#SalaryTaxCalculator Page 2

FBR's datewise activities in year 2020

READ ALSO: Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan READ ALSO: Top tax issues of Pakistan in 2020 ALSO READ: FBR increased the limit of turnover for…

Retailers registered with FBR started obtaining CNIC of consumers on sales above than Rs100,000

Retailers with Sales Tax Registration Number (STR) were providing details of ordinary consumers on sale of goods worth more than Rs 100,000 through monthly sales tax returns. Through the Finance Act 2020,…

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…

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…

State bank issued list of chartered accountants firms for audit of banks

SBP's panel of chartered accountants Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962. State Bank of Pakistan updated the list up to December 21, 2020. Following is the list…

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…

Tax amnesty scheme for builders and developers ending at December 31 2020

Complete procedure to get registration under the said tax amnesty scheme is available under Section 100D of Income Tax Ordinance, 2001. Salient Features of Scheme for Builders and Developers Under Section 100D…

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

This Notification shall take effect from the 1st day of October, 2020 and shall remain in force up to the 30 th day of June, 2021.

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

FBR issued list of Tier-1 integrated retailers with FBR

Tier-1 retailers allowed only to get cash back of 5% five percent sales tax paid at the time of purchases. (a) a unit of a national or international chain of stores; (b)…

Withholding tax on Pakistan-made mobile phones abolished

The Cabinet's Economic Co-ordination Committee approved the Mobile Device Manufacturing Policy and Electric Vehicle Policy. The meeting approved the abolition of 4% withholding tax on locally manufactured mobile phones. The framework for…

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…

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…

Anti money laundering Act: monitoring of Jewelers, real estate agents and accountants under strict regulations

The FBR issued SRO 1319 (I) / 2020 on 10 December 2020 to empower Inland Revenue officers to exercise the powers vested in them under Section 6A of the Anti Money Laundering…

PTI federal government has once again dropped a petrol bomb on the people

According to the details, it is bad news for the people. The government dropped petrol bomb on the people. The price of petroleum products was increased by Rs.5. According to the notification…

File tax return or pay penalty for tax year 2020: FBR started issuing tax notices

"You have failed without reasonable cause to furnish within the time allowed the return of income/wealthstatement in respect of the tax year 2020 which you were required to furnish under section 114…

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…

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…

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…

FBR notified information regarding last date of income tax return for tax year 2020

FBR notified this while discussing the section 119 of the Income tax ordinance 2001 which deals with the "extension in time for filing income tax returns". Federal Board Of Revenue said that…