT Service Providers for integration of Tier-1 retailers will take time. The FBR issued Rules for licensing of…
Updates
List of updated nonintegrated tier-1 retailers, penalty and deadline to integrate
The Federal Board of Revenue (FBR) on Monday directed Tier-1 retailers to integrate themselves with FBR’s Point of Sales (POS) System by the given deadline otherwise they will be denied input tax…
Taxation
Last date to filing income tax return and penalty for non filing
Income Tax Return relates to a specific tax year. A tax year is a period of twelve months ending on 30th day of June i.e. the financial year and is denoted by…