Jun 3

Third party to conduct tax audits: Shaukat Tarin

KARACHI: Finance Minister Shaukat Tarin has announced that tax audits to be done by third party. Further it has been decided to launch universal self assessment scheme (USAS). “I want to remove harassment by FBR. Although there are good people at FBR but there are also some troublemakers. Hence, we have agreed upon Universal Tax […]

by Mrs. Anjum Shahnawaz

FBR notifies rules for implementing e-audit

Jun 1

Taxation

FBR notifies rules for implementing e-audit

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued draft rules for implementation of online audit (e-audit) proceedings, which is aimed at facilitating taxpayers for attend hearing without going to tax offices. The FBR issued SRO 636(I)/2021 to make amendment in the Income Tax Rules, 2002. The FBR invited comments on the draft rules […]

by Mrs. Anjum Shahnawaz

IR offices issuing incorrect audit notices to avoid time limitation: KTBA

May 21

Taxation

IR offices issuing incorrect audit notices to avoid time limitation: KTBA

KARACHI: The offices of Inland Revenue are issuing incorrect audit notices in order to avoid restriction of time limit as defined in the Income Tax Ordinance, 2001, tax practitioners alleged the tax authorities on Friday. The Karachi Tax Bar Association (KTBA) in a letter sent to Inland Revenue offices of Federal Board of Revenue (FBR) […]

by Mrs. Anjum Shahnawaz

SBP updates panel of chartered accountancy firms for audit of banks

Feb 26

Money & Banking

SBP updates panel of chartered accountancy firms for audit of banks

KARACHI: State Bank of Pakistan (SBP) has updated the list of panel of chartered accountancy firms for conducting audit of banking companies. The SBP through a circular issued on Friday informed that “RSM Avais Hyder Liaquat Nauman, Chartered Accountants’, listed in the Category ‘B’ of SBP’s Panel of Auditors is being upgraded to the Category […]

by Mrs. Anjum Shahnawaz

Criteria for selection, conduct of income tax audit

Jan 15

Taxation

Criteria for selection, conduct of income tax audit

Islamabad: The Federal Board of Revenue (FBR) has adopted a criteria for selection and conduct of income tax audit under Section 214C of the Income Tax Ordinance, 2001. The criteria have been explained under updated Income Tax Rules, 2002, tax officials said. Selection and conduct of audit.- (1) This rule shall apply to selection of […]

by Mrs. Anjum Shahnawaz

FBR directs conducting audit to cross match turnover

Dec 22

Taxation

FBR directs conducting audit to cross match turnover

ISLAMABAD: Federal Board of Revenue (FBR) has directed field offices to conduct desk audit of returns filed for tax year 2020 to cross match turnover for avoiding misuse/mis-declaration. The FBR on Tuesday said that it had clarified on December 03, 2020 on ‘technical issue in filing of tax return 2020 dated December 03, 2020’ on […]

by Mrs. Anjum Shahnawaz

SBP updates list of chartered account firms for audit of banks

Dec 22

Money & Banking

SBP updates list of chartered account firms for audit of banks

KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies. The central bank updated the list up to December 21, 2020. State Bank of Pakistan’s Panel of Auditors Maintained Under Section 35 (1) of Banking Companies Ordinance, 1962 Following is the […]

by Mrs. Anjum Shahnawaz

FBR issues procedure for conducting e-audit

Dec 16

Taxation

FBR issues procedure for conducting e-audit

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for conducting electronic audit by officers of Inland Revenue. An amendment was introduced to Sales Tax Act, 1990 through Finance Act, 2020 under which commissioner of Inland Revenue authorized to conduct audit proceedings electronically through video link or any other facility as prescribed by the […]

by Mrs. Anjum Shahnawaz

Commissioners IR given power to select taxpayers for audit

Oct 31

Taxation

Commissioners IR given power to select taxpayers for audit

ISLAMABAD: Federal Board of Revenue (FBR) has decided to authorize Commissioner Inland Revenue to select cases for audit under relevant provisions of tax laws. According to an office order issued this week, the FBR said that the Commissioner IR having jurisdiction, shall select cases for audit under Section 177 of the Income Tax Ordinance, 2001, […]

by Mrs. Anjum Shahnawaz

FBR implements functional system for big taxpayers

Aug 23

Taxation

FBR implements functional system for big taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) has implemented a functional system separating functions of enforcement, audit and legal for big taxpayers. This functional system has only been introduced at the large taxpayers units (LTUs) where FBR makes assessment of taxpayers with high annual turnover. In order to implement the FBR has issued jurisdiction orders for […]

by Mrs. Anjum Shahnawaz