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

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 »

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

KARACHI: Federal Board of Revenue (FBR) and banks have agreed on sharing information of financial transactions made by account holders. Read more »

Cash gifts received without banking channel chargeable to tax

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 »

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

KARACHI: Tax laws have granted reduced rate of income tax on profit on investment in saving schemes. Read more »

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

KARACHI: The list of persons and institutions having total exemption from income tax under Income Tax Ordinance, 2001. Read more »

Purchase of assets made must through banking instruments

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 »

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 »