Tax officers empowered to arrest persons for concealing income

Jun 14

Budget 2021-2022, Taxation

Tax officers empowered to arrest persons for concealing income

ISLAMABAD: The officers of Federal Board of Revenue (FBR) have been empowered to make arrest in cases where income has been concealed. In this regard amendment has been proposed to the Income Tax Ordinance, 2001 through Finance Bill, 2021. In its commentary on budget 2021/2022, PwC A. F. Ferguson & Co. Chartered Accountants said that […]

by Mrs. Anjum Shahnawaz

Capital gain on immovable properties above Rs5 million to be taxed at normal rate

Jun 14

Budget 2021-2022, Taxation

Capital gain on immovable properties above Rs5 million to be taxed at normal rate

KARACHI: The government has taken taxation measures on capital gains from disposal of immovable properties and introduced normal tax regime on gains on immovable properties above Rs5 million. According to commentary on budget 2021/2022 and Finance Bill, 2021 released by PwC A. F. Ferguson & Co. Chartered Accountants, under the existing provisions, gains on disposal […]

by Mrs. Anjum Shahnawaz

Uniform taxation for property income introduced

Jun 14

Budget 2021-2022, Taxation

Uniform taxation for property income introduced

KARACHI: A major shift in taxation on property income has been introduced through Finance Bill, 2021 and all taxpayers shall be subject to uniform taxation on net-income basis at the applicable rates. According to commentary on budget 2021/2022 and Finance Bill, 2021, by PwC A. F. Ferguson & Co. Chartered Accountants, at present, Individuals and […]

by Mrs. Anjum Shahnawaz

Key amendments to tax laws introduced through Finance Bill 2021

Jun 14

Budget 2021-2022, Taxation

Key amendments to tax laws introduced through Finance Bill 2021

KARACHI: Finance Minister Shaukat Tarin while presenting budget 2021/2022 has announced certain relief measures and major policy changes in the taxation regime through Finance Bill, 2021. In its commentary on budget 2021/2022, PwC A.F. Ferguson & Co. Chartered Accountants, the Finance Bill 2021 represents the first budget presented by the current Finance Minister and effectively […]

by Mrs. Anjum Shahnawaz

FBR, SBP to make procedure for tax payment on export of services

Jun 13

Budget 2021-2022, Taxation

FBR, SBP to make procedure for tax payment on export of services

ISLAMABAD: The government has imposed income tax on export of services and in this regard Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will make procedure for payment of tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed a new section 154A for imposition of income tax on export of […]

by Mrs. Anjum Shahnawaz

Commissioners IR to issue amended assessment order in 120 days

Jun 13

Budget 2021-2022, Taxation

Commissioners IR to issue amended assessment order in 120 days

ISLAMABAD: Commissioners Inland Revenue have been bound to issue order in amended assessment within 120 days under Section 122 of Income Tax Ordinance, 2001. According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment Section 122 of the Income Tax Ordinance, 2001. The amendment proposed through Finance Bill 2021 in sub-section (9), for the […]

by Mrs. Anjum Shahnawaz

FBR allowed probe foreign income beyond past five years

Jun 13

Budget 2021-2022, Taxation

FBR allowed probe foreign income beyond past five years

ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to probe foreign income of a taxpayers beyond past five years as time limitation in this regard has been withdrawn through Finance Bill 2021. According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment to Section 114 of the Income Tax Ordinance, 2001. It […]

by Mrs. Anjum Shahnawaz

Turnover increased to Rs100 million for minimum tax levy

Jun 13

Budget 2021-2022, Taxation

Turnover increased to Rs100 million for minimum tax levy

ISLAMABAD: The government has increased threshold of annual turnover to Rs100 million from Rs10 million for imposing minimum income tax from July 01, 2021 onwards. According to Budget 2021/2022 documents, Finance Bill 2021 has proposed amendment to Section 113 of Income Tax Ordinance, 2001. The Section 113 after the proposed amendment is: Minimum tax on […]

by Mrs. Anjum Shahnawaz

Income tax credit allowed for real time reporting of sales

Jun 13

Budget 2021-2022, Taxation

Income tax credit allowed for real time reporting of sales

ISLAMABAD: The government has granted income tax credit for person who integrates the point of sales machine for real time reporting sales or receipt. According to budget 2021/2022 documents, amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2021. A new section 64D has been proposed for the purpose, which states: “Tax […]

by Mrs. Anjum Shahnawaz

Finance Bill amends concealment of income definition

Jun 12

Budget 2021-2022, Taxation

Finance Bill amends concealment of income definition

ISLAMABAD: The Finance Bill, 2021 has proposed to redefine the concealment of income by including suppression of receipts liable to tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed to make amendment in the Income Tax Ordinance, 2001 regarding concealment of income. The proposed amendment explains concealment of income includes – “(a) the […]

by Mrs. Anjum Shahnawaz