FBR to get information of all persons entering, leaving Pakistan for broadening of tax base

KARACHI: Federal Board of Revenue (FBR) will get access to information of all persons entering or leaving Pakistan from federal investigation agency and bureau of emigration for the purpose of broadening of tax base. As per the newly proposed amendment to Income Tax Ordinance, 2001 a new section 47(B) has been introduced through Finance Bill, […]

by Mrs. Anjum Shahnawaz

KCCI urges K-Electric to stop load shedding

Jun 27

Energy, Trade & Industry

KCCI urges K-Electric to stop load shedding

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has expressed serious concerns of electricity shortfall which caused massive losses to trade and industry. Agha Shahab Ahmed Khan, President KCCI urged the K-Electric to immediately stop the ongoing load shedding spell and focus on improving the infrastructure, particularly power generation capacity and distribution network which is […]

by Mrs. Anjum Shahnawaz

Jun 27

Stock & Commodity

Weekly Review: Stock market likely to stay in green zone

KARACHI: The stock market likely to stay in green zone during next week as coronavirus cases are receding and investors are optimistic on inflows from international financial institutions. Analysts at Arif Habib Limited said that the market to remain positive in the upcoming week. Since COVID-19 cases have started to decline day-on-day basis, investment sentiment […]

by Mrs. Anjum Shahnawaz

FBR urged to allow time extension making audit notice compliance

Jun 27

Taxation

FBR urged to allow time extension making audit notice compliance

KARACHI: Pakistan Tax Bar Association (PTBA) has urged the tax authorities to allow time extension to taxpayers for making compliance in audit notices of tax year 2014. In a letter sent to Ms. Nausheen Javaid Amjad, Chairperson, Federal Board of Revenue (FBR) on Friday, the PTBA urged to grant an extension of time under Section […]

by Mrs. Anjum Shahnawaz

Commissioner IR empowered to amend assessment without definite information

Jun 27

Taxation

Commissioner IR empowered to amend assessment without definite information

KARACHI: Commissioners of Inland Revenue have been empowered to amend assessment on the basis of best judgment and make dis-allowances without specific supporting evidence. According to interpretation of Finance Bill, 2020 by EY Ford Rhodes Chartered Accountants, the provisions of Section 122 of Income Tax Ordinance, 2001, since their inception have been the subject of […]

by Mrs. Anjum Shahnawaz