Section 236A of Income Tax Ordinance, 2001 describes the advance tax on sale through auction. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
(more…)Author: Faisal Shahnawaz
-
NKATI condemns artificial raw material shortage
KARACHI: North Karachi Association of Trade and Industry (NKATI) has expressed concerns over the severe shortage of industrial raw material that was artificially created by local producers.
(more…) -
Advance tax rates on electricity consumption
Section 235 of Income Tax Ordinance, 2001 has explained the advance tax rates on electricity consumption.
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 235 of Income Tax Ordinance, 2001:
235. Electricity consumption.- (1) There shall be collected advance tax at the rates specified in Division IV of Part-IV of the First Schedule on the amount of electricity bill of a commercial or industrial or domestic consumer:
Provided that the provisions of sub-section (1) shall not apply to a domestic consumer of electricity if his name appears on the Active Taxpayers’ List.
(2) The person preparing electricity consumption bill shall charge advance tax under sub-section (1) in the manner electricity consumption charges are charged.
Explanation.— For removal of doubt, it is clarified that for the purposes of this section electricity consumption bill referred to in sub-section (2) means electricity bill inclusive of sales tax and all incidental charges.
(3) Advance tax under this section shall not be collected from a person who produces a certificate from the Commissioner that his income during tax year is exempt from tax or that he has discharged advance tax liability under section 147 or whose entire income is subject to final tax regime or minimum tax regime under any provisions of this Ordinance other than this section.
(4) Under this section, —
(a) in the case of a taxpayer other than a company, tax collected upto bill amount of three hundred and sixty thousand Rupees per annum shall be treated as minimum tax on the income of such persons and no refund shall be allowed;
(b) in the case of a taxpayer other than a company, tax collected on monthly bill over and above thirty thousand rupees per month shall be adjustable; and
(c) in the case of a company, tax collected shall be adjustable against tax liability.
(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.)
-
Foreign exchange reserves fall to $26 billion
KARACHI: The foreign exchange reserves of the country fell by $151 million to $26 billion by the week ended October 01, 2021 as compared with $26.151 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the SBP declined by $126 million to $19.169 billion by the week ended October 01, 2021 as compared with $19.295 billion by the week ended September 24, 2021.
The foreign exchange reserves held by commercial banks also declined by $25 million to $6.831 billion as compared with $6.856 billion a week ago.
-
KIBOR rates on October 07, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on October 07, 2021.
(more…) -
Saqib Naseem elected central chairman PYMA
KARACHI: Saqib Naseem has been elected unopposed central chairman of Pakistan Yarn Merchants Association (PYMA) while Javed Asghar elected senior vice chairman for the year 2021-22.
(more…) -
KCCI expresses grief over human loss in earthquake
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday expressed deep grief and sorrows over loss of human lives in earthquake, which jolted the Baluchistan province last night.
In a joint statement issued, Chairman Businessmen Group and Former President KCCI Zubair Motiwala, Vice Chairmen BMG Tahir Khaliq, Haroon Farooki, Anjum Nisar and Javed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Senior Vice President KCCI Abdul Rehman Naqi and Vice President KCCI Qazi Zahid Hussain noted that 20 people have fallen prey to the earthquake in Baluchistan and more than 300 people including women and kids have been injured whereas hundreds of houses were also damaged in various areas including Quetta, Sibbi, Pishin, Muslim Bagh, Ziarat, Qila Abdullah, Sanjavi, Zhob and Chaman.
They said that our brother and sisters, particularly those inhabiting in far-flung and impoverished areas of Baluchistan province, should not be left alone in this hour of grief and need. It is the duty of everyone to help and support the affectees during the most difficult time of their lives.
BMG leadership and KCCI Office Bearers, while appreciating the quick response of the government and armed forces, said that the government and the military forces were doing a fine job by promptly undertaking rescue operation and immediately dispatching relief goods and medical teams to the quake-hit areas of Baluchistan.
BMG leadership and KCCI Office Bearers, while praying for the wellbeing of people affected by the natural disaster as well as their recovery from the trauma and pain, offered heartfelt condolences to those families who lost their loved ones in this tragic incident.
They also appealed the fellow businessmen and industrialists to donate generously in whatever way they can for supporting the affectees of Baluchistan earthquake.
-
Stocks gain 213 points amid drop in coal prices
KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points.
(more…) -
Rupee recovers against dollar in interbank
KARACHI: The Pak Rupee (PKR) recovered nine paisas to the dollar on Thursday owing to tightening of exchange companies regulations by the State Bank of Pakistan (SBP).
The rupee ended Rs170.87 to the dollar from the previous day’s closing of Rs170.96 in the interbank foreign exchange market.
Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.
The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.
The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.
-
SBP issues customers exchange rates for October 07
Karachi, October 07, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Thursday, October 07, 2021.
(more…)