Sep 3

FBR Sets Conditions for Deduction of Bad Debts in Tax Year 2024

Karachi, September 3, 2023 – The Federal Board of Revenue (FBR) has issued guidelines specifying conditions for allowing deductions for bad debts during the tax year 2024.

by Shahnawaz Akhter

Expenditures against bad debt allowed

The Federal Board of Revenue (FBR) has allowed expenditures against bad debt with certain conditions under Section 29 of Income Tax Ordinance, 2001.

by Mrs. Anjum Shahnawaz

Irrecoverable loans to be allowed tax concession

KARACHI: Federal Board of Revenue (FBR) shall allow reduction in tax liability against bed debts where loans are irrecoverable, officials said.

by Mrs. Anjum Shahnawaz