Taxation
When Budget 2023-24 will be Announced
When Budget 2023-24 will be Announced. We all know that the new financial year starts in the month of July and ends in June. Tax year 2023 is near to end and…
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515 articles
Taxation
Tax Exemption of Foreign Source Income of Returning Expatriates
Tax Exemption of Foreign Source Income of Returning Expatriates. According to Section 51 of Income Tax Ordinance, 2001 foreign source income of returning expatriates is exempt from tax. Following is the text…
Taxation
Definition of Agriculture Income for Tax Exemption
Definition of Agriculture Income for Tax Exemption. The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001. Agricultural income…
Taxation
Regulatory Duty on Used Cars Import Dropped
Regulatory Duty on Used Cars Import Dropped. Here is a big relief that Federal Board of Revenue (FBR) has not extended the SRO after March 31, 2023. This SRO was regarding regulatory…
Blog
Where Can I find my NTN Number | Online NTN Verification
Where Can I find my NTN Number | Online NTN Verification. Let us discuss the way to check National Tax Number (NTN) by using CNIC Number. You need to follow the process…
Blog
What is the Surcharge for ATL FBR 2023
What is the Surcharge for ATL FBR 2023. After 1st March, 2023 if a late filer of an income tax return wants to become an active tax filer, he needs to pay…
Blog
How to Create ATL Surcharge Payment Challan
How to Create ATL Surcharge Payment Challan. Every year there is a deadline for filing a tax return with a due date. As per tax laws of Pakistan following are the deadline…
Updates
FBR issues new active taxpayers list for Tax Year 2022
FBR issues new active taxpayers list for Tax Year 2022. Here is the updated news regarding the active taxpayer list that the Federal Board of Revenue (FBR) on Wednesday, March 01, 2023,…
Taxation
How to Become Active Tax filler in FBR in 2023
How to Become Active Tax filler in FBR in 2023. The active taxpayer list (ATL List) is a record of taxpayers who have submitted their annual income tax returns of previous years.…
Taxation
National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget
National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget. On Monday National Assembly of Pakistan passed the Finance (Supplementary) Bill, 2023. Proposed additional taxes and duties of Rs. 170 billion, opening…
Updates
Salient Features of Finance Supplementary Bill 2023 | Mini Budget
Salient Features of Finance Supplementary Bill 2023 | Mini Budget. Following are Salient features of mini budget or Finance Supplementary Bill, 2023 presented by Finance Minister Ishaq Dar in the National Assembly…
Taxation
Government Presents Finance Supplementary Bill 2023 in Parliament
Government Presents Finance Supplementary Bill 2023 in Parliament. Today Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill 2023. Highlighting fiscal measures of Rs. 170 billion through additional taxes as already agreed…
FBR POS Lucky Draw
FBR Resumes Point of Sales Invoicing Prize Scheme
FBR Resumes Point of Sales Invoicing Prize Scheme. The Federal Board of Revenue (FBR) has resumed its suspended Point of Sale (POS) Prize Scheme from February 1. Point of sales prize schemes'…
Taxation
Supreme Court Directs FBR to Recover Super Tax from Big Companies
Supreme Court Directs FBR to Recover Super Tax from Big Companies. The Supreme Court has issued orders to recover Super Tax from wealthy organizations whose income is over Rs150 million. Supreme court…
Updates
How to Check your FBR Maloomat and tax details
How to Check your FBR Maloomat and tax details. FBR Maloomat is a facility that the tax authority has given to its taxpayers to check their tax details. Further, from the FBR…
Taxation
What is section 7e of the Income Tax Ordinance 2001
What is section 7e of the Income Tax Ordinance 2001. According to the FBR, a new section 7E was introduced through Finance Act, 2022. Whereby for the tax year 2022 and onwards,…
Taxation
FBR revised commercial and residential property rates in Lahore
FBR revised commercial and residential property rates in Lahore. The Federal Board of Revenue (FBR) has revised immovable property rates in Lahore. It is a downward revision in the valuation of property…
Taxation
FBR achieves record growth in tax collections
FBR achieves record growth in tax collections. Federal Board of Revenue has reported a record revenue collection performance in the first six months of the current financial year 2022-23. According to FBR:…
Taxation
Sindh Revenue Board collects record revenue in December
Sindh Revenue Board collects record revenue in December. Here is a good news that Sindh Revenue Board (SRB) has made a record revenue collection of Rs 17.6 billion in December 2022. According…
Taxation
FBR Reduces Additional Customs Duty on Import of Agriculture Tractors
FBR Reduces Additional Customs Duty on Import of Agriculture Tractors. The Federal Board of Revenue (FBR) has announced to reduce additional customs duty from 35 per cent to 15pc on the import…