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: 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.
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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.
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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.
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Income Tax Ordinance 2001: FTR taxpayers not required to file returns
The Federal Board of Revenue (FBR) in Pakistan has introduced a noteworthy amendment, providing substantial relief to taxpayers falling under the Final Tax Regime (FTR).
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Income Tax Ordinance 2001: Commissioner’s power to make provisional assessment
The Income Tax Ordinance, 2001 (ITO 2001) in Pakistan has granted power to the Commissioner to initiate provisional assessments when a person’s concealed asset is impounded by any government agency.
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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.
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Income Tax Ordinance 2001: Commissioner IR empowered to make assessment for non-compliant taxpayers
KARACHI: In a significant move to enhance tax compliance, the Federal Board of Revenue (FBR) has updated the Income Tax Ordinance, 2001, granting Commissioners of Inland Revenue the authority to conduct ‘best judgement assessment’ for taxpayers who fail to file their annual returns and meet their tax obligations. Under Section 121 of the amended ordinance, […]
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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.
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Schedule for filing annual returns
KARACHI — The Federal Board of Revenue (FBR) has issued the schedule for filing the annual income tax return, emphasizing the significance of adhering to the specified deadlines.
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