Airlift secures $85 million in series ‘B’ financing

Aug 18

Corporate

Airlift secures $85 million in series ‘B’ financing

LAHORE: Airlift Technologies on Wednesday announced n $85 million Series ‘B’ financing led by some of the most iconic investors on the globe. The financing marks the largest in the MENA region, co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC). Other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter […]

by Hamza Shahnawaz

Calculation of asset cost for income tax purpose

Aug 18

Taxation

Calculation of asset cost for income tax purpose

Section 76 of Income Tax Ordinance, 2001 has defined the procedure for calculating income tax against cost incurred on purchase of assets.

by Mrs. Anjum Shahnawaz

Aug 18

Taxation

Banking payment must for asset purchase

Banking payment has been made must for asset purchase by the tax authorities in a move aimed at promoting transparency and curbing tax evasion.

by Hamza Shahnawaz

Disposal and acquisition of assets under tax law

Aug 18

Taxation

Disposal and acquisition of assets under tax law

Disposal and acquisition of assets under tax law have been explained under Section 75 of Income Tax Ordinance, 2001.

by Hamza Shahnawaz

Normal tax year to run through July 01 to June 30

Aug 18

Taxation

Normal tax year to run through July 01 to June 30

Normal tax year to run through July 01 to June 30 as defined under Section 74 of the Income Tax Ordinance, 2001. This provision has been updated with the Finance Act, 2021, and includes some important special provisions.

by Faisal Shahnawaz

Aug 18

Exchange Rates

Foreign exchange rates on August 18, 2021

KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 18, 2021:

by Hamza Shahnawaz

Rules to prevent double deduction under income tax law

Aug 18

Taxation

Rules to prevent double deduction under income tax law

In the intricate landscape of taxation, ensuring fairness and preventing duplicity is paramount. Section 73 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021, serves this purpose by delineating rules to prevent double derivation and double deductions.

by Hamza Shahnawaz

Withholding income tax rates on prize bonds

Aug 18

Taxation

Withholding income tax rates on prize bonds

Federal Board of Revenue (FBR) has issued updated rates of withholding income tax on winning of prize bonds during fiscal year 2021-2022. The withholding tax rates have been updated after incorporating changes made through Finance Act, 2021. WITHHOLDING TAX CARD 2021-2022 The FBR collects withholding tax under Section 156 of the Income Tax Ordinance, 2001. […]

by Faisal Shahnawaz

Customs clears first mango consignment under TIR

Aug 18

Pakistan Customs

Customs clears first mango consignment under TIR

Pakistan Customs has successfully cleared the first consignment of mangoes bound for Moscow, Russia, under the International Transportation of Goods – TIR Convention.

by Mrs. Anjum Shahnawaz

Index gains 346 points on better Afghanistan situation

Aug 18

Stock & Commodity

Index gains 346 points on better Afghanistan situation

KARACHI: The benchmark KSE-100 index gained 346 points on Tuesday on better situation in Afghanistan. The Index of Pakistan Stock Exchange (PSX) ended at 47,258 points as against previous day’s closing of 46,912 points. Analysts at Arif Habib Limited said that market traded in the positive zone after dissipation of the after effects of the […]

by Mrs. Anjum Shahnawaz