KCCI submits recommendations to rectify anomalies in Finance Bill 2020

Jun 19

KCCI submits recommendations to rectify anomalies in Finance Bill 2020

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has submitted its recommendations for rectification of anomalies in the Finance Bill, 2020. The KCCI in a communication on Friday with the Chairmen/Co-Chairmen of the Anomaly Committees formed by the Federal Board of Revenue (FBR), has pointed out anomalies in the Finance Bill 2020-2021 presented by the […]

by Mrs. Anjum Shahnawaz

Reduction in rental income expense limit to encourage under-reporting

Jun 18

Budget 2020-2021, Taxation

Reduction in rental income expense limit to encourage under-reporting

Presently, expenses incurred to the extent of 6 percent of rent chargeable wholly and exclusively for deriving rent are admissible as deduction against rental income. The Bill proposed to reduce the limit from 6 percent to 2 percent. The experts said that further reducing such limit would deprive a taxpayer for claiming a legitimate expense […]

by Mrs. Anjum Shahnawaz

PRA empowered to arrest tax defaulters, imprison for six months

Jun 18

Budget 2020-2021

PRA empowered to arrest tax defaulters, imprison for six months

LAHORE: Punjab Revenue Authority (PRA) has been empowered to arrest defaulters and imprison for six months for making recovery of outstanding tax. The Punjab Finance Bill, 2020 has proposed to empower PRA in certain provisions of Punjab Sales Tax Act, 2012 for making recovery of outstanding tax. According to interpretation of Punjab Finance Bill, 2020 […]

by Mrs. Anjum Shahnawaz

Punjab enlists records to be maintained by taxpayers

Jun 18

Budget 2020-2021

Punjab enlists records to be maintained by taxpayers

LAHORE: The service providers falling under the jurisdiction of Punjab Revenue Authority (PRA) are required to maintain records enlisted through provincial Finance Bill, 2020. According to interpretation of Punjab Finance Bill 2020 by PwC A. F. Ferguson Chartered Accountants, the list of records, as provided under section 31, required to be maintained by a registered […]

by Mrs. Anjum Shahnawaz

Jun 17

Budget 2020-2021

Sindh Budget 2020-2021 at a glance

KARACHI: The Sindh government on Wednesday presented budget for fiscal year 2020/2021. The following is budget at a glance:

by Mrs. Anjum Shahnawaz

Jun 17

Budget 2020-2021

Sindh unveils Rs1.2 trillion budget 2020/2021 with no new tax, 10 percent salary increase

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Wednesday presented Rs1.2 trillion provincial budget 2020/2021 with announcing no new tax and increase of 10 percent salary of the provincial government employees. On the floor of the house while delivering speech for budget 2020/2021, the chief minister said that the total outlay of budget for […]

by Mrs. Anjum Shahnawaz

Key points of amnesty scheme for real estate sector

Jun 17

Budget 2020-2021, Taxation

Key points of amnesty scheme for real estate sector

KARACHI: The federal government has made amnesty granted to real estate sector to the part of Finance Bill, 2020 in order to get approval from the Parliament. Deloitte Yousuf Adil Chartered Accountants in their budget explanations said that to stimulate investment in real estate and construction sector, a no-questions-asked amnesty has been introduced. Under this […]

by Mrs. Anjum Shahnawaz

FBR constitutes committees to remove anomalies in Finance Bill 2020

Jun 16

Budget 2020-2021, Taxation

FBR constitutes committees to remove anomalies in Finance Bill 2020

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted two committees for identifying and removing anomalies in the Finance Bill, 2020. The FBR issued two separate notifications for constituting the committees, which comprise FBR officials and representatives of business community. Chairman of the first anomaly committee is Saqib Shirazi of Atlas Group. The co-chairmen of […]

by Mrs. Anjum Shahnawaz

Restriction imposed on revising wealth statement

Jun 16

Budget 2020-2021, Taxation

Restriction imposed on revising wealth statement

KARACHI: Taxpayers have been barred from revising their wealth statement after expiry of five years. An amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2020. According to interpretation of Finance Bill, 2020 by Deloitte Yousuf Adil Chartered Accountants, presently, revision of wealth statement is allowed without a requirement to obtain approval […]

by Mrs. Anjum Shahnawaz

Concealed income to be added under business income

Jun 16

Budget 2020-2021, Taxation

Concealed income to be added under business income

KARACHI: The Finance Bill 2020 has proposed amendment to laws pertaining to concealed income. Under the amendment the identified concealed income to be added under head of business income. The Finance Bill 2020 proposed amendment to Section 111 of Income Tax Ordinance, 2001. As per interpretation of Finance Bill, 2020, Deloitte Yousuf Adil Chartered Accountants […]

by Mrs. Anjum Shahnawaz