PESHAWAR: Sardar Ali Khawaja, Chief Commissioner Inland Revenue, Regional Tax Office (RTO), Peshawar on Thursday said that the last date for filing tax return will not be extended. He said that the last date for filing of tax return is September 30, 2021 and Federal Board of Revenue (FBR) will not extend it. Addressing an […]
Section 26 of Income Tax Ordinance, 2001 has allowed a deduction for scientific research expenditure incurred in Pakistan in a tax year. 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 26 of […]
Section 25 of Income Tax Ordinance, 2001 has allowed a deduction for any pre-commencement expenditure for income tax calculation. 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 25 of Income Tax Ordinance, […]
Google is the first big tech company to announce a vaccine requirement for returning to its offices. The decision may push other tech companies to follow with similar moves. Google will now require employees who work in its offices to be fully vaccinated and is pushing back its start date for when they need to […]
ISLAMABAD: Federal Board of Revenue (FBR) has launched a single identifier number for all domestic taxes, a statement said on Wednesday. A taxpayer – as an individual – can use all applications related to income tax, sales tax and federal excise duty by using his/her Computerized National Identity Card (CNIC). In case of partnership firms […]
KARACHI: Tax practitioners have pointed out that banks are deducting withholding tax on proceeds from exports of computer software and IT enabled services, which are granted 100 per cent tax credit. Muhammad Zeeshan Merchant, President, Karachi Tax Bar Association (KTBA) in a letter to Asim Ahmed, Chairman, Federal Board of Revenue (FBR) sent on Wednesday […]
ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon a senior tax auditor for misconduct. Syed Ali Hussain, Senior Auditor (BS-16), Large Taxpayers Office, has been removed from service for absence from office without authorized leave. According to an office order issued on Wednesday, the FBR said disciplinary proceedings […]
KARACHI: Pakistan Stock Exchange (PSX) tumbled on Wednesday over growing concerns related to COVID lockdown. The market also fell on probe by regulator for unusual price movement in certain stocks. The benchmark KSE-100 index closed at 47,318 points as against 47,687 points, showing a decline of 369 points. Analysts at Arif Habib Limited said that […]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified formation of a committee for integration of businesses. Federal Finance Minister Shaukat Tarin has constituted the committee. The authorities appointed Aneeq Khawar as the Chairman of the Committee. The government constituted the committee to rapidly increase tax revenues by adding new taxpayers. The aim is also […]
Section 22 of Income Tax Ordinance, 2001 explained deduction for depreciation of a person’s depreciable assets used in person’s business in a tax year. 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 […]