Business
Pakistan launches National Job Portal
National Job Portal launched in November, 2020 by Prime Minister, Imran Khan. It is an another step towards the vision of Digital Pakistan. Around 2 million jobs are created in Pakistan each…
#HowToBecomeActiveFilerInIncomeTax Page 2
33 articles
Updates
Income Tax Returns of Members of National Assembly released
Details of the tax returns of the members of the National Assembly for the year 2019-20 have been released. Prime Minister Imran Khan owns assets worth more than Rs 80 million, 4…
Markets
State Bank Action: Imposed penalties on four banks
The State Bank of Pakistan imposed over Rs 271 million penalties on four banks. For the quarter ending September 30, 2020. Reasons behind the SBP action is due to non-compliance with legal…
Taxation
How to become active tax filer in FBR
Active taxpayer list is a record of taxpayers who have submitted their tax returns of previous years. It’s updated on the basis of previous years submission of tax returns. The active taxpayers…
Taxation
How to register a construction company in Pakistan
While registering a construction company in Pakistan, the process can be divided in to following parts, There are three types of businesses on the basis of legal structure, In case of sole…
Updates
FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds
FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data…
Taxation
Taxation of gifts in Pakistan
The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has also…
Taxation
Persons required to get sales tax registration with FBR
According to sub-section (41) of section 2, “taxable supply” means a supply of taxable goods made by,[by an importer, manufacturer, wholesaler (including dealer), distributoror retailer] Other than a supply of goods which…
Taxation
FBR Extended Last Date For Filling Of Income Tax Returns Of Tax Year 2020
Federal Board of Revenue (FBR) extended last date for submission of annual income tax returns up to December 08, 2020. The last date for submission of tax return was 30th September 2020.…
Taxation
Tax returns from Karachi city low-income areas surprisingly on top
Karachi's wholesale and retail markets, which meet the needs of low-income and middle-class areas of city, regularly submitting their due taxes in accordance with their incomes. Tax Compliance in Posh areas In…
Updates
FBR decided to introduce an automated system of online filing of tax appeals
The Federal Board of Revenue has decided to introduce an automated system of electronic filing of appeals. This system will enable to taxpayers to file there appeal matters with Commissioner appeals online.…
Budget
FBR increased the limit of turnover for withholding agents
Federal Board of Revenue FBR increased the limit of turnover for withholding agents. Taxpayers having turnover above Rs 100 million will need to deduction of withholding tax. Income Tax Circular No. 03…
Taxation
Tax year 2020 draft return forms issued by FBR
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft forms for filing income tax returns tax year 2020. The FBR issued SRO 745(I)/2020 and invited comments from stakeholders on the draft…