Tax USA
If you cannot meet April 18 tax deadline, then file an extension now
If you cannot meet April 18 tax deadline, then file an extension now. There is only one day left before the April 18 tax deadline, and if you haven't submitted your tax…
#Penalty
17 articles
Updates
What is the Last Date to File Corporate Tax Return
What is the Last Date to File Corporate Tax Return. Corporate sector business means an entity that is registered as a private/public limited company in a country. Like in Pakistan, companies are…
Blog
How to Check Active Taxpayer Status Online | Download ATL List
The Active Taxpayer List (ATL) is a centralize record / data of online Income Tax Return filers for the previous Tax Year (Now Like, Tax Year 2021). Active Taxpayer List (ATL) is…
Taxation
Tax Year 2021 Active Taxpayers’ List to be Published on 1 March 2022
The Federal Board of Revenue (FBR) will publish the Active Taxpayers’ List (ATL) for the Tax Year 2021 on 1 March 2022 in accordance with the provisions of Rule 81B of the…
Taxation
Corporate Tax Office Lahore imposes penalty on 35 Tier-1 Retailers
The Corporate Tax Office (CTO) Lahore has imposed penalty of reducing adjustable input tax by 60% against 35 Tier-1 Retailers (T-1Rs) for their failure to integrate with Point of Sale (POS) system.…
Updates
FBR to penalize tax officials putting external pressures on FBR management
The Federal Board of Revenue (FBR) has decided to penalize the tax officials putting external pressures on the top FBR management for their postings, transfers, deputations, or other service matters. In this…
Budget
Penalty for Non Filing of Annual Income Tax Returns 2021
A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021. A new amendment has been made part to…
Budget
Procedure to get extension in Date for filing annual Income Tax Returns
In case a person unable to file annual Income Tax return and wealth statement by due date he has right to get extension in date for filing annual income tax returns on…
Taxation
New Penalty Provisions relating to non-integrated Tier-1 Retailers
The FBR has been empowered to require any person or classes of person to integrate their invoice issuing system machines with the FBR's computerised system for real time reporting of sales in…
Updates
FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers
Federal Board of Revenue (FBR) in its drive to integrate Tier-1 Retailers across the country, has issued Sales Tax General Order No.2 of 2022 by which a system-based approach has been adopted…
Taxation
Last date to filing income tax return and penalty for non filing
Income Tax Return relates to a specific tax year. A tax year is a period of twelve months ending on 30th day of June i.e. the financial year and is denoted by…
Budget
Changes to offences and penalties under Finance Act 2021
The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance…
Business
SECP asks companies to file beneficial ownership declaration to avoid penalty
The Securities and Exchange Commission of Pakistan (SECP) has asked companies to submit information of their ultimate beneficial owners (UBOs) through the filing of Form 45, required under Section 123A of the…
Budget
Update Business Bank Accounts to avoid Penalty after due date
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2.…
Budget
Shaukat Tarin warns Tax defaulters of action after third-party audit
"In this regard, we have created a section to review all the bills of the people, the number of deposits and the date of travel, etc. and if a person is found…
Updates
Sindh Revenue Board Announces Tax Relief Scheme
Meetings held with different chambers of commerce and taxpayer associations. In a press release on Monday, the Sindh Revenue Board (SRB) approved a proposal for tax incentive scheme. Under this scheme penalties…
Updates
Taxpayers to update profile to avoid penalty, and exclusion from ATL
According to Federal Board of Revenue (FBR) last date for updating the profile was December 31, 2020. However, this date was then extended by the FBR up to March 31, 2021. Date…