Taxation
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…
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Updates
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…
Updates
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…
Taxation
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.…
Taxation
Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…