Tax treatment of disposal of stock in trade
Section 35 of Income Tax Ordinance, 2001 has explained tax treatment on disposal of stock in trade. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
Section 35 of Income Tax Ordinance, 2001 has explained tax treatment on disposal of stock in trade. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
KARACHI: The intricacies of accounting methods for income tax purposes are elucidated in Sections 32, 33, and 34 of the Income Tax Ordinance, 2001, as outlined by the Federal Board of Revenue (FBR).
In a significant development for banking companies, development finance institutions, and Non-Banking Finance Companies (NBFCs), Section 30 of the Income Tax Ordinance, 2001 now allows for the deduction of profits accrued on non-performing debts under certain conditions.
The Federal Board of Revenue (FBR) has allowed expenditures against bad debt with certain conditions under Section 29 of Income Tax Ordinance, 2001.
Section 28 of Income Tax Ordinance, 2001 has allowed expenses to taxpayers against profit on debt to the extent used in business purpose.
ISLAMABAD: Federal Board of Revenue (FBR) has posted a robust growth of 48 per cent in the first month of the fiscal year 2021/2022. The collection in July 2021 is the highest collection in the same month of any past year. The tax collection target for the fiscal year has been set at Rs5,829 billion. […]
In a move to incentivize investment in employee development and welfare, Section 27 of the Income Tax Ordinance, 2001 allows for the adjustment of expenses incurred on employee training and facilities.
Federal Board of Revenue (FBR) will not extend the last date for filing income tax returns, this was stated by Sardar Ali Khawaja, Chief Commissioner Inland Revenue at the Regional Tax Office (RTO) in Peshawar.
The Federal Board of Revenue (FBR) collects withholding income tax on telephone and internet usage under Section 236 of Income Tax Ordinance, 2001.
Section 26 of the Income Tax Ordinance, 2001, provides a significant incentive for businesses in Pakistan. The Federal Board of Revenue (FBR) has incorporated this provision, updated up to June 30, 2021, through the Finance Act, 2021, encouraging businesses to engage in scientific research.