ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday reiterated that it will not further extend the date for filing income tax return beyond December 08, 2020.
The last date for filing of income tax return for tax year 2020 was September 30, 2020. The FBR through a circular extended the date up to December 08, 2020. The FBR also made it clear through the circular the date would not further extend beyond December 08, 2020.
A spokesman of the FBR explained that all those individuals having 500 square yards or above or own vehicle with engine capacity of 1000 CC or above are required to file their annual income tax return under Section 114 of Income Tax Ordinance, 2001.
The spokesman further said that those individuals who have commercial or industrial electricity connection and their annual electricity bill is above Rs500,000 are required to file return of income.
Further, those persons having annual business income above Rs300,000 are also required to file their income tax return.
For salaried persons having Rs600,000 annual income are required to file income tax returns.
FBR warned of taking penal action against persons on non-compliance.
The Federal Board of Revenue (FBR) has issued a reminder to salaried individuals, emphasizing the necessity of retaining tax and salary certificates for a minimum of six years for assessment and audit purposes.
KARACHI: State Bank of Pakistan (SBP) on Tuesday allowed non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account.
The SBP said that as per FE circular No. 02 dated August 05, 2020, a non resident individuals is eligible to open foreign currency account.
The SBP clarified that an individual non-resident, holding Pakistan Origin Card (POC) is also eligible to open FCVA.
Accordingly, the existing Para 2 sub-para (i (a)) of the above Circular has been replaced with the following:
“Individual non-resident Pakistani and non-resident holding Pakistan Origin Card (POC).”
Consequently, all the provisions of FE Circular 2 of 2020 applicable to individual non-resident Pakistani shall also be applicable to non-resident holding Pakistan Origin Card (POC).
Moreover, in terms of Para 7, Chapter 22 of the Foreign Exchange Manual, Authorized Dealers are required to report inward remittance transactions, except for family maintenance and exports, exceeding USD 10,000/- on Form “R” to SBP.
In this regard, it is advised that instead of asking the customer to provide duly filled in Form ‘R’, the bank receiving remittances in FCVA exceeding USD 10,000, or equivalent thereof, may digitally obtain the information, required for filling Form “R”, from the customer/remitting bank, if not already available in the transaction detail, for the purpose of reporting of transactions to SBP.
Through another circular, the SBP clarified that non-resident holding POC also eligible for opening Rupee Value Account (NRVA).
Consequently, all the provisions of FE Circular 01 of 2020 applicable to non-resident Pakistani shall also be applicable to non-resident holding Pakistan Origin Card (POC).
Further, as per Para 7, Chapter 10 of the FE Manual, any person who wishes to purchase foreign exchange must lodge an application with an Authorized Dealer on Form ‘M’ for seeking approval to effect outward remittance.
However, in case of NRVA, since no approval is required to NRVA holder for repatriating the funds from his/her account, therefore Form ‘M’ may not be required for payment/ repatriation of funds from NRVA. Nonetheless, Authorized Dealers shall continue to report outward remittances under the specified purpose code through monthly foreign exchange returns to SBP as per the existing procedure.
KARACHI: The share market gained 148 points on Tuesday despite lack of trading activities and lower volume.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,653 points as against 40,505 points showing an increase of 148 points.
Analysts at Arif Habib Limited said that the market traded in the positive zone for the entire session, however, activity remained lackluster for lack of clear triggers for the market.
The State Bank of Pakistan (SBP) is expected to announce monetary policy in the coming week, which gives investors a reason to switch portfolio positions per their views on policy rate.
Banking sector stocks, especially UBL and MCB, stole the limelight. E&P sector saw selling pressure after making a stride earlier in the session, which followed the climb in international crude oil prices.
Volumes remained thin overall, where none of the top volume leaders could cross 10 million shares in today’s trading.
Sectors contributing to the performance include Banks (+93 points), E&P (+52 points), Cement (+22 points), Chemical (-21 points) and Power (-12 points).
Volumes continued the declining trend and further slashed to 150.3 million shares as against 243 million shares the day before (-38 percent DoD).
Average traded value also declined by 20 percent to reach US$ 40 million as against US$ 49.9 million.
Stocks that contributed significantly to the volumes include TRG, BIPL, SNBL, PRL and UNITY, which formed 29 percent of total volumes.
Stocks that contributed positively to the index include UBL (+51 points), POL (+22 points), PPL (+20 points), MARI (+15 points) and LUCK (+13 points). Stocks that contributed negatively include COLG (-28 points), SYS (-14 points), HUBC (-13 points), FFC (-11 points) and OGDC (-5 points).
KARACHI – The Pakistani Rupee faced a decline of 13 paisas against the US Dollar on Tuesday, closing at Rs158.30 in the interbank foreign exchange market.
