#irsCovid19Payment

Company tax return

The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…

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

It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020.…

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…

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…

Further extension in time for filing income tax return

Extension of time for furnishing returns and other documents. Section 119 of the Income Tax Ordinance 2001 deals with the extension in time for filing annual income tax returns. According to the…

Income Tax on Foreign Remittance in Pakistan 2022

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…

FBR announced Regional interview committees for appointment of advocates on the panel of FBR

FBR issued list of Tier-1 integrated retailers with FBR

Tier-1 retailers allowed only to get cash back of 5% five percent sales tax paid at the time of purchases. (a) a unit of a national or international chain of stores; (b)…

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

(1) All customers of Tier-1 retailers are entitled to refund @5 percent of the sales tax paid as cash back on purchases made from Teir-1 retailers. (2) Under sub-rule (1) the cash…

FBR launched online module for Greenfield investors status registration

Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of "Greenfield Industry Status." For this purpose, two separate applications in the…

FBR extended income tax return filing date up to December 24

Previously, the last date of filing income tax return was up to 8th December, 2020. FBR refused to further extend the general last date for filing income tax return for tax year…

Taxpayers are still allowed to file income tax returns: FBR

For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It…

Prize bond of Rs 25,000 discontinued with immediate effect

The government has decided to abolish the prize bond worth Rs 25,000 for banking and financial operations nationwide with immediate effect. In a circular issued to the CEOs of banks, the central…

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

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. Exemption Certificate needs…

FBR issued instructions regarding extension procedure

Further instructions disappointed all stakeholders (tax consultants / practitioners, taxpayers, chambers etc.,) who have already requested to the FBR for extension of last date for Tax Year 2020. Last Friday, FBR has…

Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR

The FBR informed all the Chief Commissioners of Inland Revenue in the office order about the last date of filing of returns. However, the FBR said that taxpayers who seek extension of…

Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve tax notices

KTBA strongly suggested in a letter to Chairman, FBR Muhammad Javed Ghani that the inclusion of sub Rule (2A) in Rule 74 of the Income Tax Rules 2002 would create chaos. And…

Karachi Tax Bar identified errors in Tax Year 2020 return

Karachi Tax Bar Association (KTBA) wrote a letter to Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) regarding the matter. Issues already highlighted at November 17, 2020 but…

Weboc Registration process, Import & Export process in Pakistan, Benefits of Weboc Registration, Documents required for Weboc registration

Weboc is a computerized system that provides customs clearance for import and export of goods. Developed by PRAL. It's login and Password which is issued after completion of a series of procedures.…

Income Tax Rules amended: Issuance of tax notices via Phone SMS

The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 relates to serving of documents electronically. In draft rules FBR…