Finance Act 2019: advance tax exempted on personal baggage mobile phones

Jul 3

2019-2020, Budget, IT & Telecom, Taxation

Finance Act 2019: advance tax exempted on personal baggage mobile phones

ISLAMABAD: Federal Board of Revenue (FBR) has exempted the advance tax on mobile phone brought into Pakistan by passengers under Baggage Rules, 2006. The Finance Act, 2019 stated that the provisions of section 148 shall not apply on mobile phones brought in personal baggage under the Baggage Rules, 2006. The rate of advance tax to […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Non-ATL persons to pay 100 percent more tax; income to be treated as concealed

Jul 3

2019-2020, Budget, Taxation

Finance Act 2019: Non-ATL persons to pay 100 percent more tax; income to be treated as concealed

ISLAMABAD: Federal Board of Revenue (FBR) has notified rules for persons not appearing on the Active Taxpayers List (ATL). The rules have been approved and made part of statute through Finance Act, 2019. RULES FOR PERSONS NOT APPEARING IN THE ACTIVE TAXPAYERS’ LIST 1. Rate of deduction or collection of tax: Where tax is required […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Tax slabs for AOPs, business individuals

Jul 2

2019-2020, Budget, Taxation

Finance Act 2019: Tax slabs for AOPs, business individuals

ISLAMABAD: Federal Board of Revenue (FBR) has notified tax rates on income derived by Association of Persons (AOPs) and business individuals during fiscal year 2019/2020. According to the Finance Act, 2019 following are the tax slabs to be applicable on the income of AOPs and business individuals for the tax year 2020: S. No Taxable […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Tax slabs for salary income

Jul 2

2019-2020, Budget, Taxation

Finance Act 2019: Tax slabs for salary income

ISLAMABAD: The Parliament has approved the Finance Bill 2019 to implement rate of income tax on salary income. The statutory exempt income has been enhanced to Rs600,000 for tax year 2020 through Finance Act, 2019. S.No Taxable Income Rate of Tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. […]

by Mrs. Anjum Shahnawaz

Headline inflation increases by 8.9 percent in June

Jul 2

Finance

Headline inflation increases by 8.9 percent in June

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.9 percent on year-on-year basis in June, 2019 as compared to an increase of 9.1 percent in the previous month and 5.2 percent in June 2018, Pakistan Bureau of Statistics (PBS) said on Tuesday. On month-on-month basis, it increased by 0.4 percent in […]

by Mrs. Anjum Shahnawaz

Karachi Chamber urges FBR to adjust refunds of previous amnesty’s refunds

Jul 2

Trade & Industry

Karachi Chamber urges FBR to adjust refunds of previous amnesty’s refunds

KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Junaid Esmail Makda, while referring to his conversation with Minster of State for Revenue Hammad Azhar and Member IR – FBR Dr. Hamid Ateeq Sarwar during meetings in Islamabad, stated that after listening to the grievances being faced by those individuals whose asset declaration cases were […]

by Mrs. Anjum Shahnawaz

Stock market gains 311 points on improved rupee value

Jul 2

Stock & Commodity

Stock market gains 311 points on improved rupee value

KARACHI: The stock market gained 311 points on Tuesday amid improvement in rupee value and signing of IMF loan program on July 03. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,307 points as against 33,996 points showing an increase of +311 points. Analysts at Arif Habib Limited said that despite the […]

by Mrs. Anjum Shahnawaz

Rupee gains against dollar on positive IMF deal expectations

Jul 2

Money & Banking

Rupee gains against dollar on positive IMF deal expectations

KARACHI: The Pak Rupee gained Rs1.99 against dollar on Tuesday owing to hopes of positive outcome of IMF board meeting on Pakistan loan program. The rupee ended Rs158.06 to the dollar from the closing of last trading day on June 28, 2019 at Rs160.05 in interbank foreign exchange market. The foreign currency market was initiated […]

by Mrs. Anjum Shahnawaz

FBR grants general relaxation to file tax year 2018 income returns up to August 02

Jul 2

Taxation

FBR grants general relaxation to file tax year 2018 income returns up to August 02

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday extended the date for filing income tax returns and wealth statement for tax year 2018 up to August 02, 2019 for all persons required to file their returns under Income Tax Ordinance, 2001. The FBR issued Circular No. 07 dated July 02, 2019 to grant extension for […]

by Mrs. Anjum Shahnawaz

FBR allows immovable property, motor vehicle owners to file tax year 2018 returns up to August 02

Jul 2

Taxation

FBR allows immovable property, motor vehicle owners to file tax year 2018 returns up to August 02

ISLAMABAD: Federal Board of Revenue (FBR) on Monday extended the date for filing income tax return and wealth statement for tax year 2018 up to August 2, 2019 for taxpayers, who own immovable properties and motor vehicles. The FBR issued Income Tax Circular No. 06 dated July 01, 2019 for extension in date of filing […]

by Mrs. Anjum Shahnawaz