Increase in refund claims by registered persons selected for audit

Apr 6

Taxation

Increase in refund claims by registered persons selected for audit

KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. According to risk parameters for selection of audit under Audit Policy 2018, the FBR selected audit cases through computerized balloting of those registered persons whose […]

by Faisal Shahnawaz

FBR excludes salary persons from audit selection

Apr 4

Taxation

FBR excludes salary persons from audit selection

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued Audit Policy 2018 and excluded salary persons from selection of audit. The following exclusions have been identified and approved by the Board under relevant rules where selection for audit by the Board is not required. Income Tax i. All cases already selected for audit by the […]

by Faisal Shahnawaz

FBR selects 14,164 audit cases through computerized balloting

Apr 4

Taxation

FBR selects 14,164 audit cases through computerized balloting

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases. The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001. The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax […]

by Faisal Shahnawaz

FBR to conduct balloting for audit selection

Apr 3

Taxation

FBR to conduct balloting for audit selection

ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019. The balloting will be conducting for audit selection of income tax returns filed for tax year 2017. Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of […]

by Faisal Shahnawaz

Mar 30

Money & Banking

SBP holds SaarcFinance seminar on audit

KARACHI: State Bank of Pakistan (SBP) hosted a seminar on ‘Internal Audit: Emerging Challenges and Effective Practices in Central Banks’ under the aegis of SAARCFINANCE Forum at National Institute of Banking and Finance, Islamabad during 27-29 March 2019, a statement said on Saturday. Besides Pakistan, officials from SAARC central banks participated in the event. Qasim […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit

Feb 26

Exclusive, Taxation

Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit

KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. According to updated Income Tax Ordinance, 2001 recently issued by the Federal Board of Revenue (FBR), Section 178 explained the powers of Commissioner IR. Section 178: Assistance to Commissioner “Every Officer of […]

by Faisal Shahnawaz

FBR extends date for availing audit scheme up to February 28

Feb 1

Taxation

FBR extends date for availing audit scheme up to February 28

The Federal Board of Revenue (FBR) has granted a one-month extension for availing the audit scheme, pushing the deadline to February 28, 2019.

by Mrs. Anjum Shahnawaz

Income Tax Ordinance, 2001: Commissioner IR can issue assessment order on day return filed

Jan 14

Taxation

Income Tax Ordinance, 2001: Commissioner IR can issue assessment order on day return filed

The Federal Board of Revenue (FBR) in Pakistan has granted the Commissioner Inland Revenue the authority to issue assessment orders against a tax return on the very date it is filed.

by Mrs. Anjum Shahnawaz