KARACHI: The income tax law has empowered a commissioner Inland Revenue to make provisional assessment where a concealed asset of a person impounded by any government agency.
Income Tax Ordinance 2001
KARACHI: Commissioners of Inland Revenue have been empowered to make ‘best judgement assessment’ for taxpayers, who fail to file annual returns, for making payment of due taxes.
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 due date for filing annual income tax return has become important Since Federal Board of Revenue (FBR) imposed restriction of denying late filers into Active Taxpayers List (ATL).
KARACHI: A taxpayer is required to submit wealth statement along with annual income return. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 and explained the requirement of wealth statement under Section 116….
KARACHI: There are certain classes of persons who are not required to file annual return of income to Federal Board of Revenue (FBR).
KARACHI: Federal Board of Revenue (FBR) has explained requirement of filing income tax returns by persons and corporate entities.
KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance.
KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.
KARACHI: Federal Board of Revenue (FBR) has said that sales tax registered persons with the provinces are required to pay advance income tax.
KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001.
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.