Payment of default surcharge on due date failure

Section 205 of Income Tax Ordinance, 2001 has defined payment default surcharge by persons who failed to pay tax amount by due date. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 205 […]

by Faisal Shah

SRB launches tax scheme for waiver of penalty, default surcharge

KARACHI: The Sindh Revenue Board (SRB) on Monday launched a scheme to exempt whole of the amount of penalty and default surcharge on payment of principal amount by given date. Sindh Revenue Board (SRB) in this regard issued notification to exempt the whole of the amount of penalty and such of the amount of default […]

by Anjum Shah

Sales Tax Act 1990: imposition of default surcharge in fraud, non-payment

KARACHI: A person willfully does not make sales tax payment or commits fraud shall liable to pay default surcharge along with actual amount. According to updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) the default surcharge has been explained through Section 34. Section 34: Default Surcharge Sub-Section (1): Notwithstanding the […]

by Faisal Shah