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TAXATION
Company tax return

Company tax return

Taxable period 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 last…

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
Exemption from sales tax on medical and testing equipment regarding covid-19

Exemption from sales tax on medical and testing equipment regarding covid-19

S.R.0.1257(I)/2020 -In exercise of the powers conferred by clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990. In suppression of its Notification No. S.R.O. 555(I)/2020, dated the 19th June, 2020.…

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

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

FBR’s revised policy for appointment of Advocates and Legal Advisor circulated vide Board’s letter No. 8(70) S(P.A)/2020/176432-R dated 12.10.2020. Following is the list of city wise Regional Interview Committees which shall conduct interviews: LATEST POSTS…

UPDATES
FBR issued list of Tier-1 integrated retailers with FBR

FBR issued list of Tier-1 integrated retailers with FBR

Federal Board of Revenue (FBR) has issued up to date list of Tier-1 retailers. These retailers have registered their Point of Sales (POS) with FBR. Tier-1 retailers allowed only to get cash back of 5%…

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…

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