Hameed Memon, Chief Commissioner Inland Revenue of the Medium Tax Office (MTO) in Karachi, has issued a heartfelt appeal to taxpayers, urging them to file their income tax returns as a national obligation and a service to the country.
(more…)Day: September 22, 2021
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Obstructing tax officials punishable offence
Section 196 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, explicitly declares that obstructing an income tax authority in the discharge of their functions is now a punishable offense.
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KIBOR rates on September 22, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 22, 2021.
Tenor BID OFFER 1 – Week 7.20 7.70 2 – Week 7.24 7.74 1 – Month 7.30 7.80 3 – Month 7.44 7.69 6 – Month 7.72 7.97 9 – Month 7.87 8.37 1 – Year 8.09 8.59 -
Prosecution for not declaring foreign assets
Section 195A of Income Tax Ordinance, 2001 explains the prosecution for not declaring foreign assets.
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.
Following is the text of Section 195A and 195B of Income Tax Ordinance, 2001:
195A. Prosecution for non-compliance with notice under section 116A.— Any person who, without reasonable excuse, fails to comply with a notice under sub-section (2) of section 116A; shall commit an offence punishable on conviction with imprisonment up to one year or with a fine up to fifty thousand Rupees or both.
195B. Prosecution for enabling offshore tax evasion.– Any enabler who enables, guides or advises any person to design, arrange or manage a transaction or declaration in such a manner which results in offshore tax evasion, shall commit an offence punishable on conviction with imprisonment for a term not exceeding seven years or with a fine up to five million Rupees or both.
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Stocks end down 412 points despite intraday recovery
KARACHI: The stock market ended down by 412 points on Wednesday despite making a recovery in intraday massive fall.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,597 points as against previous close of 46,009 points.
Analysts at Arif Habib Limited said that the market continued trending downward today and lost a total of 1221 points during the session and closed -412 points while posting partial recovery.
Leveraged positions of retail investors played havoc on the market today, which received margin calls after continuous declines witnessed in the Index for the past couple of sessions.
Besides, negative news flow relating to MCB Bank employee having implication in the Money Laundering case, also dented the sentiment.
Technology and Refinery sectors got hurt the most, however, selling pressure was also observed in Cement, Steel, Fertilizer, Banks and E&P sectors. Among scrips, WTL led the table with 90.9 million shares, followed by ANL (36.1 million) and HUMNL (34 million).
Sectors contributing to the performance include Technology (-77 points), E&P (-40 points), Textile (-38 points), Fertilizer (-35 points) and Refinery (-33 points).
Volumes increased further from 325.8 million shares to 583.7 million shares (+79 per cent DoD). Average traded value also increased by 41 per cent to reach US$ 103.1 million as against US$ 73.1 million.
Stocks that contributed significantly to the volumes include WTL, AN, HUMNL, BYCO and TELE, which formed 38 per cent of total volumes.
Stocks that contributed positively to the index include MEBL (+26 points), MCB (+11 points), SNGP (+9 points), FCCL (+9 points) and INIL (+8 points). Stocks that contributed negatively include TRG (-38 points), SYS (-38 points), HBL (-25 points), UBL (-20 points) and CHCC (-16 points).
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SBP issues customers exchange rates for September 22
Karachi, September 22, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Wednesday, September 22, 2021.
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Dollar makes gain in interbank foreign exchange market
KARACHI: The dollar appreciated by 16 paisas against the Pakistani Rupee (PKR) on Wednesday, closing at Rs168.68 in the interbank foreign exchange market, up from the previous day’s rate of Rs168.52. The rise was attributed to increased demand for the dollar, driven primarily by import and corporate payment requirements.
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Prosecution for making false, misleading statements
Section 195 of Income Tax Ordinance, 2001 describes the prosecution for making false or misleading statements.
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.
Following is the text of Section 195 of Income Tax Ordinance, 2001:
195. Prosecution for making false or misleading statements. — (1) A person who –
(a) makes a statement to an income tax authority that is false or misleading in a material particular; or
(b) omits from a statement made to an income tax authority any matter or thing without which the statement is misleading in a material particular,
shall commit an offence punishable on conviction –
(i) where the statement or omission was made knowingly or recklessly, with a fine or imprisonment for a term not exceeding two years, or both; or
(ii) in any other case, with a fine.
(2) A person shall not commit an offence under sub-section (1) if the person did not know and could not reasonably be expected to have known that the statement to which the prosecution relates was false or misleading.
(3) “Entry against S.No 10 in column (2) of the Table in sub-section (1) of section 182” shall apply in determining whether a person has made a statement to an income tax authority.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Prosecution for improper use of NTN Certificate
Section 194 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now explicitly prescribes prosecution for the improper use of the National Tax Number (NTN) Certificate.
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Three years imprisonment for undeclared offshore asset
Section 192B of Income Tax Ordinance, 2001, updated up to June 30, 2021, now prescribes severe penalties, including imprisonment for up to three years, for individuals who fail to declare offshore assets or provide inaccurate particulars.
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