FBR updates, income tax, budgets and markets for Pakistan
515 articles
Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of "Greenfield Industry Status." For this purpose, two separate applications in the…
Senior Automobiles (Pvt.) Ltd Lahore, Punjab, Pakistan About the job Graduation or Masters degree in Accounts/Finance- Having 1-2 years experience of dealing with tax related matters i-e filing of tax returns and…
The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering…
According to the details, it is bad news for the people. The government dropped petrol bomb on the people. The price of petroleum products was increased by Rs.5. According to the notification…
"You have failed without reasonable cause to furnish within the time allowed the return of income/wealthstatement in respect of the tax year 2020 which you were required to furnish under section 114…
Previously, the last date of filing income tax return was up to 8th December, 2020. FBR refused to further extend the general last date for filing income tax return for tax year…
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…
The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
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…
After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a…
KTBA strongly suggested in a letter to Chairman, FBR Muhammad Javed Ghani that the inclusion of sub Rule (2A) in Rule 74 of the Income Tax Rules 2002 would create chaos. And…
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.…
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…
The top tax havens are island countries such as the British Virgin Islands, Samoa and Malta. Tax shelters are places where rich people keep money in foreign accounts for a different reasons,…
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…
"IK is a great man and a great leader. I can swear about his intellectual and financial integrity. I am 100 per cent with him," Shabbar Zaidi further clarified. Allegations are going…
The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand…
Active Taxpayer list (ATL) issued on the basis of Tax Year 2019. Statistics based on the Income tax returns submitted up to November 15, 2020. Last year on the basis of tax…
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…