The Federal Board of Revenue (FBR) in Pakistan has granted the Commissioner Inland Revenue the authority to issue assessment orders against a tax return on the very date it is filed.
(more…)Tag: Income Tax Ordinance 2001
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Inward remittances above Rs10 million per year require to explain source
The Federal Board of Revenue (FBR) in Pakistan is now scrutinizing the source of foreign remittances when the inward transfer exceeds Rs10 million to a recipient in a year.
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Abolishing advance tax on share sale, purchase on the cards
KARACHI: The government is reportedly considering the abolition of the advance tax on the sale and purchase of shares in the capital market, a move prompted by the Pakistan Stock Exchange (PSX) and Pakistan Stockbrokers Association’s demands.
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Value added sector seeks tax credit on equity investment for individuals, AOPs
KARACHI: The value added sector, represented by the Pakistan Hosiery Manufacturers and Exporters Association (PHMA), has reached out to Finance Minister Asad Umar, urging the government to grant tax credit for equity investment to business individuals and Associations of Persons (AOPs).
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FBR issues withholding tax card for year 2018/2019
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2018/2019 as per the amendments made through Finance Act, 2018 to Income Tax Ordinance, 2001.
1. Where the taxable income does not exceed Rs. 400,000: the tax rate shall be 0%.
2. Where the taxable income exceeds Rs.400,000 but does not exceed Rs. 800,000: the tax rate shall beRs.1,000
3. Where the taxable income exceeds Rs.800,000 but does not exceed Rs. 1,200,000: the tax rate shall be Rs.2,000
4. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000: the tax rate shall be 5% of the amount exceeding Rs.1,200,000
5. Where the taxable income exceeds Rs.2,400,000 but does not exceed Rs.4,800,000: the tax rate shall be Rs.60,000+10% of the amount exceeding Rs.2,400,000
6. Where the taxable income exceeds Rs.4,800,000: the tax rate shall be Rs.300,000+15% of the amount exceeding Rs.4,800,000.
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.