May 2
Definitions, Taxation
FBR defines agricultural income for tax exemption
The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001.
Feb 23
Corporate, Definitions
TRG directors get court stay against warrants
KARACHI: TRG Pakistan Limited on Thursday said that Sindh High Court has passed an order on February 22, 2023 suspending, for the time being, the operation of bailable warrants issued by the district and sessions court against its directors.
Jan 19
Definitions, Top stories
Pakistan set to meet tough IMF conditions
ISLAMABAD: Pakistan is set to meet tough conditions set by the International Monetary Fund (IMF) to continue loan program under Extended Fund Facility (EFF).
Nov 14
Definitions, Taxation
What is super tax and who are required to pay?
Super tax is a special levy that is imposed on certain classes of taxpayers on their income in Pakistan. The collection of super tax has been made under Income Tax Ordinance, 2001. Through Section 4B of the Income Tax Ordinance, 2001, super tax for rehabilitation of temporarily displaced persons was introduced through Finance Act, 2015. […]
Nov 12
Definitions, Taxation
What income is taxable in Pakistan?
Federal Board of Revenue (FBR) has defined taxable income in Pakistan under Income Tax Ordinance, 2001 updated up to June 30, 2022, after incorporating changes made through Finance Act, 2022. The taxable income has been defined under Section 9 of the Income Tax Ordinance, 2001. According to this section: “The taxable income of a person […]
Nov 7
Definitions, Taxation
Definitions under Pakistan Income Tax Laws updated up to June 30, 2022
Definitions of prevailing provisions of Income Tax Laws in Pakistan updated up to June 30, 2022. Federal Board of Revenue (FBR) has updated Income Tax Ordinance, 2001 up to June 30, 2022 by inserting amendments made through Finance Act, 2022. Section 2 of Income Tax Ordinance, 2001 provides definitions of terminology used in the Ordinance […]
Jul 13
Definitions, Taxation
FBR categorizes heads of income for tax collection
ISLAMABAD: The Federal Board of Revenue (FBR) has categorized five heads of income for the purpose of tax collection from individuals and corporate entities on their incomes and profits. The FBR said that under the Income Tax Ordinance, 2001, all incomes are broadly divided into following five heads of Income: Salary; Income from property; Income […]
Jul 12
Definitions, Taxation
FBR explains Pakistan source of income
ISLAMABAD: Federal Board of Revenue (FBR) has defined Pakistan source of income for collection of income tax. Pakistan source of income is defined in section 101 of the Income Tax Ordinance, 2001, which caters for Incomes under different heads and situations. Some of the common Pakistan source Incomes are as under: -Salary received or receivable […]
Mar 24
Definitions
What is provisional assessment of taxable income?
A provisional assessment is calculation of tax due on a person who has failed to file income tax return for a tax year. A commissioner of Inland Revenue of Federal Board of Revenue (FBR) has been empowered to make provisional assessment of such person under Income Tax Ordinance, 2001. According to Tenth Schedule of Income […]
Mar 7
Definitions
Computation of taxable income defined
Income Tax Ordinance, 2001 has explained procedure for computation of taxable income. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained COMPUTATION OF TAXABLE INCOME under Sections 9, 10 and 11 of the ordinance. 9. Taxable income.—The taxable income of a person for a […]