January 28, 2022

Pkrevenue.com

Pakistan Revenue

Tag: audit

Self assessment scheme to facilitate taxpayers: Tarin
Aug 20
Finance, Taxation, Trade & Industry

Self assessment scheme to facilitate taxpayers: Tarin

KARACHI: Finance Minister Shaukat Tarin on Friday said that the Universal Self Assessment Scheme (USAS) has been reintroduced. This scheme will facilitate taxpayers in declaring income and assets. He was addressing the members of Overseas Investors Chamber of Commerce and Industry (OICCI), during his visit to Karachi. The finance minister added that the government withdrew […]

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Third-party to conduct audit of 15M potential taxpayers
Jun 29
Budget 2021-2022, Taxation

Third-party to conduct audit of 15M potential taxpayers

ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday said that the government has decided to introduce the Universal Self-Assessment for engaging a third-party approach to conduct the audit of 15 million potential taxpayers. Addressing the National Assembly, for approval of budget 2021-2022, he said: “the government has collected the information of these people from their electricity […]

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Procedure issued for income tax e-audit
Jun 29
Taxation

Procedure issued for income tax e-audit

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued procedure for selection and conducting electronic audit of income tax cases. In this regard, the FBR issued SRO 835(I)/2021 dated June 29, 2021 to make amendments in the Income Tax Rules, 2002. A new rule 231FA has been inserted into the Income Tax Rules, 2002 to […]

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KTBA welcomes withdrawal of audit notices
Jun 4
Taxation

KTBA welcomes withdrawal of audit notices

KARACHI: Karachi Tax Bar Association (KTBA) on Friday said that after intervention of the Federal Board of Revenue (FBR) many audit cases have been withdrawn from IRIS Portal, which were initiated under Section 122(5) of the Income Tax Ordinance, 2001. KTBA President Muhammad Zeeshan Merchant in a letter to Chief Commissioners of tax offices located […]

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Third party to conduct tax audits: Shaukat Tarin
Jun 3
Taxation, Trade & Industry

Third party to conduct tax audits: Shaukat Tarin

KARACHI: Finance Minister Shaukat Tarin has announced that tax audits to be done by third party. Further it has been decided to launch universal self assessment scheme (USAS). “I want to remove harassment by FBR. Although there are good people at FBR but there are also some troublemakers. Hence, we have agreed upon Universal Tax […]

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FBR notifies rules for implementing e-audit
Jun 1
Taxation

FBR notifies rules for implementing e-audit

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday issued draft rules for implementation of online audit (e-audit) proceedings, which is aimed at facilitating taxpayers for attend hearing without going to tax offices. The FBR issued SRO 636(I)/2021 to make amendment in the Income Tax Rules, 2002. The FBR invited comments on the draft rules […]

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Criteria for selection, conduct of income tax audit
Jan 15
Taxation

Criteria for selection, conduct of income tax audit

Islamabad: The Federal Board of Revenue (FBR) has adopted a criteria for selection and conduct of income tax audit under Section 214C of the Income Tax Ordinance, 2001. The criteria have been explained under updated Income Tax Rules, 2002, tax officials said. Selection and conduct of audit.- (1) This rule shall apply to selection of […]

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FBR directs conducting audit to cross match turnover
Dec 22
Taxation

FBR directs conducting audit to cross match turnover

ISLAMABAD: Federal Board of Revenue (FBR) has directed field offices to conduct desk audit of returns filed for tax year 2020 to cross match turnover for avoiding misuse/mis-declaration. The FBR on Tuesday said that it had clarified on December 03, 2020 on ‘technical issue in filing of tax return 2020 dated December 03, 2020’ on […]

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