Section 120 of the Income Tax Ordinance, 2001 explains the assessment on the taxpayer declaring the complete income tax return. 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 120 of Income Tax Ordinance, […]

Section 119 of Income Tax Ordinance, 2001 has explained the procedure for obtaining an extension of time for furnishing returns and other documents. 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 119 […]

How to file returns and other documents has been resolved by the Federal Board of Revenue (FBR) to facilitate taxpayers of Pakistan.

Section 117 of the Income Tax Ordinance, 2001 stated that any person discontinuing a business shall give the commissioner a notice in writing to that effect within 15 days of the discontinuance.  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 […]

Section 116A of the Income Tax Ordinance, 2001 explains that a resident taxpayer having a foreign income is required to file a wealth statement. 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 […]

Section 116 of Income Tax Ordinance, 2001 explained the requirement of filing wealth statement by any person being an individual.

The Federal Board of Revenue (FBR) has clarified the provisions of Section 115 of the Income Tax Ordinance, 2001, shedding light on specific categories of individuals who are exempted from the requirement of filing a return of income under the tax law.