Pkrevenue.com

Author: Faisal Shahnawaz

  • Tax officer should issue conclusive assessment order

    Tax officer should issue conclusive assessment order

    Section 126 of the Income Tax Ordinance, 2001 explains that the tax officer should issue the conclusive assessment order.

    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 126 of Income Tax Ordinance, 2001:

    126. Evidence of assessment.— (1) The production of an assessment order or a certified copy of an assessment order shall be conclusive evidence of the due making of the assessment and, except in proceedings under Part III of this Chapter relating to the assessment, that the amount and all particulars of the assessment are correct.

    (2) Any order of assessment or other document purporting to be made, issued, or executed under this Ordinance may not be –

    (a) quashed or deemed to be void or voidable for want of form; or

    (b) affected by reason of any mistake, defect, or omission therein, if it is, in substance and effect, in conformity with this Ordinance and the person assessed, or intended to be assessed or affected by the document, is designated in it according to common understanding.

    (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.)

  • FBR can issue assessment orders in disputed property

    FBR can issue assessment orders in disputed property

    In a recent development, the Federal Board of Revenue (FBR) has clarified the provisions of Section 125 of the Income Tax Ordinance, 2001, shedding light on the authority granted to the tax office in issuing assessment orders related to disputed property.

    (more…)
  • Share market ends up 54 points in mixed trading

    Share market ends up 54 points in mixed trading

    KARACHI: The share market gained 54 points on Friday, September 3, 2021, amid mixed trading activities during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,957 points as against previous day’s closing of 46,903 points, showing an increase of 54 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range today between -24 points and +210 points.

    Stocks including banks, oil and gas chain, cement bore selling pressure whereas technology, fertilizer, and sideboard scrips helped post an uptick in the index.

    Redemption at Mutual funds’ end kept the pressure on the Index after a net sell of $ 5.5 million yesterday. Among scrips, SERFR posted trading volumes of 83.1 million shares, followed by WTL (50.2 million) and TELE (37.6 million).

    Sectors contributing to the performance include Autos (22 points), E&P (-17 points), Technology (+77 points), Power (+13 points) and Fertilizer (+12 points).

    Volumes declined from 544.4 million shares to 465  million shares (-15 per cent DoD). The average traded value also declined by 24 per cent to reach US$ 73.3 million as against US$ 96.2 million.

    Stocks that contributed significantly to the volumes include SERFR, WTL, TELE, GGL, and BYCO, which formed 49 per cent of total volumes.

    Stocks that contributed positively to the index include SYS (+73 points), HUBC (+14 points), MCB (+13 points), ABOT (+10 points) and MEBL (+9 points). Stocks that contributed negatively include HBL (-18 points), PPL (-9 points), MTL (-8 points), INDU (-8 points) and NBP (-6 points).

    KSE-100 index plunges by 510 points on profit-booking
  • Some obstacles challenging construction sector: PM

    Some obstacles challenging construction sector: PM

    ISLAMABAD: Prime Minister Imran Khan has said that the government has removed many barriers but some more obstacles were challenging the construction sector.

    Prime Minister Imran Khan attends the inaugural ceremony of the three-day ICCI Housing Property, Housing and Construction Expo 2021 on Friday, to continue facilitating the construction industry for creating wealth and boost the country’s exports.

    Minister of State for Information Farrukh Habib, Special Assistant to PM Dr. Shahbaz Gill, Chairman Naya Pakistan Housing and Development Authority Lt General (Retd) Anwar Ali Haider, President Islamabad Chamber of Commerce and Industry Sardar Yasir Ilyas also attended the event.

    The expo featured the pavilions of the commercial banks, Board of Investment, State Bank of Pakistan (SBP), companies, and businesses related to the construction industry, including real estate developers, marketing firms, cement, marble, tiles, electronics, cable, and many others.

    The educational institutes were also present there with aim of promoting the industry-academia linkage.

    The prime minister urged the business sector to ensure the availability of raw materials in the construction industry to reduce the import bill.

    He said introducing the housing finance facility by the government for the low-income group, that the country’s 220 million population would become an asset as the construction of houses would positively impact all allied industries.

    He further said that unfortunately, the previous governments never thought of the poor segment but the government had opened the avenue.

  • Finalization of provisional amended assessment

    Finalization of provisional amended assessment

    Section 123 of the Income Tax Ordinance, 2001 explains the finalization of provisional amended assessment.

    (more…)
  • Procedure to settle agreed assessment cases

    Procedure to settle agreed assessment cases

    Section 122D of the Income Tax Ordinance, 2001 explains the procedure to settle agreed assessment cases.

    (more…)
  • KIBOR rates on September 03, 2021

    KIBOR rates on September 03, 2021

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on September 03, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.967.46
    1 – Month7.017.51
    3 – Month7.147.39
    6 – Month7.297.54
    9 – Month7.397.89
    1 – Year7.487.98
    KIBOR rates on September 02, 2021
  • Turkey eases COVID restriction for Pak travelers

    Turkey eases COVID restriction for Pak travelers

    ISLAMABAD: Turkish Government has further eased quarantine regulations for Pakistani nationals intending to travel to Turkey.

    Announced on September 2, these regulations will become effective from September 4, says a press release received here on Friday Ankara.

    Irrespective of vaccination status, all passengers will submit a negative PCR test result that should be made at most 72 hours before their entry into Turkey.

    As per the new regulations, passengers arriving from Pakistan who will have documentary proof of COVID-19 vaccination will be exempted from quarantine.

    Such vaccination should be of two doses approved by the World Health Organization (except for Johnson & Johnson which is a single dose).

    Quarantine exemption will be applied to those vaccinated whose last dose was administered at least 14 days before their travel.

    Pakistani travelers who cannot provide proof of vaccination will be quarantined in their residences or addresses that they will declare, tourists will quarantine at their booked hotels.

    They will be PCR tested on the 10th day of the quarantine period and in case of a negative result, the quarantine application will be terminated.

    The persons who do not take a PCR test on the 10th day will be kept under quarantine for 14 days. In case the test results are positive, the case will be dealt with as per the guidelines of the Turkish Ministry of Health.

    Before the Turkish Government announced these revised regulations, the Pakistan Embassy was in constant touch with the relevant Turkish authorities, sharing the status of vaccination and measures in place in Pakistan for controlling the spread of COVID-19 infections.

    The Pakistan Missions in Turkey are available to assist our nationals to the best of our abilities. An English translation of the complete notification of the Ministry of Interior of the Turkish Republic is attached for reference.

    Turkey allows quarantine at dormitories for Pak students
  • List of Customs officers fail to furnish asset declaration

    List of Customs officers fail to furnish asset declaration

    ISLAMABAD: Federal Board of Revenue (FBR)on Friday issued a list of officers of Pakistan Customs Service (PCS) in BS-19 and BS-20, who have failed to furnish asset declaration and Performance Evaluation Reports (PERs).

    A circular issued by the FBR stated that it is intimated that the performance evaluation report (PERs) or Declaration of Assets or both of the following officers of PCS BS-19 and BS-20, who are in the  promotion zone, are missing:

    BS-20 officers

    1. Dr. Naeem Khan

    2. Imtiaz Ahmad Sheikh

    3. Muhammad Asghar Khan

    4. Abdul Qadir Memon

    5. Asif Saeed Khan Lughmani

    6. Muhammad Ali Raza Hanjra

    7. Muhammad Imran Khan Mohmand

    8. Ms. Zeba Azhar Zeba Bashir Ahmad

    9. Iftikhar Ahmad

    10. Muhammad Saeed Khan Jadoon

    11. Syed Shakeel Shah

    12. Muhammad Junaid Jalil Khan

    BS-19 Officers:

    1. Ms. Mehnaz Bhaur

    2. Ms. Misbah Khatana

    3. Sajjad Hyder Jhin Jhin

    4. Shafqat Ali Khan Niazi

    5. Kh. Khurram Naeem

    6. Syed Naeem Akhtar

    7. Ms. Saira Agha

    8. Ms. Ayesha Niaz

    9. Muhammad Ashfaq

    10. Ms. Nasreen Nawaz

    11. Engr. Habib Ahmad

    12. Shoukat Ali

    13. Abid Hussain Hakro

    14. Azhar Hussain Merchant

    15.  Jameel Ahmed Baloch

    16. Arbab Qaisar Hamid

    17. Dr. Moin-ud-Din Ahmad Wani

    18. Nadeem Ahsan

    19. Ziaullah Shams

    20. Asdaq Afzal Sensera

    21. Agha Saeed Ahmad Phatan

    22. Rizwan Salabat

    23. Suleman Yaqub Khan

    24. Ghulam Mustafa

    25. Junaid Ahmed Memon

    26. Ms. Sameera Sheikh

    27. Naveed Illahi

    28. Ms. Beelam Ramzan

    29. Muhammad Saeed Asad

    30. Ms. Mahreen Naseem

    31. Muhammad Masood Sabir

    32. Ms. Saadia Sheeraz

    33. Muhammad Hans Ansari

    34. Azood ul Mehdi

    The FBR said that failure in the submission of above documents by 03-09-2021 i.e. today, the officer himself/herself will be responsible for non-consideration/ deferment/ supersession.

    FBR officers found non-compliant to asset declaration
  • SBP issues customers exchange rates on September 03

    SBP issues customers exchange rates on September 03

    Karachi, September 03, 2021 – The State Bank of Pakistan (SBP) has published the exchange rates for customers on Friday, September 03, 2021.

    (more…)