Aug 1

ABAD seeks amnesty scheme extension for six months

KARACHI: Association of Builders and Developers (ABAD) has urged the government to extend the amnesty scheme for six months to document another Rs1 trillion. Fayyaz Ilyas, Chairman, ABAD, in a statement said that the investment in Construction Industry will double to Rs2 trillion if special construction package is extended at least for six months. Quoting […]

by Mrs. Anjum Shahnawaz

Sindh designates COVID vaccination centers in Karachi

Aug 1

National

Sindh designates COVID vaccination centers in Karachi

KARACHI: The Sindh Government on Sunday designated centers for COVID vaccination in Karachi in order to facilitate general public. Following are the hospitals for corona vaccinations: 01. District Karachi East: DOW OJHA CAMPUS 02. District Karachi South: I. Khaliq Dino Hall; II. JPMC; III. Lyari General Hospital 03. District Karachi Central: I. Children Hospital; II. […]

by Faisal Shahnawaz

Method of accounting under income tax ordinance

Aug 1

Taxation

Method of accounting under income tax ordinance

KARACHI: The intricacies of accounting methods for income tax purposes are elucidated in Sections 32, 33, and 34 of the Income Tax Ordinance, 2001, as outlined by the Federal Board of Revenue (FBR).

by Mrs. Anjum Shahnawaz

Tax expenditures against transfer of participatory reserve

Aug 1

Money & Banking

Tax expenditures against transfer of participatory reserve

Section 31 of Income Tax Ordinance, 2001 has allowed transfer of participatory reserve on certain circumstances. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. 31. Transfer to participatory reserve.—(1) Subject to this section, a company shall be allowed […]

by Mrs. Anjum Shahnawaz

Pak Rupee to Saudi Riyal on August 1, 2021

Aug 1

Money & Banking

Pak Rupee to Saudi Riyal on August 1, 2021

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 1, 2021: Buying: Rs 43.00 to the Saudi Riyal Selling: Rs 43.50 to the Saudi Riyal We update rates hourly so we can offer you the best SAR to PKR. The […]

by Hamza Shahnawaz

Pak Rupee to UAE Dirham on August 1, 2021

Aug 1

Money & Banking

Pak Rupee to UAE Dirham on August 1, 2021

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 1, 2021: Buying: Rs 43.00 to the UAE Dirham Selling: Rs 43.50 to the UAE Dirham We update rates hourly so we can offer you the best AED to PKR. The […]

by Hamza Shahnawaz

Aug 1

Money & Banking

Pak Rupee to Euro on August 1, 2021

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 1, 2021: Buying: Rs 187.50 to the Euro Selling: Rs 189.50 to the Euro We update rates hourly so we can offer you the best EUR to PKR. The Euro /PKR parity […]

by Mrs. Anjum Shahnawaz

Aug 1

Money & Banking

Pak Rupee to UK Pound on August 1, 2021

KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 1, 2021: Buying: Rs 222 to the UK Pound Sterling Selling: Rs 225 to the UK Pound Sterling We update rates hourly so we can offer you the best GBP […]

by Hamza Shahnawaz

Pak Rupee to US Dollar on August 1, 2021

Aug 1

Money & Banking

Pak Rupee to US Dollar on August 1, 2021

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on August 1, 2021: Buying: Rs 161.30 to the Dollar Selling: Rs 162.30 to the Dollar We update rates hourly so we can offer you the best USD to PKR. The US Dollar […]

by Hamza Shahnawaz

Expenditures on non-performing debts under tax law

Aug 1

Taxation

Expenditures on non-performing debts under tax law

In a significant development for banking companies, development finance institutions, and Non-Banking Finance Companies (NBFCs), Section 30 of the Income Tax Ordinance, 2001 now allows for the deduction of profits accrued on non-performing debts under certain conditions.

by Mrs. Anjum Shahnawaz