Tag: Income Tax Ordinance 2001

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 […]

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).

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.

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).

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 […]

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.

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.

Karachi, October 25, 2024 – The Federal Board of Revenue (FBR) has implemented a significant measure to collect advance income tax from individuals and businesses registered for provincial sales tax.