ISLAMABAD – Banks are obligated to furnish statements of deposits and withdrawals of account holders to the Federal Board of Revenue (FBR).
(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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FBR gets details of buyers, sellers of immovable properties
The Federal Board of Revenue (FBR) is employing a comprehensive approach to enhance tax compliance by obtaining crucial information on buyers and sellers of immovable properties through provincial registrars.
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FBR issues rules for centralized payment of income tax refunds
ISLAMABAD: The Federal Board of Revenue (FBR) on Friday announced the issuance of draft rules for the centralized payment of income tax refunds. The FBR released SRO 1239(I)/2020, proposing amendments to the Income Tax Rules, 2002, aimed at streamlining the refund process and enhancing transparency.
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FBR invites services for real-time monitoring, tracking of cargo movement
ISLAMABAD: Federal Board of Revenue (FBR) has invited Expression of Interest (EOI) from companies providing real-time support for monitoring and tracking of transit / transshipment of goods.
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Rules for determination of value of bonus shares
ISLAMABAD: The Federal Board of Revenue (FBR) has issued the updated Income Tax Rules, 2002, as of September 8, 2020. These rules elucidate the method for determining the value of bonus shares issued by companies that are not listed on the stock exchange.
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FBR stops manual processing of income tax refunds
In a significant move aimed at streamlining and modernizing tax refund processes, the Federal Board of Revenue (FBR) has ceased the manual processing of income tax refunds.
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Faiz Illahi posted as Member Facilitation, Taxpayers’ Education
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday transferred and posted Dr. Faiz Illahi Memon as Member Facilitation and Taxpayers Education (FATE) with immediate effect.
Dr. Faiz Illahi Memon is a senior BS-21 officer of Inland Revenue Service (IRS) and presently posted as Director General (Special Initiative), Federal Board of Revenue (Hq), Islamabad (stationed at Karachi).
The FBR said that the officer if drawing performance allowance prior to issuance of this notification will continue to draw the same on his new place of posting.
The above named officer is required to Relinquish / Assume charge, using online HRMS facility made available at all FBR major field offices or by using IJP login.
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FBR reiterates not to extend date for filing income tax returns
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday reiterated that it will not further extend the date for filing income tax return beyond December 08, 2020.
The last date for filing of income tax return for tax year 2020 was September 30, 2020. The FBR through a circular extended the date up to December 08, 2020. The FBR also made it clear through the circular the date would not further extend beyond December 08, 2020.
A spokesman of the FBR explained that all those individuals having 500 square yards or above or own vehicle with engine capacity of 1000 CC or above are required to file their annual income tax return under Section 114 of Income Tax Ordinance, 2001.
The spokesman further said that those individuals who have commercial or industrial electricity connection and their annual electricity bill is above Rs500,000 are required to file return of income.
Further, those persons having annual business income above Rs300,000 are also required to file their income tax return.
For salaried persons having Rs600,000 annual income are required to file income tax returns.
FBR warned of taking penal action against persons on non-compliance.
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Salaried individuals require keeping tax certificate for six years
The Federal Board of Revenue (FBR) has issued a reminder to salaried individuals, emphasizing the necessity of retaining tax and salary certificates for a minimum of six years for assessment and audit purposes.
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FBR constitutes advance ruling committee
ISLAMABAD: Federal Board of Revenue (FBR) has constituted a committee for issuing advance ruling on requests submitted by businesses.
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