Feb 26

Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit

KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. According to updated Income Tax Ordinance, 2001 recently issued by the Federal Board of Revenue (FBR), Section 178 explained the powers of Commissioner IR. Section 178: Assistance to Commissioner “Every Officer of […]

by Faisal Shahnawaz

Refund should have no nexus with revenue targets: FTO

Feb 26

2019-2020, Budget

Refund should have no nexus with revenue targets: FTO

ISLAMABAD: The office of Federal Tax Ombudsman (FTO) has advised Federal Board of Revenue (FBR) to set its targets rationally and refunds should have no nexus with revenue targets. “To link accountability to performance, compensation for delayed refund be ensured as delay has its own cost,” the FTO office said in its suggestion for budget […]

by Faisal Shahnawaz

FBR launches crackdown against high-valued undeclared immovable properties

Feb 25

Exclusive, Taxation

FBR launches crackdown against high-valued undeclared immovable properties

KARACHI: Federal Board of Revenue (FBR) has launched drive against high-valued transactions of immovable properties in order to unearth quantum of black money used for the purpose. FBR sources said that the Broadening of Tax Base (BTB) unit of Regional Tax Office (RTO) – II Karachi launched action against around 2,000 persons who had acquired […]

by Faisal Shahnawaz

Equity market plunges by over 400 points on selling pressure

Feb 25

Stock & Commodity

Equity market plunges by over 400 points on selling pressure

KARACHI: The equity market plunged by over 400 points on Monday due to selling pressure seen in banking scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,607 points as against 40,016 points showing a decline of 409 points. Analysts at Arif Habib Limited said that the market opened 26 points down […]

by Faisal Shahnawaz

Rupee ends down against dollar on higher demand

Feb 25

Money & Banking

Rupee ends down against dollar on higher demand

KARACHI: The Pak Rupee ended down against US dollar on Monday owing to higher demand for import and corporate payments. The rupee depreciated by three paisas to close at Rs138.58 to the dollar from last Friday’s close of Rs138.55 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of […]

by Faisal Shahnawaz

Indus Motors declares fall in half-year profit on high cost of sales

Feb 25

Corporate

Indus Motors declares fall in half-year profit on high cost of sales

KARACHI: Indus Motors Company Limited has declared 6.13 percent decline in half yearly net profit owing to significant rise in cost of sales for the period. According to financial results for half year period ended December 31, 2018 submitted to Pakistan Stock Exchange (PSX) on Monday, the company declared profit after tax at Rs6.912 billion […]

by Faisal Shahnawaz

Rupee continues gain against dollar in early trade

Feb 25

Money & Banking

Rupee continues gain against dollar in early trade

KARACHI: The Pak Rupee has continued its appreciation against the US dollar and gained 10 paisas in early trade on Monday. The US dollar is being traded at Rs138.45 in interbank foreign exchange market. The exchange rate was closed at Rs138.55 to a dollar on last Friday or February 22, 2019. Currency analysts said that […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

Feb 25

Exclusive, Taxation

Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

KARACHI: The tax laws have empowered Commissioner of Inland to act as a court under the Code of Civil Procedure for compelling production of records of any person.

by Faisal Shahnawaz