Incomplete particulars to make furnished annual return invalid

KARACHI: An income tax return filed by a taxpayer will be treated as invalid if the taxpayer has failed to provide complete particulars as required in return form. Read more »

Notices for filing income tax returns of past 10 years may be issued

ISLAMABAD: Tax officials have been empowered to issue notices to taxpayers for filing income tax returns of past 10 years. Read more »

Method of accounting for computing income tax

KARACHI: Federal Board of Revenue (FBR) has said that a person’s income chargeable to tax shall be computed in accordance with the method of accounting regularly employed by such person. Read more »

FBR explains chargeability of tax on income from property

KARACHI: The rent received or receivable by a person during a tax year is chargeable to tax under head of income from property. Read more »

FBR acquires information of motor vehicle purchasers

KARACHI: Federal Board of Revenue (FBR) has asked motor vehicle registration authorities and car manufacturers to provide information of persons, who are registration or purchasing motor vehicles. Read more »

Account holders with Rs10 million deposits on FBR’s radar

KARACHI: Bank account holders making aggregate deposits of Rs10 million in a month are on radar of Federal Board of Revenue (FBR) for the purpose of broadening of tax base and identifying... Read more »

Tax rate on interest income for Tax Year 2020

KARACHI: Federal Board of Revenue (FBR) issued tax rate to be imposed on interest income during Tax Year 2020. Read more »

No income tax on employee share schemes

KARACHI: Federal Board of Revenue (FBR) has said that the value of a right or option to acquire shares under an employee share scheme granted to an employee shall not be chargeable... Read more »

FBR explains salary tax to be chargeable for Tax Year 2020

KARACHI: Federal Board of Revenue (FBR) has explained the treatment of salary tax to be applicable during Tax Year 2020. Read more »

FBR issues computation of taxable income for tax year 2020

KARACHI: Federal Board of Revenue (FBR) has issued computation of taxable income for the tax year 2020 (July 01, 2019 to June 30, 2020). Read more »

Resident having foreign income above $10,000 required to file return, wealth statement

KARACHI: A resident person having foreign income of above $10,000 is required to income tax return and wealth statement from tax year 2019 and onwards. Read more »

Filing wealth statement mandatory along with annual return for Tax Year 2019

KARACHI: The filing of wealth statement is mandatory for persons filing annual returns for tax year 2019. Read more »