Pakistan Revenue
KARACHI: A person is required to pay sales tax, which was collected under misapprehension of any provision of the act and was not collectable or in excess of tax. The FBR recently updated Sales Tax Act, 1990 and its Section 3B explained the collection of excess sales tax. Section 3B: Collection of excess sales tax […]
Continue Reading
KARACHI: A normal sales tax rate at 17 percent is applicable on taxable supplies made by registered person. Federal Board of Revenue (FBR) issued recently the updated Sales Tax Act, 1990 under which its Section 3 explained the scope of tax. Section 3: Scope of tax Sub-Section (1): Subject to the provisions of this Act, […]
Continue Reading
KARACHI: The income tax return filing may continue for next one or two days as last two days were on non-working days. The FBR through Income Tax Circular No. 02 on March 15, 2019 extended the last date for filing annual returns for tax year 2018 up to March 31, 2019. However, the last date […]
Continue Reading
KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds. The Second Schedule of Income Tax Ordinance, 2001 allowed tax exemption to the income derived by pensioners. The following exemptions are available to the pensioners: Any payment from a provident fund to which the Provident […]
Continue Reading
KARACHI: Any income representing any payment received by way of gratuity or commutation of pension by an employee on his retirement is exempted from income tax. The Second Schedule of Income Tax Ordinance, 2001 explained the exemption from total income. Any income representing any payment received by way of gratuity or commutation of pension by […]
Continue Reading
The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.
Continue Reading
KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001. The tax rate as updated through Finance Supplementary (Amendment) Act, 2018 to Income Tax Ordinance, 2001, issued by Federal Board of Revenue (FBR). Rates of tax for individuals (1) The rates of tax imposed on the taxable income of […]
Continue Reading
The Federal Board of Revenue (FBR) has recently presented a comprehensive revenue position to the finance ministry, highlighting an estimated loss of Rs50 billion resulting from the downward revision of tax rates on salary income.
Continue Reading
KARACHI: Foreign exchange companies are responsible for collecting advance tax on remitting abroad the education related expenses. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which Section 236R explained the advance tax on remitting amount abroad for education expenses. Section 236R: Collection of advance tax on education related expenses remitted […]
Continue Reading
KARACHI: Every market committee has been required to collect advance tax from dealers, commission agents under income tax laws. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 under which advance tax is collectable from dealers, commission agents and arhatis under Section 236J. Section 236J: Advance tax on dealers, commission agents and […]
Continue Reading