FBR updates, income tax, budgets and markets for Pakistan
164 articles
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…
"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…
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…
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…
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…
Persons who are not required to file there income tax returns are explained under section 115 of Income Tax Ordinance, 2001. Section 115 of the Income Tax Ordinance, 2001 is reproduced here:…
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…
The package came into force under Section 100D of the Income Tax Ordinance 2001 and the Eleventh Schedule Amendment under the Tax Laws Amendment Ordinance 2020. Construction package is applicable to land…
PRAL said that turning to remote work due to the ongoing corona virus epidemic could create cyber security issues for the FBR and its employees. Attackers are taking advantage of the situation,…
POS system is a cloud based system. Needs a computer, an internet connection and a software downloaded from Pakistan Revenue Automation Private Limited (PRAL). Due to simple software, very few retailers taking…
After failing to properly deal with 310,000 tax audit cases through proper scrutiny, the Federal Board of Revenue (FBR) has started dealing with cases pending for six years in a hurry, a…
The government changed the taxes on petroleum products, petroleum levy on diesel reduced by Rs 2.43 per liter and petrol by Rs 1.32 per liter. The reduction in levy implemented from today.…
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…
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…
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.…
Scope of tax Under Section - 3(1) Scope of tax Under Section - 3(1) Subject to the provisions of this Act, there shall be charged, levied and paid a tax known as…
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…
For getting information regarding the IRS refund status, you must have information regarding the following ? Taxpayer must enter the SSN or IRS Individual Taxpayer Identification Number Which mentioned on taxpayer's tax…
(a) goods exported, or the goods specified in the Fifth Schedule; Goods of Fifth Schedule of Sales Tax Act 1990 1- (i) Supply, repair or maintenance of any ship which is neither;(a)…
Last date for online applications is January 15, 2021 and for more details click here: hec.gov.pk/site/ARL. "The programme is managed by HEC Pakistan in collaboration with the Tempus Public Foundation, Hungary." Online…