FBR adds over 114,000 return filers to ATL

ISLAMABAD: Federal Board of Revenue (FBR) has added over 114,000 return filers to Active Taxpayers List (ATL) following the grant of extension in filing income tax returns for Tax Year 2018 up... Read more »

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. Read more »

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. Read more »

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. Read more »

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... Read more »

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. Read more »

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. Read more »

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. Read more »

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). Read more »

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. Read more »

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... Read more »

Income Tax Ordinance 2001: offences and penalties

KARACHI: Any person who commits any offence under provisions of Income Tax Ordinance, 2001, he may be liable to penalty. Read more »