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.
(more…)Tag: Income Tax Ordinance 2001
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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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FBR Sets Penalties for Late Tax Return Filing
Karachi, November 10, 2024 – The Federal Board of Revenue (FBR) has announced penalties for individuals and businesses who fail to submit their income tax returns and asset declarations by the due date. These penalties are aimed at encouraging timely compliance with tax laws and apply under Section 182 of the Income Tax Ordinance, 2001.
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CIR Barred from Auditing Tax Records Beyond Six-Year Limit
Karachi, November 9, 2024 – Pakistan’s Income Tax Ordinance, 2001, have set a definitive limit on how long the Commissioner Inland Revenue (CIR) may demand audit records from taxpayers. As per the latest update for the tax year 2024-25, Section 177 stipulates that the CIR may only request records for audit within six years from the end of the relevant tax year.
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Tax Officials Empowered to Enter Taxpayers’ Premises
Tax officials in Pakistan have been granted the authority to enter the premises of taxpayers for conducting audits or surveys, according to the Federal Board of Revenue (FBR).
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Taxpayers Obligated to Retain Tax Records for Six Years: FBR
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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