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.
(more…)Tag: 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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FBR Acquires Details of Account Holders from Banks
Karachi, November 4, 2024 – In a move aimed at reinforcing transparency and broadening the tax net, the Federal Board of Revenue (FBR) has instructed banks to provide detailed information on account holders involved in transactions subject to withholding tax deductions.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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FBR Announces Tax Regime for Non-ATL Prize Bond Winners
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has announced a tax policy for prize bond winners who are not listed on the Active Taxpayers List (ATL).
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FBR Clarifies Rental Property Income Tax for TY 2024-25
Karachi, November 2, 2024 – The Federal Board of Revenue (FBR) has issued detailed guidance on the taxation of rental income for the tax year 2024-25. Outlined under Section 155 of the Income Tax Ordinance, 2001, this guidance aims to clarify the obligations of individuals, companies, and other entities with respect to rental income from immovable property.
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Tax Deduction on Salary Income under Section 149 of ITO
Karachi, October 28, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of tax at source from salary payments, as stipulated under Section 149 of the Income Tax Ordinance, 2001.
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FBR Outlines Import Tax Collection Process for Tax Year 2025
Karachi, October 26, 2024 – The Federal Board of Revenue (FBR) has detailed the process for collecting advance tax at the import stage for the fiscal year 2024-25. According to the FBR, this process is primarily governed by Section 148 of the Income Tax Ordinance, 2001.
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