Penalty amount for late return filing reduced up to 75 percent

KARACHI: Penalty amount for late return filing has been reduced up to 75 percent in order to encourage people to make compliance of mandatory filing of declaration of income. Sources in the Federal Board of Revenue (FBR) said that the reduction in penalty amount has been made part of the Income Tax Ordinance, 2001 and […]

by Mrs. Anjum Shahnawaz

FBR urged to clarify income tax relief to group companies

May 16

Budget 2020-2021, Taxation

FBR urged to clarify income tax relief to group companies

KARACHI: Federal Board of Revenue (FBR) has been urged to clarify group relief under income tax laws regarding a holding company can purchase losses of its subsidiary. Pakistan Business Council (PBC) in its proposals for budget 2020/2021 submitted to the FBR, stated that as per Section 59B of the Income Tax Ordinance, 2001, a holding […]

by Mrs. Anjum Shahnawaz