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UPDATES
Computational Errors in FBR Iris Portal identified by KTBA

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 sent to the…

UPDATES
FBR categorically rejected news of extension in date of filing income tax returns

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 headquarters. Spokesman FBR…

TAXATION
Non-Banking Foreign Remittance Channels Legalizes by Third amendment Ordinance 2021

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 Pakistan through normal…

BUDGET
FBR considering to allow corporate sector a grace period to adopt digital payments

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 Laws (3rd Amendment)…

BLOG
Salary tax calculator | Salary tax slabs | Salary Tax Rates | Tax Card | 2021-2022 |

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 2021-2020 (Tax Year…

TAXATION
FBR grants relaxation in filing of declarations under Assets Declaration Ordinance-2019

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 this purpose Federal…

UPDATES
FBR says No extension in Returns filing date after 30th September 2021

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 culture is prime…

UPDATES
FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers

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 to integrate non-Integrated…

Businesses
FBR to complete the licensing of IT service provider soon for Tier-1 retailers integration

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 IT Service Providers,…

UPDATES
List of updated nonintegrated tier-1 retailers, penalty and deadline to integrate

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 credit. The FBR issued Sales Tax General Order…

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