Income Tax Ordinance 2001: Late filers not to get names on ATL

KARACHI: Late filers of income tax returns will not get their name on the Active Taxpayers List (ATL) that will be issued tomorrow (March 01, 2019). Read more »

Income Tax Ordinance 2001: No commercial, industrial gas or electricity connection without NTN

KARACHI: The National Tax Number (NTN) is mandatory for a person applying by commercial or industrial connection for electricity or natural gas. Read more »

Income Tax Ordinance 2001: Commissioner can take assistance of police, civil armed forces to conduct audit

KARACHI: A commissioner of Inland Revenue (IR) can take assistance of government authorities, police and civil armed forces to conduct audit of taxpayers. Read more »

Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

KARACHI: The tax laws have empowered Commissioner of Inland to act as a court under the Code of Civil Procedure for compelling production of records of any person. Read more »

Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice

KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer. Read more »

Income Tax Ordinance 2001: Taxpayers require to keep 6-year tax record for audit

KARACHI: Taxpayers are required to maintain record of tax affairs for six year for the purpose of audit and examination. Read more »

Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund. Read more »

Income Tax Ordinance 2001: FTR taxpayers not required to file returns

KARACHI: Taxpayers falling under final tax regime are not required to file income tax returns under Section 114 of Income Tax Ordinance, 2001. Read more »

Income Tax Ordinance 2001: Commissioner’s power to make provisional assessment

KARACHI: The income tax law has empowered a commissioner Inland Revenue to make provisional assessment where a concealed asset of a person impounded by any government agency. Read more »

Income Tax Ordinance 2001: Commissioner IR empowered to make assessment for non-compliant taxpayers

KARACHI: Commissioners of Inland Revenue have been empowered to make ‘best judgement assessment’ for taxpayers, who fail to file annual returns, for making payment of due taxes. Read more »