FBR restores 100% depreciation deduction

ISLAMABAD: The Federal Board of Revenue (FBR) has restored 100 per cent depreciation deduction on a depreciable asset used in a person’s business for the first time. The FBR restored the depreciation deduction on the basis of amendment brought through Finance Act, 2022. The revenue body issued Income Tax Circular No. 15 of 2022/2023 to […]

by Mrs. Anjum Shahnawaz

First year allowance on plant, machinery withdrawn

Mar 26

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First year allowance on plant, machinery withdrawn

ISLAMABAD: First year allowance has been withdrawn that was allowed on installation of plant and machinery by any industrial unit. The concession has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021. The first year allowance has been abolished that was available under Section 23A of Income Tax Ordinance, 2001 at the rate of 90 […]

by Mrs. Anjum Shahnawaz

Tag: First Year Allowance

FBR restores 100% depreciation deduction

First year allowance on plant, machinery withdrawn

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