Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice
KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer.
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SRB issues list of 1,289 non-filer customs agents
KARACHI: Sindh Revenue Board (SRB) has issued a list of 1,289 customs clearing agents, who have failed to comply with monthly return filing.
Classes of taxpayers require sales tax registration
KARACHI: Federal Board of Revenue (FBR) has listed classes of taxpayers, who are required to get sales tax registration to declare their monthly transactions to the tax authorities.
Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay
KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund.
Income Tax Ordinance 2001: FTR taxpayers not required to file returns
KARACHI: Taxpayers falling under final tax regime are not required to file income tax returns under Section 114 of Income Tax Ordinance, 2001.
Income Tax Ordinance 2001: Commissioner’s power to make provisional assessment
KARACHI: The income tax law has empowered a commissioner Inland Revenue to make provisional assessment where a concealed asset of a person impounded by any government agency.
Income Tax Ordinance 2001: Commissioners power to amend assessment of annual income return
KARACHI: A commissioner of Inland Revenue has been empowered to alter annual income tax return of a person on detection of tax evasion or avoidance.
Income Tax Ordinance 2001: Commissioner IR empowered to make assessment for non-compliant taxpayers
KARACHI: Commissioners of Inland Revenue have been empowered to make ‘best judgement assessment’ for taxpayers, who fail to file annual returns, for making payment of due taxes.
Income Tax Ordinance 2001: Notice can not be issued after 180 days for incomplete return
KARACHI: A commissioner of Inland Revenue is required to send notice to taxpayers for incomplete annual income returns within 180 days from end of financial year in which return was filed.
Income Tax Ordinance 2001: Schedule for filing annual returns
KARACHI: The due date for filing annual income tax return has become important Since Federal Board of Revenue (FBR) imposed restriction of denying late filers into Active Taxpayers List (ATL).
SRB suspends sales tax registration of logistic company for short payment
KARACHI: Sindh Revenue Board (SRB) on Thursday suspended sales tax registration of a logistic company for depositing short payment.
Return filers entitled to many reductions, rebate and credits under tax law
ISLAMABAD: Income tax return filers are entitled to various tax reductions, rebates and credits while declaring their income for a tax year, according to a facilitation guide of Federal Board of Revenue (FBR).