Section 202 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now allows the Chief Commissioner, with the prior approval of the Board, to compound offences either before or after the institution of proceedings.
The Federal Board of Revenue (FBR) has been granted enhanced authority to initiate prosecution proceedings under Section 201 of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) has introduced new penalty regime introduced for non-filing tax returns in order to encourage documentation.
ISLAMABAD: Federal Board of Revenue (FBR) has said that computation of income and assets prepared by the National Database Registration Authority (NADRA) shall be treated as assessment. The FBR in explanation to Tax Laws (Third Amendment) Ordinance, 2021 said that a new section 175B has been inserted in the Income Tax Ordinance, 2001 aiming to […]
ISLAMABAD: Federal Board of Revenue (FBR) strongly rebutted the reports of currency smuggling from Pakistan to Afghanistan. In a statement issued on Friday, the FBR categorically rebutted the unfounded, malicious intent and misleading in content propaganda being advanced by some irresponsible elements that there was a huge flight of dollars from Pakistan. It is further […]
Section 200 of Income Tax Ordinance, 2001 has explained the prosecution for offence by companies or association of persons (AOPs). 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 200 of Income Tax Ordinance, 2001: […]
The Federal Board of Revenue (FBR) in Pakistan has issued a stern warning to individuals who failed to file their annual tax returns by September 30, 2021.
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax authorities will not ask source of foreign exchange not exceeding Rs5 million remitted through exchange companies (ECs) or money transfer operators. The FBR issued explanation to the Tax Laws (Third Amendment) Ordinance, 2021. The revenue body said Section 111(4) of Income Tax Ordinance, 2001 […]
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for Uzbekistan-Pakistan Transit Trade (UPTT). The FBR issued SRO 1256(I)/2021 dated September 20, 2021 to propose amendment in Customs Rules, 2001. The revenue body invited suggested or objections to the draft rules within 15 days from the issuance of the SRO. The draft rules […]
Section 199 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now explicitly outlines that knowingly and willfully aiding, abetment, assisting, inciting, or inducing another person to commit an offense under the ordinance is a punishable offense, carrying the risk of a fine or imprisonment for a term not exceeding three years, […]