Advance tax on purchase of immovable property to be paid on fair market value

KARACHI: Federal Board of Revenue (FBR) will collect advance income tax on sale of immovable properties on the basis of fair market value. Sources in FBR said that the purchaser of immovable property shall make payment of advance tax income tax on the amount determined at fair market value not on the DC value or […]

by Mrs. Anjum Shahnawaz

Pakistan Customs’ security, integrity at mercy of lappus

KARACHI: The sensitive data of Pakistan Customs and integrity of the department are totally at mercy of privately hired persons ‘lappus’ by Customs officers. These lappus are not only accessing sensitive data of Pakistan Customs but also doing all illegal work for their bosses, which is commonly known as ‘settlement’. The gravity of situation can […]

by Mrs. Anjum Shahnawaz

Tax return to be valid on submission of information

KARACHI: Submission of relevant particulars or information shall make a return of income a valid document. Officials at Federal Board of Revenue (FBR) said that taxpayers should ensure making all relevant entries before filing income tax return in order to avoid hassle at the time of scrutiny, They said that although the tax authorities treated […]

by Mrs. Anjum Shahnawaz