Purchase of assets made must through banking instruments

KARACHI: Federal Board of Revenue (FBR) has made mandatory purchase of assets of certain amounts through banking instruments, including crossed cheque or crossed pay order. FBR sources said that in order to discourage undocumented economy the government had made changes in Income Tax Ordinance, 2001 through Finance Act, 2019. A new Section 75A to the […]

by Mrs. Anjum Shahnawaz

Payment for transactions above Rs50,000 must be made through crossed cheque

Oct 14

Taxation

Payment for transactions above Rs50,000 must be made through crossed cheque

KARACHI: Federal Board of Revenue (FBR) has made it mandatory for buyers to make payment above Rs50,000 through crossed cheque or banking instruments ensuring transfer of payment to seller’s account. The FBR issued Sales Tax Act, 1990 updated till June 30, 2019 incorporating amendments brought through Finance Act, 2019. Under Section 73 of the Act, […]

by Mrs. Anjum Shahnawaz