Updates
How to Download Income Tax Return from Iris
How to Download Income Tax Return from iris. A taxpayer who is already registered with the tax authority in Pakistan (FBR) and filing tax returns regularly can easily download his annual income…
#FBRTaxReturn
12 articles
Blog
Last Date of Income Tax Return 2022
Last Date of Income Tax Return 2022 Income Tax Return (ITR) Filing for financial year 2021-22 (Tax Year 2022): We are a few days away from the deadline for filing our income…
Budget
FBR allowed to taxpayers to file settlement application for agreed assessment
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
Business
PTCL license expired
PTCL informed to Pakistan Stock Exchange (PSX), that the integrated license was issued for 25 years. License to PTCL was effective from January 01, 1996 and it was valid under December 31,…
Taxation
Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan
23 August 2020: FBR exempted taxes on import of oxygen gas, oxygen cylinders and cryogenic tanks. This exemption was available for a period of 3 months starting from 23 June 2020. This…
Budget
Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000
Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…
Updates
40 percent of registered taxpayers do not file sales tax forms
Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…
Updates
FBR launched online module for Greenfield investors status registration
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…
Updates
Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations
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…
Updates
Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR
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…
Taxation
Income Tax Rules amended: Issuance of tax notices via Phone SMS
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…
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…