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BUDGET
Update Business Bank Accounts to avoid Penalty after due date

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. The obligation to…

BUDGET
Taxpayers to update profile to remain in ATL and skip fine

Taxpayers to update profile to remain in ATL and skip fine

Taxpayers are required to update their profile by June 30, 2021, to avoid penalty and exclusion from Active Taxpayers List (ATL) under section 114A of Income Tax Ordinance, 2001. The last date for updating the…

UPDATES
Taxpayers to update profile to avoid penalty, and exclusion from ATL

Taxpayers to update profile to avoid penalty, and exclusion from ATL

FBR advised to Taxpayers to update their profile by March 31, 2021 to avoid any penalty and further exclusion of there name from Active Taxpayers List (ATL). According to Federal Board of Revenue (FBR) last…

UPDATES
Tax Profiles updation not required to salaried taxpayers: FBR

Tax Profiles updation not required to salaried taxpayers: FBR

The Federal Board of Revenue (FBR) has issued a legal explanation that “salaried individuals” are not required to update their “tax profiles”. According to an explanation issued by the FBR to a Lahore-based chartered accountant…

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