Tax Year 2020: return may be filed on payment of penalty

ISLAMABAD: A return of income and a wealth statement can be filed now after payment of fine and penalty as prescribed in the statute. The deadline to file income tax return for... Read more »

ITO-2001 defines resident, non-resident persons

ISLAMABAD: Income Tax Ordinance, 2001 has defined resident and non-resident Pakistan for the purpose of apply rate of income tax on domestic source of income. The Federal Board of Revenue (FBR) issued... Read more »

Return filing mandatory for Pakistanis having foreign assets

ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001. According to Section 114 of the Ordinance the... Read more »

FBR explains fair market value of property, assets

ISLAMABAD: Federal Board of Revenue (FBR) explained fair market value, which is the price which the property or asset would ordinarily fetch on sale or supply in the open market at that... Read more »

Rate of tax on payment through debt, credit cards

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of income tax to be collected on the payment made abroad through credit or debit cards during tax year 2021 (July 01, 2020... Read more »

Rate of advance income tax on education fee

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax to be collected by educational at the time of preparing fee challan during tax year 2021 (July 01, 2020... Read more »

Income tax rate on sale of petroleum products

ISLAMABAD: Federal Board of Revenue (FBR) has updated the rate of income tax on sale of certain petroleum products for tax year 2021 (July 01, 2020 to June 30, 2021). The FBR... Read more »

Advance tax rate on sale to retailers updated

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax on sale to retailers during tax year 2021 (July 01, 2020 to June 30, 2020). The FBR issued Income... Read more »

Rate of tax on sale to distributors, dealers and wholesalers

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance income tax on sale to distributors, dealers and wholesalers during tax year 2021 (July 01, 2020 to June 30, 2020). The... Read more »

Rate of advance tax on sale, purchase of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of advance tax on sale and purchase of immovable properties during tax year 2021 (July 01, 2020 to June 30, 2021). The FBR... Read more »