Feb 21

Pakistan Customs impounds non-duty paid vehicles worth Rs11.3 billion

ISLAMABAD: Pakistan Customs has impounded non-duty paid motor vehicles worth Rs11.3 billion during first seven months (July – January) of the current fiscal year, said a spokesman of the Federal Board of Revenue (FBR) on Sunday. The seizure of non-duty paid motor vehicles registered growth around 66 percent as the customs authorities seized motor vehicles […]

by Mrs. Anjum Shahnawaz

Procedure issued for intimating retirement, submission of pension papers

Feb 21

Taxation

Procedure issued for intimating retirement, submission of pension papers

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for officers and staff of tax machinery regarding intimation about their superannuation retirement and submission of pension papers. In supersession to Board’s earlier SOPs No. 25(20)MIR-IV/2016 dated 10.12.2020, the FBR said that while submitting the cases of retirement, pension papers and encashment of LPR for officers […]

by Mrs. Anjum Shahnawaz

SBP governor to moderate dialogue on ‘banking on equity’ hosted by World Bank

Feb 21

Money & Banking

SBP governor to moderate dialogue on ‘banking on equity’ hosted by World Bank

KARACHI: The World bank is hosting a webinar on ‘Consultative Dialogue on the State Bank of Pakistan’s Gender Financial Inclusion Policy – Banking on Equality’ on Tuesday, February 23, 2021, a statement said on Sunday. During the webinar, Governor SBP, Dr. Reza Baqir will moderate a high profile international panel discussion. The State Bank of […]

by Mrs. Anjum Shahnawaz

Feb 21

Definitions

What is Income Year?

Income Tax Ordinance, 2001 has explained that the meaning of income year is same as defined in repealed Income Tax Ordinance, 1979. The repealed Income Tax Ordinance, 1979 defined the income year as: Income year”, in relation to any assessment year (hereafter in this clause, referred to as `the said assessment year’), means- (a) the […]

by Mrs. Anjum Shahnawaz

Feb 21

Definitions

How to determine tax year?

Tax year, as defined by Income Tax Ordinance, 2001, means the tax year as defined in sub-section (1) of section 74 and, in relation to a person, includes a special year or a transitional year that the person is permitted to use under section 74. According to the Income Tax Ordinance, 2001, updated up to […]

by Mrs. Anjum Shahnawaz