Tag: Income Tax Ordinance 2001

Section 182(1) of Income Tax Ordinance, 2001 has prescribed penalty for non-filing of tax return and wealth statement:

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Section 181D of Income Tax Ordinance, 2001 explains that businesses are required to obtain the tax license.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 181D of Income Tax Ordinance, 2001:

181D. Business licence scheme.-(1) Every person engaged in any business, profession or vocation shall be required to obtain and display a business licence as prescribed by the Board.

(2) Where a person fails to obtain business licence under sub-section (1), the Commissioner may, in addition to and not in derogation of any punishment to which the person may be liable under this Ordinance or any other law, impose a fine of –

(a) twenty thousand Rupees, in case of a taxpayer deriving income chargeable to tax under this Ordinance; or

(b) five thousand Rupees, in all other cases.

(3) The Commissioner may, by an order in writing, cancel a business licence issued under sub-section (1) after providing an opportunity of being heard to the person, if –

(a) such person fails to notify any change in particulars within thirty days of such charge; or

(b) such person is convicted of any offence under any federal tax law.

(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

Businesses require displaying NTN

The Federal Board of Revenue (FBR) in Pakistan has reinforced the requirement for businesses to prominently display their National Tax Number (NTN) at all places of operation, in accordance with Section 181C of the Income Tax Ordinance, 2001.

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In a progressive move towards acknowledging and rewarding responsible taxpayers, the Federal Board of Revenue (FBR) has introduced the concept of a taxpayer honor card through an amendment to the Income Tax Ordinance, 2001.

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The Federal Board of Revenue (FBR) has fortified its tax administration toolkit with Section 181A of the Income Tax Ordinance, 2001, which delineates the creation and regulation of the Active Taxpayers’ List (ATL).

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Section 181 of the Income Tax Ordinance, 2001 provides a framework for the registration of taxpayers.

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The Federal Board of Revenue (FBR) has fortified its ability to gather information on incomes from industrial and commercial undertakings exempt from tax.

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Section 179 of the Income Tax Ordinance, 2001 grants the Commissioner the authority to enlist translators for documents not in the Urdu or English language.

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Section 178 of the Income Tax Ordinance, 2001, as amended by the Finance Act, 2021, empowers tax authorities to seek assistance from various entities, including the police, Customs officers, and other government agencies.

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A commissioner of Inland Revenue has power to select taxpayers for audit under Section 177 of Income Tax Ordinance, 2001.

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