KARACHI — The Federal Board of Revenue (FBR) has issued the schedule for filing the annual income tax return, emphasizing the significance of adhering to the specified deadlines.
(more…)Tag: Income Tax Ordinance 2001
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Requirement of wealth statement
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, shedding light on the requirement for taxpayers to submit a wealth statement alongside their annual income return.
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Persons who are not required to file annual income return
KARACHI: There are certain classes of persons who are not required to file annual return of income to Federal Board of Revenue (FBR).
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Income Tax Ordinance 2001: requirement of filing annual return
KARACHI: Federal Board of Revenue (FBR) has explained requirement of filing income tax returns by persons and corporate entities.
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Tax credit for investment in shares, insurance
KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance.
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Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum
KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.
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Provincial sales tax registered persons liable to pay advance income tax
KARACHI – The Federal Board of Revenue (FBR) has announced that sales tax registered individuals with the provinces are now required to pay adjustable advance income tax, as per the recently updated Income Tax Ordinance, 2001.
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Income Tax Ordinance 2001: payment of advance tax on quarterly basis
KARACHI: Taxpayers are liable to pay advance tax against their estimated annual income on quarterly basis under Income Tax Ordinance, 2001.
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Income Tax Ordinance 2001: taxation on non-resident ship owner, charterer
KARACHI: A ship owned or chartered by a non-resident person before leaving any port in Pakistan is required to furnish a return of income.
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Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP
KARACHI: The Federal Board of Revenue (FBR) has been granted expanded authority to recover outstanding taxes from resident Associations of Persons (AOP) in cases where a non-resident member of the AOP has pending tax liabilities. This development follows a significant amendment to Section 142 of the Income Tax Ordinance, 2001.
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