The surcharge applies to individuals and associations of persons, while salaried individuals are specifically exempt under Section 4AB.
(more…)Tag: Income Tax Ordinance 2001
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FBR sets monetary penalties for late TY 2026 tax return filing
Taxpayers filing late returns may face daily penalties, although the applicable amount can be reduced for returns submitted within three months.
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FBR prescribes foreign income and asset thresholds for TY 2026 tax returns
Resident individuals meeting specified overseas income or asset limits must submit a Foreign Income and Assets Statement with their annual tax return.
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Taxpayers must file wealth reconciliation statement with TY 2026 income tax return: FBR
Resident individuals and AOP members required to submit wealth statement and reconciliation; incomplete returns may be treated as invalid
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FBR exempts certain individuals from filing income tax returns for TY 2026
Section 115 provides limited exemption for widows, orphans, disabled persons and certain non-residents where the filing obligation arises solely from ownership of specified assets.
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Pakistan income tax framework: FBR defines taxation yardstick
Benchmark framework distinguishes core features of Pakistan’s income tax system from tax expenditures and preferential concessions.
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FBR imposes 10% withholding tax on marriage functions for TY 2027
Advance adjustable tax will apply to weddings, seminars, exhibitions and other events held at designated venues under the updated Income Tax Ordinance.
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One year on, FBR yet to enforce Section 114C restrictions
Absence of implementing rules and government notification keeps high-value transaction restrictions on ineligible persons inoperative.
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Withholding tax rates on phone usage notified for TY 2027
Subtitle: Mobile, internet and prepaid services remain subject to 15% withholding tax, while specified non-filers face a 75% rate under Section 114B.
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Income tax rates on electricity consumption notified for TY 2027
Commercial, industrial and domestic electricity consumers to pay advance income tax under updated Income Tax Ordinance from July 1, 2026.
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