Karachi, December 1, 2024 – The Federal Board of Revenue (FBR) has reiterated its policy of collecting advance income tax from telephone and internet users under Section 236 of the Income Tax Ordinance, 2001.
(more…)Tag: Income Tax Ordinance 2001
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Tax on Brokerage and Commission in Pakistan for TY 2024-25
Karachi, November 30, 2024– The Federal Board of Revenue (FBR) has issued the applicable tax rates for brokerage and commission in Pakistan under Section 233 of the Income Tax Ordinance, 2001, for the tax year 2024-25. These rates outline the responsibilities of principals in deducting advance tax on payments to agents, with the specifics detailed in the official notification.
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Advance Tax Imposed on Foreign Domestic Workers in Pakistan
KARACHI, November 26, 2024 – Pakistan has introduced an advance income tax requirement on individuals and agencies hiring foreign nationals for domestic work.
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Advance Tax on Motor Vehicles in Pakistan for TY 2024-25
Advance tax on motor vehicles is levied under Section 231B of the Income Tax Ordinance, 2001, as amended by the Federal Board of Revenue (FBR) for the tax year 2024-25.
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FBR Asks Banks to Collect 0.6% Tax on Non-ATL Cash Withdrawal
Karachi, November 25, 2024 – The Federal Board of Revenue (FBR) has mandated banks to deduct 0.6% advance tax on cash withdrawals exceeding PKR 50,000 in a single day from individuals not listed on the Active Taxpayers List (ATL).
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FBR Outlines Arrest Protocol for Tax Defaulters
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, empowers the Federal Board of Revenue (FBR) to arrest individuals involved in income concealment, enhancing its authority to tackle tax evasion effectively. Section 203B of the updated ordinance outlines the powers and procedures that the FBR can exercise in such cases.
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Tax Officials Empowered to Arrest for Income Concealment
Karachi, November 24, 2024 – The Income Tax Ordinance, 2001, grants tax officials of the Federal Board of Revenue (FBR) the authority to arrest individuals accused of concealing income. Section 203B of the updated ordinance outlines the specific powers and procedures tax officials must follow in such cases.
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Offences by Companies, AOPs Under Income Tax Ordinance, 2001
Karachi, November 23, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding offences committed by companies and Associations of Persons (AOPs) under the Income Tax Ordinance, 2001. These offences are detailed in Section 200 of the Ordinance, which outlines the responsibilities and liabilities of individuals associated with such entities when a violation occurs.
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False Tax Statements Could Lead to Two Years in Jail: FBR
Karachi, November 22, 2024 – The Federal Board of Revenue (FBR) has issued a strong warning that making false statements in tax filings could lead to severe legal consequences, including up to two years in prison. This reminder is based on the provisions of the Income Tax Ordinance, 2001, specifically Section 195.
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FBR Set to Prosecute Banks for Incomplete Declarations
Karachi, November 19, 2024 – The Federal Board of Revenue (FBR) is preparing to take legal action against banks and other companies for submitting incomplete or inaccurate declarations, a move that underscores the government’s commitment to strengthening compliance within the financial sector.
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