Tag: Income Tax Ordinance 2001

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.

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.

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.

Karachi, September 2, 2024 – The Federal Board of Revenue (FBR) has outlined specific deductions to aid taxpayers in accurately computing their business income tax.

Karachi, September 1, 2024 – The Federal Board of Revenue (FBR) has provided clarity on the definition and treatment of speculation business under the Income Tax Ordinance, 2001, as applicable for the tax year 2024-25.

Karachi, August 30, 2024 – The Federal Board of Revenue (FBR) has released the updated guidelines for business income tax for the tax year 2024-25, offering detailed insights into tax obligations under the Income Tax Ordinance, 2001.

Karachi, August 29, 2024 – In a notable update for property owners across Pakistan, the Federal Board of Revenue (FBR) has announced several deductions available under the Income Tax Ordinance, 2001, for calculating tax on income derived from property.

Karachi, August 28, 2024 – The Federal Board of Revenue (FBR) has provided a comprehensive explanation of the tax implications on income derived from property for the tax year 2024-25.

Karachi, August 27, 2024 – The Federal Board of Revenue (FBR) has announced that the value of perquisites will be chargeable to tax under the head of salary income for the tax year 2024-25. According to the updated Income Tax Ordinance, 2001, released up to June 30, 2024, several provisions have been clarified concerning the chargeability of various perquisites provided to employees by their employers.

Karachi, August 26, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation regarding the taxable salary income for the tax year 2024-25, according to the Income Tax Ordinance, 2001, updated until June 30, 2024.