Karachi, September 12, 2024 – The Federal Board of Revenue (FBR) has announced that individuals and organizations making charitable donations during the tax year 2024-25 will be eligible to claim tax credits under the Income Tax Ordinance, 2001.
(more…)Tag: Income Tax Ordinance 2001
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FBR Allows Deduction of Education Expenses Against Tax Liability
Karachi, September 11, 2024 – The Federal Board of Revenue (FBR) has announced that education expenses will continue to be deductible against income tax liability for the tax year 2024-25.
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FBR Allows Zakat Deduction Against Income Tax Liability
Karachi, September 10, 2024 – In a significant development for taxpayers, the Federal Board of Revenue (FBR) has announced that individuals will be allowed to deduct Zakat payments against their income tax liability for the tax year 2024-25.
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Pakistan Income Under International Treaty to Remain Tax Exempt
Karachi, September 9, 2024 – The Federal Board of Revenue (FBR) has reaffirmed that income sourced in Pakistan under international tax treaties will remain exempt from taxation.
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Income Tax Exemptions for Diplomats and UN Employees
The Federal Board of Revenue (FBR) has reaffirmed that income tax exemptions will continue for diplomats and individuals working for the United Nations (UN) during the 2024-25 tax year.
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FBR Extends Tax Exemption on Agricultural Income for TY 2024-25
Karachi, September 7, 2024 – The Federal Board of Revenue (FBR) has announced the continuation of tax exemption on agricultural income for the tax year 2024-25.
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Deduction for Intangibles under Income Tax Law
Karachi, September 6, 2024 – The Federal Board of Revenue (FBR) has clarified the provisions regarding deductions for intangibles under the Income Tax Ordinance, 2001. In its latest update, issued until June 30, 2024, the FBR has outlined the procedures and rules for the amortization of intangible assets, providing a clear framework for taxpayers.
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Initial Allowance Deduction under Updated ITO 2001
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of the initial allowance for eligible depreciable assets under the Income Tax Ordinance (ITO), 2001, which has been updated as of June 30, 2024.
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Decoding Depreciation Under Income Tax Law for TY 2024-25
Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive explanation on the deduction of depreciation against tax liability for the tax year 2024-25, a critical aspect for businesses managing their assets and tax obligations.
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FBR Lists Deductions for Computing Business Income Tax
Karachi, September 2, 2024 – The Federal Board of Revenue (FBR) has outlined specific deductions to aid taxpayers in accurately computing their business income tax.
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