The Federal Board of Revenue (FBR) has clarified the provisions related to amortization deductions for intangibles in Section 24 of the Income Tax Ordinance, 2001, through updates issued up to June 30, 2021.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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Initial allowance adjustment in computing income tax
Section 23 of Income Tax Ordinance, 2001 has explained initial allowance for person who places eligible depreciable assets into Pakistan.
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FBR officials ordered strictly follow COVID SOPs
The Federal Board of Revenue (FBR) has issued a stern directive to its officials, emphasizing the strict adherence to Standard Operating Procedures (SOPs) to prevent the spread of COVID-19.
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FBR notifies committee for integration of businesses
The Federal Board of Revenue (FBR) announced on Tuesday the establishment of a committee dedicated to the integration of businesses.
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Advance tax rates on motor car purchase, registration
The advance tax rates on motor vehicle registration and purchase from manufactures for year 2021/2022 shall be:–
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How depreciation deduction allowed for tax calculation
How depreciation deduction allowed for tax calculation is explained by the Federal Board of Revenue (FBR) through updated version of the Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.
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Expenditures not allowed against business income
Section 21 of Income Tax Ordinance, 2001 highlights expenditures and deductions, which are not allowed under business income.
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FBR redefines Tier-1 retailers for integration
The Federal Board of Revenue (FBR) has redefined Tier-1 retailers, making it mandatory for them to integrate sales data on a real-time basis.
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Tax law allows deductions against business income
KARACHI: Income Tax Ordinance, 2001 has allowed certain deductions against income from business for calculation of tax liability.
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FBR reduces sales tax rate on petrol to 10.77%
In a move aimed at providing relief to consumers, the Federal Board of Revenue (FBR) has announced a reduction in the sales tax rate on the supply of petrol. The new rate, effective immediately, is set at 10.77%, down from the previous rate of 16.40%.
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