ISLAMABAD: Federal Board of Revenue (FBR) has relaxed the condition for business community by allowing deduction of cash payment up to Rs250,000 while computing business income. According to Finance Act 2020 approved by the National Assembly amendments have been introduced to Section 21 of Income Tax Ordinance, 2001. Section 21 of the Ordinance prescribes a […]

ISLAMABAD: An attempt of a businessman to suppress sales chargeable to tax in order to reduce tax liability shall be taxed under the head of income from business, according to Finance Act 2020 recently passed by the National Assembly. Officials at Federal Board of Revenue (FBR) said that amendment has been made to Section 111 […]

ISLAMABAD: Federal Board of Revenue (FBR) has given taxpayers a deadline of December 31, 2020 to complete their profile through online system otherwise their name will be removed from active taxpayers list (ATL). The National Assembly approved the new amendment of taxpayers profiling through new section 114A to Income Tax Ordinance, 2001. Section 114A: Taxpayer’s […]