Pakistan Revenue
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. […]
Continue Reading
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.
Continue Reading
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 […]
Continue Reading
The Federal Board of Revenue (FBR) in Pakistan has outlined five distinct heads of income for the purpose of tax collection from both individuals and corporate entities.
Continue Reading
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 […]
Continue Reading
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 […]
Continue Reading
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 […]
Continue Reading
E-intermediary is explained as a person or a firm appointed on behalf of another person or a firm to get the job done. The Income Tax Rules, 2002 updated up to September 08, 2020 issued by the Federal Board of Revenue (FBR) explained “e-intermediary” as a person registered as,- (i) Chartered Accountant with the Institute […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of ‘start up’ for the purpose of levying income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), defined ‘startup’ as: (i) a business of a resident individual, AOP or a company that commenced on or […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of ‘small company for the purpose of levying income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained ‘small company as a company registered on or after the first day of July, 2005, under the […]
Continue Reading