Finance Act 2020: Hotel business allowed carry forward loss for eight years

ISLAMABAD: Hotel business has been allowed to carry forward loss for a period of eight years from the tax year starting from July 01, 2020. The amendment has been introduced through Finance... Read more »

FBR issues formula for computing capital gain tax on immovable property sale

ISLAMABAD: Federal Board of Revenue (FBR) has issued formula for computation of capital gain tax on disposal of immovable property as amended through Finance Act, 2020. The National Assembly recently approved the... Read more »

Finance Act 2020: Cash payment Rs250,000 allowed as deduction

ISLAMABAD: Federal Board of Revenue (FBR) has relaxed the condition for business community by allowing deduction of cash payment up to Rs250,000 while computing business income. According to Finance Act 2020 approved... Read more »

Finance Act 2020: Suppression of sales to be taxed under income from business

ISLAMABAD: An attempt of a businessman to suppress sales chargeable to tax in order to reduce tax liability shall be taxed under the head of income from business, according to Finance Act... Read more »

Finance Act 2020: taxpayers given deadline of December 31 to update profile

ISLAMABAD: Federal Board of Revenue (FBR) has given taxpayers a deadline of December 31, 2020 to complete their profile through online system otherwise their name will be removed from active taxpayers list... Read more »