Income Tax Ordinance 2001: FTR taxpayers not required to file returns
The Federal Board of Revenue (FBR) in Pakistan has introduced a noteworthy amendment, providing substantial relief to taxpayers falling under the Final Tax Regime (FTR).
The Federal Board of Revenue (FBR) in Pakistan has introduced a noteworthy amendment, providing substantial relief to taxpayers falling under the Final Tax Regime (FTR).
The Income Tax Ordinance, 2001 (ITO 2001) in Pakistan has granted power to the Commissioner to initiate provisional assessments when a person’s concealed asset is impounded by any government agency.
KARACHI: A commissioner of Inland Revenue has been empowered to alter annual income tax return of a person on detection of tax evasion or avoidance.
KARACHI: In a significant move to enhance tax compliance, the Federal Board of Revenue (FBR) has updated the Income Tax Ordinance, 2001, granting Commissioners of Inland Revenue the authority to conduct ‘best judgement assessment’ for taxpayers who fail to file their annual returns and meet their tax obligations. Under Section 121 of the amended ordinance, […]
KARACHI: A commissioner of Inland Revenue is required to send notice to taxpayers for incomplete annual income returns within 180 days from end of financial year in which return was filed.
KARACHI — The Federal Board of Revenue (FBR) has issued the schedule for filing the annual income tax return, emphasizing the significance of adhering to the specified deadlines.
KARACHI: Sindh Revenue Board (SRB) on Thursday suspended sales tax registration of a logistic company for depositing short payment. According to a notice the SRB suspended the sales tax registration of M/s. AY Logistics for depositing short paid amount of Rs1,074,212 pertaining to tax periods September 2017 to July 2018. The SRB said that non-payment […]
The Federal Board of Revenue (FBR) has released a comprehensive facilitation guide outlining the various tax reductions, rebates, and credits available to income tax return filers.
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, shedding light on the requirement for taxpayers to submit a wealth statement alongside their annual income return.
KARACHI – According to the latest debt statistics issued by the State Bank of Pakistan (SBP), the investment in unregistered prize bonds has witnessed a significant surge, recording an increase of 17 percent to reach Rs922.78 billion by the end of December 2018.