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.
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.
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
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 […]
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 […]
Karachi, September 22, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Wednesday, September 22, 2021.
KARACHI: The dollar made a gain of 16 paisas against the Pak Rupee (PKR) on Wednesday. The dollar was appreciated due to demand for import and corporate payments. The PKR ended at Rs168.68 to the dollar from the previous day’s close of Rs168.52 in the interbank foreign exchange market. Currency experts said that import and […]
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 […]
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.
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.