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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SRB suspends sales tax registration of logistic company
KARACHI: Sindh Revenue Board (SRB) on Thursday suspended sales tax registration of a logistic company for depositing short payment.
According to a notice the SRB suspended the sales tax registration of M/s. AY Logistics for depositing short paid amount of Rs1,074,212 pertaining to tax periods September 2017 to July 2018.
The SRB said that non-payment of sales tax on services and null filing of returns even if one is providing taxable services is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.
Record available shows that M/s. Opneport Pakistan (Pvt) Limited and M/s. Agility Logistic (Pvt) Limited have declared purchases of Rs12,874,183 from M/s. AY Logistics during September 2017 to July 2018, however, M/s. AY Logistics have declared sales of Rs1,105,000 during November 2018 with SRB leading to sales suppression of Rs11,769,183 and short payment of sales tax on services of Rs1,074,212.
This is serious violation of provincial sales tax laws, the SRB added.
The SRB directed the taxpayer to comply the notice by February 22, 2019 and take action, included:
To declare all sales and discharge all Sindh sales tax dues along with default surcharge
To e-file the true and correct monthly sales tax returns for the tax periods.
Submit details of all sales and purchases record for the tax periods with copies of income tax returns of 2016/2017 and 2017/2018 and copies of sales tax returns file with other provincial sales tax authorities.
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Return filers entitled to many reductions, rebate and credits
The Federal Board of Revenue (FBR) has released a comprehensive facilitation guide outlining the various tax reductions, rebates, and credits available to income tax return filers.
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Requirement of wealth statement
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, shedding light on the requirement for taxpayers to submit a wealth statement alongside their annual income return.
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Investment in unregistered prize bonds increases to Rs922.78 bn
KARACHI – According to the latest debt statistics issued by the State Bank of Pakistan (SBP), the investment in unregistered prize bonds has witnessed a significant surge, recording an increase of 17 percent to reach Rs922.78 billion by the end of December 2018.
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FBR notifies removal, reduction of RD on raw materials
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified elimination and reduction of regulatory duties on import of various raw materials used by manufacturing sector.
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Income Tax Ordinance 2001: requirement of filing annual return
KARACHI: Federal Board of Revenue (FBR) has explained requirement of filing income tax returns by persons and corporate entities.
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ATL-2017 shows 1.824 million active taxpayers
Islamabad – The Federal Board of Revenue (FBR) has reported the receipt of an impressive 1.824 million income tax returns for the tax year 2017 by the week ending February 10, 2019.
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Tax credit for investment in shares, insurance
KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance.
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