ISLAMABAD: Section 5 of Income Tax Ordinance, 2001 deals with income of a persons who receives dividend from a company.
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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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Section 4B of Income Tax Ordinance, 2001: super tax
ISLAMABAD: The Section 4B of the Income Tax Ordinance, 2001 deals with super tax for rehabilitation of temporarily displaced persons. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001.
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Section 4 of Income Tax Ordinance, 2001: tax on taxable income
ISLAMABAD: The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001 after incorporating amendments brought through Finance Act, 2021. The Section 4 of the Income Tax Ordinance, 2001 deals with tax on taxable income.
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Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021
The Federal Board of Revenue (FBR) notified updated Section 2 of Income Tax Ordinance, 2001 amended through Finance Act, 2021.
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Tax auditor awarded major penalty for misconduct
In a recent development, the Federal Board of Revenue (FBR) has awarded with a major penalty to a tax auditor, Sardar Abdul Rab Nashtar, Assistant Director (Audit) of the Inland Revenue Service (IRS).
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How to check active taxpayer status
The Federal Board of Revenue (FBR) has introduced a set of guidelines to facilitate taxpayers in checking their Active Taxpayer status.
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Undertaking made must for FBR officials before promotion
ISLAMABAD – In a significant shift in the promotion protocol within the Federal Board of Revenue (FBR), all officers and officials of the Inland Revenue Service (IRS) and Pakistan Customs Service are now required to submit undertakings along with their Performance Evaluation Reports (PERs) for consideration of promotion to the next grade.
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Withholding tax up to 30% to be collected on profit from national saving schemes
A significant alteration to the income tax rate on profits from national saving schemes has been introduced through the Finance Act, 2021. As of July 01, 2021, individuals not listed on the Active Taxpayers List (ATL) are now subject to a 30% withholding income tax rate on profits earned from saving schemes.
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Annual Return Filing: What information is required for tax registration?
The tax registration is key for filing income tax rates. The taxpayers should know about the required information for the tax registration.
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FBR categorizes heads of income for tax collection
The Federal Board of Revenue (FBR) in Pakistan has outlined five distinct heads of income for the purpose of tax collection from both individuals and corporate entities.
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