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... Read more »

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... Read more »

SBP updates list of chartered account firms for audit of banks

KARACHI: State Bank of Pakistan (SBP) has issued updated list of panel of audit firms, which are allowed to conduct audit of banking companies. The central bank updated the list up to... Read more »

FBR issues procedure for conducting e-audit

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for conducting electronic audit by officers of Inland Revenue. An amendment was introduced to Sales Tax Act, 1990 through Finance Act, 2020... Read more »

Commissioners IR given power to select taxpayers for audit

ISLAMABAD: Federal Board of Revenue (FBR) has decided to authorize Commissioner Inland Revenue to select cases for audit under relevant provisions of tax laws. According to an office order issued this week,... Read more »

FBR implements functional system for big taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) has implemented a functional system separating functions of enforcement, audit and legal for big taxpayers. This functional system has only been introduced at the large taxpayers... Read more »

FBR urged to allow time extension making audit notice compliance

KARACHI: Pakistan Tax Bar Association (PTBA) has urged the tax authorities to allow time extension to taxpayers for making compliance in audit notices of tax year 2014. In a letter sent to... Read more »

Tax officials’ power to select income tax return for audit should be withdrawn

KARACHI: Tax practitioners have recommended that the selection of income tax returns for audit should be rest only with the Federal Board of Revenue (FBR) and powers of commissioner in this regard... Read more »

FBR should shun multiple tax audits

KARACHI: Business community has advised Federal Board of Revenue (FBR) to shun conducting multiple audits of a taxpayer in a year in order to ensure ease of doing business. In its proposals... Read more »

Audit cases should be assigned to tax officials on basis of skills

KARACHI: Tax managers have suggested that audit cases should be assigned to tax officials on the basis of skills and experience. Read more »