Commissioner IR empowered to amend assessment without definite information

KARACHI: Commissioners of Inland Revenue have been empowered to amend assessment on the basis of best judgment and make dis-allowances without specific supporting evidence. According to interpretation of Finance Bill, 2020 by... Read more »

Tax deduction allowed on salary up to Rs25,000 paid in cash

KARACHI: The Finance Bill 2020 has proposed major changes related to tax deduction in order to provide relief to business community. Under the proposed amendments the threshold amount has been increased up... Read more »

Amendments to taxability on payments for goods, services and contracts

KARACHI: The Finance Bill 2020 has proposed changes to taxability on payments made for goods, services and contracts. According to explanation to amendments made to Section 153 of Income Tax Ordinance, 2001... Read more »

Finance Bill proposes significance amendments to income tax at import stage

KARACHI: The Finance Bill 2020 has proposed significant amendments related to income tax at import stage in Section 148 of Income Tax Ordinance, 2001 as it was described by BDO Pakistan Audit... Read more »

Details of transactions exempted from withholding tax

ISLAMABAD: The Finance Bill, 2020 has proposed to withdraw withholding tax collection on nine different types of transactions under Income Tax Ordinance, 2001. According to budget commentary issued by PwC A F... Read more »

Withholding statements to be filed on quarterly basis

ISLAMABAD: Withholding agents shall require to file statement on quarterly basis from fiscal year starting July 01, 2020. The Finance Bill, 2020 proposed amendments to Section 165 of Income Tax Ordinance, 2001,... Read more »

Bank account details made mandatory for registered taxpayers

ISLAMABAD: All registered taxpayers are required to update their profile by providing details of bank accounts otherwise they will be excluded from Active Taxpayers List (ATL). The Finance Bill, 2020 has proposed... Read more »

Resident ship owners to pay tonnage tax at US 75 cents

ISLAMABAD: A Pakistan resident ship owning company shall pay tonnage tax of an amount equivalent to US 75 cents per ton, as proposed through Finance Bill, 2020. A new clause (c) has... Read more »

Definition of IRIS inserted to Income Tax Ordinance, 2001

ISLAMABAD: The Finance Bill 2020 has proposed to insert definition of IRIS to income Tax Ordinance, 2001. The Finance Bill 2020 proposed many changes to Section 02 of the Ordinance. A new... Read more »

Major changes to income tax law made through Finance Bill 2020

ISLAMABAD: The government has brought massive changes to Income Tax Ordinance, 2001 through Finance Bill 2020. EY Ford Rhodes Chartered Accountants highlighted the major changes introduced to Income Tax Ordinance, 2001 through... Read more »