Mar 18

Income Tax Ordinance 2001: amended advance tax rates on marriages, functions

KARACHI: Federal Board of Revenue (FBR) has updated advance tax rates on marriages and functions through latest amendment to Income Tax Ordinance, 2001.The national assembly recently approved Finance Supplementary (Second Amendment) Act, 2019 and advance tax rate for functions and gathering has been updated.The advance tax is collected under following section of the Ordinance.Section 236D: […]

by Faisal Shahnawaz

Filing annual return: large number to benefit from date extension

Mar 17

Exclusive, Taxation

Filing annual return: large number to benefit from date extension

KARACHI: A large number of taxpayers may file their annual income tax returns while taking advantage of date extension up to March 31, 2019, tax manager said. The Federal Board of Revenue (FBR) recently extended the last date for filing income tax return for tax year 2018 up to March 31, 2018, which was December […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on sale, purchase of immovable properties

Mar 17

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on sale, purchase of immovable properties

KARACHI: Adjustable advance tax is applicable for filers and non-filers of income tax return on sales and purchase of immovable properties to be collected at the time of transaction. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the tax shall be collected under Section 236C and Section 236K of […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on domestic, international air tickets

Mar 15

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on domestic, international air tickets

KARACHI: Passengers traveling through domestic or international airlines are required to pay certain amount of advance tax on purchase of air tickets. According to Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) passengers of domestic and international destinations are required to pay advance tax under Section 236B and Section 236L.Section 236B: Advance […]

by Faisal Shahnawaz

Foreign Remittances: Non-filers get exemption on cash withdrawal

Mar 14

Exclusive, Taxation

Foreign Remittances: Non-filers get exemption on cash withdrawal

KARACHI: The government has granted exemption from deduction of income tax on cash withdrawal by non-filers from Pak Rupee bank accounts, which have been opened for receiving foreign remittances. Through Finance Supplementary (Second Amendment) Act, 2019 a clause 101A has been inserted to Second Schedule of Income Tax Ordinance, 2001. It said: “The provisions of […]

by Faisal Shahnawaz

FBR’s issues updated ATL, adds over 42,000 active taxpayers

Mar 11

Exclusive, Taxation

FBR’s issues updated ATL, adds over 42,000 active taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) updated Active Taxpayers List (ATL) on Monday and added around 42,000 taxpayers’ names since launch of new list.

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on electricity consumption

Mar 11

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on electricity consumption

KARACHI: Power supply companies are required to deduct and collect advance tax from industrial and commercial consumers at rates specified. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), the Section 235 explained the rates of advance tax on consumption of electricity. Section 235: Electricity consumption Sub-Section (1): There shall […]

by Faisal Shahnawaz

Late filers may be allowed for Active Taxpayers List

Mar 10

Exclusive, Taxation

Late filers may be allowed for Active Taxpayers List

KARACHI: Federal Board of Revenue (FBR) may allow taxpayers who filed their returns after due date to have their names on Active Taxpayers List (ATL).FBR sources said that the finance ministry had asked the revenue body to review the issue. The ministry of finance had received many representations on the issue.The government through Finance Act, […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on cash withdrawal

Mar 10

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on cash withdrawal

KARACHI: Every banking company is responsible for deducting and collecting a certain percentage of tax on cash withdrawal on Rs50,000 per day from an account. Since passage of Finance Supplementary (Second Amendment) Bill, 2019 from the parliament, the tax is no more on withdrawal by a filer of income tax return. Therefore, this tax is […]

by Faisal Shahnawaz

Legislation to encourage tax non-compliance

Mar 9

Exclusive, Taxation

Legislation to encourage tax non-compliance

KARACHI: All efforts of tax collecting agency in broadening of tax base will be in vain due to changes introduced to tax laws by the present government, which allows non-compliant taxpayers to make transactions. The government through Finance Supplementary (Second Amendment) Bill, 2019, which was passed by the national assembly, allowed non-filers of income tax […]

by Faisal Shahnawaz