KARACHI: Late filers of income tax returns will not get their name on the Active Taxpayers List (ATL) that will be issued tomorrow (March 01, 2019). The Federal Board of Revenue (FBR) will issue the latest edition of ATL, which will carry names of those taxpayers who filed their income tax returns by due date […]
KARACHI: The National Tax Number (NTN) is mandatory for a person applying by commercial or industrial connection for electricity or natural gas. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained about taxpayer’s registration.Section 181: Taxpayer’s registration.— Sub-Section (1): Every taxpayer shall apply in the prescribed form and in the prescribed […]
KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. According to updated Income Tax Ordinance, 2001 recently issued by the Federal Board of Revenue (FBR), Section 178 explained the powers of Commissioner IR. Section 178: Assistance to Commissioner “Every Officer of […]
KARACHI: Federal Board of Revenue (FBR) has launched drive against high-valued transactions of immovable properties in order to unearth quantum of black money used for the purpose. FBR sources said that the Broadening of Tax Base (BTB) unit of Regional Tax Office (RTO) – II Karachi launched action against around 2,000 persons who had acquired […]
KARACHI: The tax laws have empowered Commissioner of Inland to act as a court under the Code of Civil Procedure for compelling production of records of any person.
KARACHI: Federal Board of Revenue (FBR) is set to launch survey in existing and new shopping markets in Karachi for identifying tax evaders.
KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer.
KARACHI: In a bid to reinforce tax compliance and streamline revenue collection, the Sindh Revenue Board (SRB) has taken decisive action against customs clearing agents who have repeatedly failed to fulfill their monthly return filing obligations.
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.
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.