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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
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
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…

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

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

The Federal Board of Revenue (FBR) on Friday said it has given taxpayers legal time to file income tax returns for the 2020 tax year. Therefore, the date will not be extended further after December…

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

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

On Tuesday, the Karachi Tax Bar Association (KTBA) rejected using mobile phone SMS as a legal way to serve notices. KTBA Letter to Chairman FBR KTBA strongly suggested in a letter to Chairman, FBR Muhammad…

UPDATES
Karachi Tax Bar identified errors in Tax Year 2020 return

Karachi Tax Bar identified errors in Tax Year 2020 return

Karachi Tax Bar Association (KTBA) identified calculation errors in the online return Federal Board of Revenue (FBR) for the tax year 2020. Letter to Member IR Operations by Karachi Tax Bar Association Karachi Tax Bar…

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