Pkrevenue.com

Day: September 16, 2020

  • FBR updates application for salary return filing

    FBR updates application for salary return filing

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday updated Tax Asaan, a mobile phone application, for filing of income tax return by salaried persons.

    The Tax Asaan application, available for both Android and iOS, has been updated for filing the income tax return for the tax year 2020.

    Tax Asaan is a mobile application developed by FBR to facilitate taxpayers. It is available free of cost for Android as well as iOS based smart phones. Wizard based Income Tax Return filing option is also available in Iris. This feature will help taxpayer to proceed step by step utilizing interactive questions for return filing.

    The FBR issued video tutorial for facilitating the taxpayers to file their returns through Tax Asaan application:

    Currently Tax Asaan offers following facilities for taxpayer:

    I. Registration of Income Tax

    II.Registration  f Sales Tax

    III. Return filing for Salaried Individuals

    IV. Recovery of Password V. Creation of Tax payments, PSIDsVI.POS Invoice Verification

    VII.FBR Maloomat.

    The FBR also said that the last date for filing income tax return for tax year 2020 is September 30, 2020.

    A spokesman of the FBR in a tweet urged to file income tax return for ensuring their name on the Active Taxpayers List (ATL).

    The name on the ATL guarantees persons, who filed their income tax returns within due date, to avoid 100 percent additional levy of withholding tax on various transactions.

  • ECC approves expanding duty free car import scheme for disabled persons

    ECC approves expanding duty free car import scheme for disabled persons

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday granted approval to expand the scheme of duty free car import by disabled persons.

    (more…)
  • Lady tax officer awarded major penalty for misconduct

    Lady tax officer awarded major penalty for misconduct

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday imposed major penalty of ‘compulsory retirement’ upon a lady tax officer on the charges of misconduct i.e. unauthorized absence from duty.

    In an order, the FBR said that disciplinary proceedings were initiated under the Government Servant (Efficiency & Discipl ine) Rules, 1973 against Ms. Saira Bano (IRS/BS-18), Deputy Commissioner-IR/OSD, Regional Tax Office, Lahore through Charge Sheet and Statement of Allegations dated October 08, 2019 on the charges of “Misconduct” on account of unauthorized absence from duty since August 01, 2016.

    Muhammad Majid (IRS/BS-20), the then Commissioner-IR, RTO-II, Lahore was appointed as Inquiry Officer vide Board’s letter dated October 08, 2019. As per Inquiry Report charges leveled against Ms. Saira Bano (IRS/BS-18) stood established.

    On the basis of inquiry report, the accused officer was issued Show Cause Notice on 23.12.2019. An opportunity of personal hearing was granted to the accused officer by Member (Admn)/Authorized Officer on 03.06.2020.

    Ms. Saira Bano (IRS/BS-18) vide her letter dated 23.05.2020 regretted to appear for the personal hearing. She was granted final opportunity of personal hearing by Member (Admn)/Authorized Officer on 23.06.2020, however, the officer did not appear for personal hearing. Member (Admn)/Authorized Officer recommended to the Authority i.e Secretary Revenue Division/Chairman FBR, imposition of Major Penalty of “Compulsory Retirement” in terms of Rule 4(1)(b)(ii) of the Government Servants (Efficiency & Discipline) Rules, 1973 upon Ms. Saira Bano (IRS/BS-18).

    Secretary Revenue Division/Chairman FBR being Authority in the instant case granted an opportunity of personal hearing to Ms. Saira Bano (IRS/BS-18) on 07.08.2020. Final opportunity of personal hearing was granted by Secretary Revenue Division/Chairman FBR on 02.09.2020. Secretary Revenue Division/Chairman FBR being Authority in the instant case, keeping in view the length of service of the officer, concurred with the recommendations of the Authorized Officer and therefore imposed the major penalty of “Compulsory Retirement” upon Ms. Saira Bano (IRS/BS-18), Deputy Commissioner-IR/OSD, Regional Tax Office, Lahore under rule 4(1)(b)(ii) of the Government Servants (Efficiency & Discipline) Rules, 1973 with immediate effect.

    The period of unauthorized absence from duty from 01.08.2016 till date will be treated as Extra Ordinary Leave (without pay). Ms. Saira Bano (IRS/BS-18) shall have right of Appeal as admissible in the Civil Servants (Appeal) Rules, 1977.

  • Stock market witnesses selling pressure over FATF bill

    Stock market witnesses selling pressure over FATF bill

    KARACHI: The stock market fell by 64 points on Wednesday as investors’ sentiments shaken over FATF bill, which required parliamentary approval.

    (more…)
  • Rupee eases by seven paisas as dollar demand persists

    Rupee eases by seven paisas as dollar demand persists

    KARACHI: The Pak Rupee eased by seven paisas against dollar on Wednesday owing to rising demand for the foreign currency for import payment.

    The rupee ended Rs166.34 to the dollar from previous day’s closing of Rs166.27 in interbank foreign exchange market.

    Currency experts said that the rupee was remained under pressure for rising demand of the greenback against import payment.

    They said that normalization of industrial activities after control of coronavirus pandemic the manufacturing required imported raw materials.

    The experts hoped that the rupee may rebound in coming days on back of improved workers’ remittances and export receipts.

    The local currency fell by 37 paisas against the dollar during past three trading days.

  • SBP to review existing policy rate of 7 percent on Sep 21

    SBP to review existing policy rate of 7 percent on Sep 21

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it will review existing key policy rate at 7 percent on Monday, September 21, 2020 for next two months.

    In its monetary policy announcement on June 25, 2020 the SBP cut the key policy rate to 7 percent. The decision came after the monetary policy committee viewed that the inflation outlook had improved further, while the domestic economic slowdown continued and downside risks had grown.

    In the wake of coronavirus pandemic the central bank significantly reduced the discount rate. Through policy decision on June 25, 2020 the SBP brought down the cumulative policy rate since mid-March 2020 to 625 basis points.

    Due to frequent changes in policy rate the regular meeting of the monetary policy committee was not held that was scheduled in July 2020.

    The SBP said that the given the number of MPC meetings that had taken place in recent months, and actions taken in those meetings, the MPC had not consider it necessary to hold the regular meeting of July 2020.

    “The next regular meeting of the MPC will now be held in September 2020. The MPC continues to observe economic conditions and stands ready to take whatever further actions may become necessary in response to any adverse impact on the economy because of the pandemic or any other factor,” the SBP said in its press statement issued on July 24, 2020.

  • Bank deposits of salaried persons surge by 35 percent to Rs2.252 trillion

    Bank deposits of salaried persons surge by 35 percent to Rs2.252 trillion

    KARACHI: The deposits of salaried persons in the domestic banking system surged by 35 percent in August 2020 as financial institutions provided safe avenue for investment.

    The banking deposits of salaried persons increased to Rs2.252 trillion by end of August 2020 as compared with Rs1.671 trillion in the same month of the last year, according to data released by State Bank of Pakistan (SBP) on Tuesday.

    Banking experts said that in the past the interest rates were very high which enabled banks to offer attractive rate of return to depositors.

    The central bank kept the policy at higher rate of 13.25 percent till March 2020. However, in the wake of economic slowdown after COVID-19, the SBP significantly reduced the policy rate starting from March 2020.

    In the monetary policy announcement on June 25, 2020, the SBP brought down the key policy rate to 7 percent, which is still applicable to date.

    The decision brought the cumulative reduction in the policy rate since mid-March to 625 basis points, the SBP said in its policy statement.

    It is important to note that the deposits of the banking system reached to a record high of Rs16.327 billion by August 2020.

    The categorization of deposits showed personal deposits registered 18.53 percent growth to Rs8.051 trillion in August 2020 as compared with Rs6.792 trillion in the same month of the last year.

    The deposits of salaried persons are part of the category of personal deposits.

    The other components of this category i.e. deposits of self employed registered 12 percent increase to Rs3.376 trillion in August 2020 as compared with Rs3.012 trillion in the same month of the last year.

    Meanwhile, the deposits of other personal accounts registered 15 percent growth to Rs2.423 billion as compared with Rs2.108 billion in the same month of the last year.