Tag: Income Tax Ordinance 2001

Taxation

Advance tax on purchase of immovable property to be paid on fair market value

— January 12, 2020 add comment
KARACHI: Federal Board of Revenue (FBR) will collect advance income tax on sale of immovable properties on the basis of fair market value. Read more »
Taxation

No advance tax on domestic electricity consumers on billed amount below Rs75,000

— January 10, 2020 add comment
KARACHI: The domestic consumers of electricity whose monthly billed amount is below Rs75,000 are not liable to pay advance income tax. Read more »
Taxation

Provincial registered taxpayers require to pay advance income tax

— January 8, 2020 add comment
KARACHI: Persons registered for sales tax with the provincial revenue authorities are required to pay advance income tax to Federal Board of Revenue (FBR) on the basis turnover declared before the provincial... Read more »
Taxation

Tax Amendment Ordinance: Salient features of changes introduced to income tax law

— January 1, 2020 add comment
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued salient features of amendment to Income Tax Ordinance, 2001 made through Tax Law (Second Amendment) Ordinance, 2019. Read more »
Taxation

Procedure to get extension for filing return, statement

— December 31, 2019 add comment
KARACHI: In case a person unable to file annual return and wealth statement by due date the he/she has right to get extension in date on various grounds by furnishing an application... Read more »
Taxation

Final tax regime for certain amount under Income Tax Ordinance

— December 22, 2019 add comment
KARACHI: Federal Board of Revenue (FBR) has defined final tax regime for certain income with certain conditions explained under Income Tax Ordinance, 2001. Read more »
Taxation

Tenth Schedule enforces income tax return filing

— December 13, 2019 add comment
KARACHI: The Tenth Schedule introduced to Income Tax Ordinance, 2001 has proved its importance as it compelled people for filing their income tax returns. Read more »
Taxation

Tax exemption available on ‘profit on debt’ if security issued outside Pakistan

— December 11, 2019 add comment
KARACHI: Tax exemption is available to profit on debt where security issued outside Pakistan for raising loan. Read more »
Taxation

Penalties for not filing, late filing income tax return, wealth statement

— December 4, 2019 add comment
KARACHI: The tax laws have defined both soft and harsh penalties for persons having taxable income or registered with tax authorities but failed to file their annual returns or file their returns... Read more »
Taxation

Information of account holders to be furnished by banks under Section 165A

— November 30, 2019 add comment
KARACHI: Federal Board of Revenue (FBR) and banks have agreed on sharing information of financial transactions made by account holders. Read more »
Taxation

Cash gifts received without banking channel chargeable to tax

— November 29, 2019 add comment
ISLAMABAD: Any cash gift received by a person other than banking channel will be treated as chargeable to tax, sources in Federal Board of Revenue (FBR) said on Thursday. Read more »