FBR asks lawyers, auditors, other professionals to record all transactions

ISLAMABAD: Federal Board of Revenue (FBR) has said that under the law professionals are required to maintain record of all transactions. The FBR issued Income Tax Rules, 2002 (updated September 08, 2020).... Read more »

Transaction over Rs10,000: maintaining customers’ details made mandatory

ISLAMABAD: Federal Board of Revenue (FBR) has said that wholesalers, distributors or commission agents are required to maintain record of each transactions above Rs10,000. The FBR said that following record maintenance is... Read more »

Weekly Review: rising COVID cases may affect sentiments

KARACHI: Constant rise in coronavirus cases may discourage investors of Pakistan Stock Market (PSX) owing to likely stringent measures from the authorities to prevent the spread of the pandemic. Analysts at Arif... Read more »

Six years mandatory period for maintaining record under income from business

ISLAMABAD: A taxpayer deriving income from business is required to maintain record of book of accounts for at least six years. The Federal Board of Revenue (FBR) has updated rules related to... Read more »