Income Tax Ordinance 2001: requirement of filing annual return

KARACHI: Federal Board of Revenue (FBR) has explained requirement of filing income tax returns by persons and corporate entities. Read more »

ATL-2017 shows 1.824 million active taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) has received 1.824 million income tax returns for tax year 2017 by week ended February 10, 2019, according to weekly Active Taxpayers List (ATL) released on... Read more »

Income Tax Ordinance 2001: tax credit for investment in shares, insurance

KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance. Read more »

FBR assigns officers for directorate immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has assigned officers of Inland Revenue Service (IRS) for the duties to make operational the directorate of immovable properties. Read more »

Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum

KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan. Read more »

Provincial sales tax registered persons liable to pay advance income tax

KARACHI: Federal Board of Revenue (FBR) has said that sales tax registered persons with the provinces are required to pay advance income tax. Read more »

Income Tax Ordinance 2001: payment of advance tax on quarterly basis

KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001. Read more »

FBR set to launch Benami law to trace black money

ISLAMABAD: Federal Board of Revenue (FBR) is set to make Benami Law operational with strict action to confiscate property if it was held by a person and payment made by another person. Read more »

Banks require to send free of cost transaction alerts to ensure digital payment security: SBP

KARACHI: State Bank of Pakistan (SBP) on Thursday said that it has been made mandatory for all banks to send free of cost transaction alerts to their customers in order to ensure... Read more »

Reform plan launched for improving financial health of three major PSEs

ISLAMABAD: The government has launched a reform plan for improving financial health of three major Public Sector Enterprises (PSEs) including Pakistan Steel Mills, Pakistan Railways and Pakistan International Airlines, according to Fiscal... Read more »

FBR withdraws credit card details on sales through POS

KARACHI: Federal Board of Revenue (FBR) has withdrawn requirement of details of credit card holder in case sales made through Point of Sale (POS) of textile and leather sectors under concessionary regime. Read more »

Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer

KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income. Read more »