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.
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Category: Budget
This is parent category of budget presented by Pakistan government. Here you will find year-wise federal and provincial budgets.
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:
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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Punjab announces tax payment relaxation to property, motor vehicle
LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021. According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles: Special relaxations for financial year 2020-21. (1) Notwithstanding anything contained in sections […]
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Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment
LAHORE: The Punjab government has announced a tax relief package amounting over Rs56 billion in the budget 2020/2021. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the highlights of the relief package to be provided during next fiscal year.
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Punjab allocates Rs337 billion for development programs
LAHORE: The Punjab government has announced an allocation of Rs337 billion for the Annual Development Plan (ADP) for the fiscal year 2020-2021. This significant budget reflects Punjab’s commitment to sustained development and prioritization of ongoing projects.
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