FBR constitutes committees to remove anomalies in Finance Bill 2020

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted two committees for identifying and removing anomalies in the Finance Bill, 2020. The FBR issued two separate notifications for constituting the committees, which comprise FBR officials and representatives of business community. Chairman of the first anomaly committee is Saqib Shirazi of Atlas Group. The co-chairmen of […]

by Mrs. Anjum Shahnawaz

Restriction imposed on revising wealth statement

Jun 16

Budget 2020-2021, Taxation

Restriction imposed on revising wealth statement

KARACHI: Taxpayers have been barred from revising their wealth statement after expiry of five years. An amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2020. According to interpretation of Finance Bill, 2020 by Deloitte Yousuf Adil Chartered Accountants, presently, revision of wealth statement is allowed without a requirement to obtain approval […]

by Mrs. Anjum Shahnawaz

Concealed income to be added under business income

Jun 16

Budget 2020-2021, Taxation

Concealed income to be added under business income

KARACHI: The Finance Bill 2020 has proposed amendment to laws pertaining to concealed income. Under the amendment the identified concealed income to be added under head of business income. The Finance Bill 2020 proposed amendment to Section 111 of Income Tax Ordinance, 2001. As per interpretation of Finance Bill, 2020, Deloitte Yousuf Adil Chartered Accountants […]

by Mrs. Anjum Shahnawaz

Stock market gains 194 points as energy sector recovers

Jun 16

Stock & Commodity

Stock market gains 194 points as energy sector recovers

KARACHI: The stock market gained 194 points on Tuesday as energy sector staged recovery on improved international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,019 points as against 33,824 points showing an increase of 194 points. Analysts at Arif Habib Limited said that the market bounced back after realizing […]

by Mrs. Anjum Shahnawaz

Rupee eases against dollar on import payment demand

Jun 16

Money & Banking

Rupee eases against dollar on import payment demand

KARACHI: The Pak Rupee eased against dollar on Tuesday amid higher demand of the foreign currency for import and corporate payments. The rupee ended Rs164.88 to the dollar from previous day’s closing of Rs164.85 in interbank foreign exchange market. Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate […]

by Mrs. Anjum Shahnawaz

Punjab announces tax payment relaxation to property, motor vehicle

Jun 16

Budget 2020-2021

Punjab announces tax payment relaxation to property, motor vehicle

LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021. According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles: Special relaxations for financial year 2020-21. (1) Notwithstanding anything contained in sections […]

by Mrs. Anjum Shahnawaz