Exclusive Archives - Page 16 of 22

Two-year jail on deliberate non filing of return, statement

March 2, 2019June 30, 2024Faisal Shahnawaz

KARACHI: Federal Board of Revenue (FBR) is going to invoke certain provisions of tax laws, including prosecution for non-compliance to return and statement filing, under which about two years jails suggested for failing in return filing.

SRB suspends sales tax registration of Sharp Telecom

March 1, 2019January 25, 2024Faisal Shahnawaz

The Sindh Revenue Board (SRB) has taken decisive action against M/s. Sharp Telecom (Pvt) Limited, suspending its sales tax registration due to failure in making timely payments and filing monthly returns, as per an official notice issued on Friday.

FBR issues ATL for Tax Year 2018, active taxpayers decline to 1.6 million

March 1, 2019May 29, 2022Faisal Shahnawaz

ISLAMABAD: Federal Board of Revenue (FBR) on Friday launched new Active Taxpayers List (ATL) for Tax Year 2018, which is showing around 1.6 million taxpayers filed their income tax returns by respective due dates. The FBR issues ATL for the latest tax year on every first day of March. In the latest ATL the number […]

Authorities to pay penalty for processing non-filers’ request

March 1, 2019May 28, 2022Faisal Shahnawaz1 Comment

KARACHI: Provincial motor or immovable property registration authorities will liable to pay penalty around three percent of the value in case of processing registration request by non-filers of income tax return. According to updated Income Tax Ordinance, 2001 issued by the Federal Board of Revenue (FBR), the government imposed restriction on registration of motor vehicle […]

Income Tax Ordinance 2001: Late filers not to get names on ATL

February 28, 2019March 1, 2021Faisal Shahnawaz2 Comments

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 […]

Income Tax Ordinance 2001: No commercial, industrial gas or electricity connection without NTN

February 27, 2019February 18, 2021Faisal Shahnawaz

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 […]

Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit

February 26, 2019March 1, 2021Faisal Shahnawaz1 Comment

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 […]

FBR launches crackdown against high-valued undeclared immovable properties

February 25, 2019February 21, 2021Faisal Shahnawaz

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 […]

Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

February 25, 2019January 27, 2024Faisal Shahnawaz

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.

FBR devises strategy for survey of existing, new shopping centers to identify tax evaders

February 24, 2019January 27, 2024Faisal Shahnawaz2 Comments

KARACHI: Federal Board of Revenue (FBR) is set to launch survey in existing and new shopping markets in Karachi for identifying tax evaders.

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