ISLAMABAD: Federal Board of Revenue (FBR) may invoke provisions of Tenth Schedule of Income Tax Ordinance, 2001 under which non-filers of income tax returns for tax year 2020 may face charges of concealment of income. Rule 3 of the Tenth Schedule of Income Tax Ordinance, 2001, explained: (1) Where for a tax year person’s tax […]
KARACHI: An association of industries and traders has resented proposed plan of the government to impose a new tax on purchase of motor vehicles. Pakistan Industrial and Traders Association Front (PIAF) has voiced its serious concern over the imposition of new tax on the sale of new cars to control ‘On Money’ practice, saying the […]
ISLAMABAD: Federal Board of Revenue (FBR) has started processing income tax refunds for the tax year 2020 and issued instructions in this regard. The FBR issued a notification to all the chief commissioners of tax offices stating that payment of refunds or adjustment of refund have identical financial impact for the exchequer and therefore, both […]