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UPDATES
FBR issued no of tax returns submitted up to year end 2020

FBR issued no of tax returns submitted up to year end 2020

According to a statement issued by Federal Board of Revenue (FBR) they have received 2.3 million income tax returns for tax year 2020 by December 31, 2020. It is to remind here that the last…

UPDATES
Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR

Field formations directed to pay all income tax refunds submitted by January 31, 2021: FBR

The FBR has directed the field formations to immediately pay all income tax refunds. Filed under section 170 of the Income Tax Ordinance 2001 by January 31, 2021 for the tax year 2020. According to…

UPDATES
Annual Income tax return filing last date December 31 2020 for companies

Annual Income tax return filing last date December 31 2020 for companies

With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies‘ for the tax year 2020. For filing an ITR…

TAXATION
Further extension in time for filing income tax return

Further extension in time for filing income tax return

Extension of time for furnishing income tax returns and other documents. After first extension of 15 days by the commissioner, the taxpayer may also apply further extension. Extension of time for furnishing returns and other…

TAXATION
Taxation of non-residents, foreign remittances and expatriates under income tax law of Pakistan

Taxation of non-residents, foreign remittances and expatriates under income tax law of Pakistan

Through the study of the Income Tax Ordinance, 2001 in general and the provisions of Section 80 of the Ordinance in particular, reveal the three types of persons to be treated under the Income Tax…

TAXATION
FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers

FBR issues procedure for cash back refunds of sales tax to customers of Tier-1 retailers

Federal Board of Revenue (FBR) issued procedure for cash back of sales tax amount @5% (five percent) to customers. Paid at the time of purchase from Tier-1 retailers. SRO 1339(I)/2020 issued by FBR, dated December…

UPDATES
FBR launched online module for Greenfield investors status registration

FBR launched online module for Greenfield investors status registration

Federal Board of Revenue (FBR) launched an online module to facilitate investors to apply online to allow Greenfield industry status. Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission…

TAXATION
FBR extended income tax return filing date up to December 24

FBR extended income tax return filing date up to December 24

Federal Board of Revenue (FBR) has extended income tax return filing date up to December 24. Extension has been allowed to those taxpayers who requested to FBR through applications under Section 119 of Income Tax…

TAXATION
FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits

FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits

Income Tax Circular Issued by FBR Federal Board of Revenue (FBR) made it mandatory for overseas Pakistanis to seek income tax exemption on ‘profit on bank deposits’ received from remittances deposited in their local bank.…

TAXATION
FBR issued instructions regarding extension procedure

FBR issued instructions regarding extension procedure

Federal Board of Revenue (FBR) notified instructions for procedures of applying extension requests in filing income tax returns for tax year 2020. Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who…

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