Tax USA
If you cannot meet April 18 tax deadline, then file an extension now
If you cannot meet April 18 tax deadline, then file an extension now. There is only one day left before the April 18 tax deadline, and if you haven't submitted your tax…
#irs
60 articles
Tax USA
When will the IRS accept 2023 Tax Returns
When will the IRS accept 2023 Tax Returns. The first formal day to file your tax year 2022 tax return is from January 23, 2023. Moreover, one thing to remember is that…
Tax USA
When do tax refunds come 2023
When do tax refunds come 2023. As you know that due to changes in the system of IRS auditing, they now no more issue a complete schedule of tax refunds. However, they…
Taxation
FBR Once again Extended the Last Date to File Income Tax Returns 2022
FBR Once again Extended the Last Date to File Income Tax Returns 2022. On Monday, the government extended the last date for filing annual income tax returns for the tax year 2022…
Updates
Asim Ahmad Appointed As New Chairman FBR
The federal government on Wednesday appointed Muhammad Asim Ahmad as Chairman Federal Board of Revenue (FBR). Asim Ahmad appointed in replacement of Dr. Ashfaq Ahmed as new FBR Chairman. A notification to…
Updates
Supreme Court suspends SHC's order on FBR notices to foreign asset holders
On the plea of the Federal Board of Revenue (FBR), the Supreme Court of Pakistan has suspended the Sindh High Court (SHC) order which declared illegal the issuance of FBR notices to…
Updates
FBR launched National Single Sales Tax Return Today
Achieving yet another significant milestone towards digitization & data integration to facilitate taxpayers, promote ease of doing business, harmonizing Sales Tax & reduce compliance costs, FBR has launched its National Sales Tax…
Blog
Chairman FBR condemns firing incident in Lahore targeting an officer of FBR
Chairman FBR / Secretary Revenue Division, Dr. Muhammad Ashfaq Ahmed has condemned the firing incident in Allama Iqbal Town,Lahore targeting an officer of FBR. This evening, Mr. Salman Naveed, an IRS officer…
Business
FBR monitoring teams will assess sales of resisting Tier-1 retailers
Instructions issues by Chief Commissioner Regional Tax Office (RTO) Lahore Nasir Iqbal Khan for monitoring of sales of those Tier-1 Retailers (T-1Rs) who are resisting integration with Point of Sale (POS) system.…
Updates
FTO orders to probe tax officials involved in sales tax refund scam
The Federal Tax Ombudsman (FTO), in pursuance of Own Motion (OM) investigation powers conferred to him under Section 9(1) of the Federal Tax Ombudsman Ordinance, 2000 (FTO Ordinance), has ordered to probe…
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…
Updates
FBR to penalize tax officials putting external pressures on FBR management
The Federal Board of Revenue (FBR) has decided to penalize the tax officials putting external pressures on the top FBR management for their postings, transfers, deputations, or other service matters. In this…
Updates
Updated Penalty Provisions on failure to file the return within the due date 2021
The Federal Board of Revenue (FBR) has clarified that a person who fails to file the return within the due date will have to pay a penalty of higher of Rs1,000 or…
Updates
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…
Taxation
FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021
The Federal Board of Revenue (FBR) on Friday issued manual income tax returns forms for tax year 2021. The return form has been issued just a month ahead of filing deadline i.e.…
Updates
FBR issues SRO to allow conditional input tax credit for supplies from AJK and GB
The Federal Board of Revenue (FBR) will allow input tax credit against electronic data of supplies by the persons registered in Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR has…
Taxation
FBR issues draft income tax return form for individuals
The FBR has issued the draft return form through an SRO1022(I)/2021 to amend the Income Tax Rules 2002. Such form for individuals issued, who are deriving income under any head other than…
Taxation
2 Companies reportedly found Involved in Rs6 Billion Mega Tax Fraud
Public Accounts Committee (PAC) has referred two mega tax fraud cases involving over Rs. 6 billion to the National Accountability Bureau (NAB) for investigation of tax evasion and illegal exemptions and concessions…
Updates
FBR issues clarification on suspicious exemption certificates
Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of…
Taxation
Deadline and penalty for Tier-1 retailers and other tax provisions relating there to
The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their invoicing systems with the tax Realtime invoicing system of Federal Board of Revenue. FBR has given 15th August, 2021…