Blog
How to Check Active Taxpayer Status Online | Download ATL List
The Active Taxpayer List (ATL) is a centralize record / data of online Income Tax Return filers for the previous Tax Year (Now Like, Tax Year 2021). Active Taxpayer List (ATL) is…
#FinanceAct2021
28 articles
Blog
Tax rates on motor vehicles during tax year 2022
The rates of income tax on motor vehicles for tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued the Income…
Budget
Finance Act 2021: fixed allowance to be treated as salary for income tax deduction
“Provisions of clause (c) of sub-section (2) of section 12 were prone to misuse regarding the exemption available to allowance solely expended in the performance of employee’s duty inconjunction with clause (39)…
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…
Business
FBR amends Section 122 of IT Ordinance regarding time limit for proceedings
The Federal Board of Revenue (FBR) will enforce new amendment to Section 122 of the Income Tax Ordinance, 2001 for completion of proceedings against taxpayers within 120 days where notices were issued…
Budget
Changes to offences and penalties under Finance Act 2021
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance…
Taxation
Updated tax provisions for property rental income in budget 2021-22
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime…
Budget
Omission and merger of withholding tax provisions in finance act 2021
There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also…
Updates
Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021
Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for…
Taxation
Updated Tax Exemptions and Tax Credits for the Financial Year 2021-2022
Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax exemptions are either based on specific type of taxpayers or for a…
Budget
Update Business Bank Accounts to avoid Penalty after due date
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2.…
Taxation
FBR Explains Changes in Minimum Turnover Tax
The minimum turnover tax of 0.75 percent would be applicable on the oil marketing companies, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited, Pakistan International Airlines Corporation and poultry…
Budget
Taxes on Salaries and Pensions: FBR Issues Clarification
Federal Board of Revenue (FBR) issued a clarification on a news published in the daily Express Tribune, in its issue dated 14th June, 2021 regarding budget proposals on taxation of salary income.…
Budget
Proposed Federal Development Budget
According to the documents, Rs 110 billion earmarked for water resources, Rs 113 billion for NHA and Rs 53 billion for PEPCO. Rs 60 billion allocated for emergency and other situations and…
Budget
Proposals for development budget of Punjab for next financial year
Preparations for Punjab's budget for the next financial year 2021 are underway. The P&D Board has prepared the first proposed draft of the development budget for the next financial year. It proposed…
Budget
Bad News for Salaried & Retired Employees in Upcoming Budget
According to media, the IMF proposed to charge a tax of 7.5% on all pension holders because the government’s discussion with the IMF and the World Bank on the federal budget for…
Updates
FTO ordered an investigation against officials of CTO Lahore against recovery of tax without notice
It is learned that a taxpayer, approached to Federal Tax Ombudsman through Waheed Shehzad Butt, Advocate. Against CTO Tax Employees CIR, Enforcement and Additional Commissioner. Where they has demanded non-existence tax demand…
Budget
Real Estate Sector Demands Extension In Construction Package & Amnesty Scheme
The real estate sector has demanded in the next budget that the construction package of the Prime Minister and the related amnesty scheme be extended till June 30, 2022. 50% reduction in…
World Taxes
Rich countries Under Criticism Over G7 Tax Deal
The finance ministers of the Group of Seven's (G7) developed economies on Saturday agreed to raise the global minimum corporate tax rate to at least 15 percent, aimed at raising more money…
Updates
Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m
Currently, the Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current tax year / fiscal year. According to the information, FBR has…