Tag: Income Tax Ordinance 2001

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 »
Taxation

Income tax shall not exceed 10 percent of profit from saving schemes

— November 19, 2019 add comment
KARACHI: Tax laws have granted reduced rate of income tax on profit on investment in saving schemes. Read more »
Taxation

List of tax exemptions from total income granted to persons, institutions

— November 17, 2019 add comment
KARACHI: The list of persons and institutions having total exemption from income tax under Income Tax Ordinance, 2001. Read more »
Taxation

Purchase of assets made must through banking instruments

— October 27, 2019 add comment
KARACHI: Federal Board of Revenue (FBR) has made mandatory purchase of assets of certain amounts through banking instruments, including crossed cheque or crossed pay order. FBR sources said that in order to... Read more »
Taxation

Incomplete particulars to make furnished annual return invalid

— October 18, 2019 add comment
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 »
Taxation

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

— October 17, 2019 add comment
ISLAMABAD: Tax officials have been empowered to issue notices to taxpayers for filing income tax returns of past 10 years. Read more »
Taxation

Method of accounting for computing income tax

— October 15, 2019 add comment
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 »
Taxation

FBR explains chargeability of tax on income from property

— October 13, 2019 add comment
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 »
Taxation

FBR acquires information of motor vehicle purchasers

— October 11, 2019 add comment
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 »
Taxation

Account holders with Rs10 million deposits on FBR’s radar

— October 10, 2019 add comment
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 »