Section 81 of the Income Tax Ordinance, 2001, delineates the criteria for classifying individuals and entities as either resident or non-resident persons for the purpose of tax obligations.
(more…)Tag: Federal Board of Revenue
The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
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Income Tax Ordinance defines persons
Section 80 of Income Tax Ordinance, 2001 has defined persons for the purpose of the ordinance. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.
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Non-recognition of rules under income tax ordinance
Non-recognition of rules under income tax ordinance has been explained by the Federal Board of Revenue (FBR).
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Non-arm’s length transactions under tax law
Section 78 of the Income Tax Ordinance, 2001 has been instituted to address non-arm’s length transactions. The Federal Board of Revenue (FBR) has provided clarity on this provision, which was updated up to June 30, 2021, through the Finance Act, 2021.
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Tax treatment on consideration against asset disposal
The Federal Board of Revenue (FBR) has provided clarity on the determination of consideration received by individuals on the disposal of assets through Section 77 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021.
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Taxpayers’ account numbers not linked with banks
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.
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Withholding tax rates on petroleum products
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.
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Calculation of asset cost for income tax purpose
Section 76 of Income Tax Ordinance, 2001 has defined the procedure for calculating income tax against cost incurred on purchase of assets.
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Banking payment must for asset purchase
Banking payment has been made must for asset purchase by the tax authorities in a move aimed at promoting transparency and curbing tax evasion.
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Disposal and acquisition of assets under tax law
Disposal and acquisition of assets under tax law have been explained under Section 75 of Income Tax Ordinance, 2001.
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