Section 161 of Income Tax Ordinance, 2001 describes the withholding agent to be liable for failure in deducting tax.
The Federal Board of Revenue (FBR) has outlined the procedures for tax collection and deduction under Section 160 of the Income Tax Ordinance, 2001.
In a historic achievement, Pakistan’s Federal Board of Revenue (FBR) has surpassed the psychological target of Rs. 4 trillion in revenue collection for the fiscal year 2021.
Section 159 of Income Tax Ordinance, 2001 explains the issuance of exemption and reduced income tax rate certificate. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 159 of Income Tax Ordinance, 2001: 159. Exemption […]
The last date for filing an income tax return for the tax year 2021 is September 30, 2021. Taxpayers including salaried persons, business individuals, Association of Persons (AOPs), companies with special tax year etc. are required to file their returns by September 30. As per commitment the Federal Board of Revenue (FBR) launched the income […]
Section 158 of Income Tax Ordinance, 2001 sheds light on the critical aspect of the time of tax deduction, providing time of payment of tax liability.
Section 156A of the Income Tax Ordinance, 2001 delineates the mechanism for the deduction of income tax from petrol pump operators by Oil Marketing Companies (OMCs).
Section 156 of Income Tax Ordinance, 2001 describes the income tax on prize bonds and lottery winnings. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 156 of Income Tax Ordinance, 2001: 156. Prizes and […]
Section 155 of Income Tax Ordinance, 2001 explains income tax on rental immoveable property. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
ISLAMABAD: Dr. Muhammad Ashfaq Ahmed, Chairman, Federal Board of Revenue (FBR) on Thursday said that track and trace system will be rolled out from November 01, 2021. According to a statement, FBR Chairman Dr. Muhammad Ashfaq Ahmed appreciated the performance of Inland Revenue Enforcement Network (IREN) staff. The chairman said that from November 1, 2021, […]