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).
(more…)Tag: Income Tax Ordinance 2001
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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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Non-Filing of Tax Returns a Punishable Offense in Pakistan: FBR
Karachi, November 17, 2024 – The Federal Board of Revenue (FBR) has reiterated that failing to file an income tax return as mandated by the Income Tax Ordinance, 2001, constitutes a punishable offense. The agency emphasized the legal repercussions associated with non-compliance, underscoring its commitment to enforcing tax regulations.
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What is Tax Penalty for Concealing Income in Pakistan?
Karachi, November 16, 2024 – The Federal Board of Revenue (FBR) has clarified the monetary penalty for individuals found guilty of concealing income under the Income Tax Ordinance, 2001. The FBR’s latest directive aims to strengthen tax compliance and ensure transparency in income declarations.
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FBR to Enforce Shop Closures for Tax Defaults
Karachi, November 13, 2024 – The Federal Board of Revenue (FBR) has announced its plan to enforce strict measures on shopkeepers failing to comply with tax registration and payment requirements under the Income Tax Ordinance, 2001.
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FBR Penalizes Property Purchases Made Through Cash Payments
Karachi, November 11, 2024 – In a move aimed at curbing illicit financial activities, the Federal Board of Revenue (FBR) has announced that individuals purchasing immovable property worth Rs 5 million or more through cash payments will face penalties.
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