Section 19 of Income Tax Ordinance, 2001 explains speculation business and tax treatment of income from this business.
KARACHI: The tax authorities have powers to arrest tax evaders without warrants for concealment of income or assets.
Section 18 of Income Tax Ordinance, 2001 has explained the incomes derived from various types of transactions including sales of goods shall be taxed under income from business.
ISLAMABAD: Pakistan and China on Saturday underscored China-Pakistan Economic Corridor (CPEC) has entered the new phase of high-quality development, greatly contributing to the socio-economic development in Pakistan. “The two sides will continue to firmly advance the construction of CPEC, ensure timely completion of under-construction projects, focus on economic and social development, job creation and improvement […]
ISLAMABAD: The federal government has imposed a ban on purchase of motor vehicles for official use. The government imposed the ban under austerity measures. The finance division in a circular said that financial constraints forced to take the step. The government has taken austerity measures for fiscal year 2021/2022: (i) There shall be complete ban […]
Section 16 of Income Tax Ordinance, 2001 explains the non-adjustable amounts received in relation to buildings. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001 up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 16 of Income Tax Ordinance, 2001: Section 16. Non-adjustable […]