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How to Download Online Tax Brackets Tax Year 2022
How to Download Online Tax Brackets Tax Year 2022. The Tax Rates for a particular tax year is very important when we perform any calculation. Some Tax rates may change every year…
#TaxCalculatorPakistan
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Blog
Apple iPhone 14 Pro Max Price and PTA Tax in Pakistan 2022 | List of PTA Mobile Tax and Calculator
A lot of sources confirmed about the design and key features of the upcoming iPhone 14 series (Coming soon). However now, a new leak has suggested the Apple iPhone 14 Pro Max…
Taxation
Tax on Agricultural Income in Pakistan
Tax on Agricultural Income in Punjab Agricultural income is an exempt income from tax under section 41 of the Income Tax Ordinance, 2001. Such exemption from tax under ITO 2001 ( section…
Updates
FBR extends scope of sales tax on IT Services and IT Enabled Services
The FBR issued SRO 77 (1) 2021 to amend SRO 495 (1) / 2016 on July 4, 2016 regarding the imposition of sales tax on services provided in Islamabad Capital Territory (ICT).…
Business
Telecom sector tax share increases 129% in FY20: PTA
"Lockdown has led to a significant increase not only in the number of subscribers but also in the use of telecom services as a result of increased demand for telecom services. The…
Taxation
Income Tax Return Filing reached at it's peak
The FBR issued the weekly ATL – 2019 updated on the basis of returns filed up to January 10, 2021. The ATL-2019 will remain applicable till February 28, 2021 as the FBR…
Updates
e-payment limit of taxes abolished
To this end, a joint meeting has been convened by the State Bank of Pakistan through video link at the request of the Karachi Customs Agents Association. (KCAA). Attended by more than…
Finance
'Raast' first instant digital payment system launched by Pakistan
A major step towards achieving maximum efficiency in the economy of payment and digitization of sending and receiving. Prime Minister Imran Khan on Monday launched the country's first instant digital payment system…
Updates
FBR launched operation: Get Sales tax registration otherwise face three years imprisonment
According to Federal Board of Revenue (FBR) the tax offices is going to launch operations against the persons who make taxable supplies but are not registered with sales tax. Cottage industry not…
Finance
E-stamping Revenue Reaches Rs. 201.3 Billion at year end 2020
E-Stamping, a flagship project of the Punjab Information Technology Board (PITB), aims to automate the issuance of stamps in Punjab. Since its launch in November 2014, e-stamping has now achieved a milestone…
Taxation
Company tax return
The tax year for company tax return is starting from 1 July through 30 June. However, tax authorities have powers to allow a special year-end. ALSO READ: Annual Income tax return filing…
Budget
FBR allowed to taxpayers to file settlement application for agreed assessment
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which…
Markets
Bitcoin trading reached at highest volume
The latest milestone in the world's most popular cryptocurrency came on December 16, less than three weeks after it first crossed 20,000, and the bitcoin has risen 800 percent since mid-March. With…
Updates
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…
Budget
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,…
Taxation
Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR
Every cash transaction for sale or purchase of housing units worth more than Rs. 2 million must be reported under Anti Money Laundering (AML) / Counter Terrorism Financing (CFT). To comply with…
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
40 percent of registered taxpayers do not file sales tax forms
Forty percent (40%) of the taxpayers registered with the Sales Tax Directorate do not submit their sales tax forms. They cheat the government revenue and honest taxpayers by engaging in the activities…
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
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…