Tax USA
When do tax refunds come 2023
When do tax refunds come 2023. As you know that due to changes in the system of IRS auditing, they now no more issue a complete schedule of tax refunds. However, they…
#irsStimulusCheck
18 articles
Updates
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.…
Updates
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…
Updates
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…
Taxation
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…
Taxation
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…
Taxation
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…
Updates
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…
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…
Finance
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…
Taxation
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…
Taxation
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…
Updates
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…
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
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…
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…