The Federal Board of Revenue (FBR) issued a clarification on Wednesday, emphasizing that taxpayer data, including bank account numbers, exists only in an offline mode and is not linked with any banks or financial institutions.
The Federal Board of Revenue (FBR) has released updated rates for withholding income tax on petroleum products, incorporating amendments introduced through the Finance Act, 2021.
Section 76 of Income Tax Ordinance, 2001 has defined the procedure for calculating income tax against cost incurred on purchase of assets.
Banking payment has been made must for asset purchase by the tax authorities in a move aimed at promoting transparency and curbing tax evasion.
Disposal and acquisition of assets under tax law have been explained under Section 75 of Income Tax Ordinance, 2001.
Normal tax year to run through July 01 to June 30 as defined under Section 74 of the Income Tax Ordinance, 2001. This provision has been updated with the Finance Act, 2021, and includes some important special provisions.
In the intricate landscape of taxation, ensuring fairness and preventing duplicity is paramount. Section 73 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021, serves this purpose by delineating rules to prevent double derivation and double deductions.
Federal Board of Revenue (FBR) has issued updated rates of withholding income tax on winning of prize bonds during fiscal year 2021-2022. The withholding tax rates have been updated after incorporating changes made through Finance Act, 2021. WITHHOLDING TAX CARD 2021-2022 The FBR collects withholding tax under Section 156 of the Income Tax Ordinance, 2001. […]
Pakistan Customs has successfully cleared the first consignment of mangoes bound for Moscow, Russia, under the International Transportation of Goods – TIR Convention.
Section 72 of the Income Tax Ordinance, 2001 has outlined tax on income from ceases business. The Federal Board of Revenue (FBR) has incorporated these regulations into the Ordinance, ensuring that taxpayers understand the implications of income derived from a business, activity, investment, or other sources that have ceased.