Income Tax Ordinance 2001: Notice can not be issued after 180 days for incomplete return

KARACHI: A commissioner of Inland Revenue is required to send notice to taxpayers for incomplete annual income returns within 180 days from end of financial year in which return was filed. Read more »

Income Tax Ordinance 2001: Schedule for filing annual returns

KARACHI: The due date for filing annual income tax return has become important Since Federal Board of Revenue (FBR) imposed restriction of denying late filers into Active Taxpayers List (ATL). Read more »

Income Tax Ordinance 2001: requirement of wealth statement

KARACHI: A taxpayer is required to submit wealth statement along with annual income return. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 and explained the requirement of wealth statement... Read more »

Income Tax Ordinance 2001: persons 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). Read more »

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. Read more »

Income Tax Ordinance 2001: 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. Read more »

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. Read more »

Provincial sales tax registered persons liable to pay advance income tax

KARACHI: Federal Board of Revenue (FBR) has said that sales tax registered persons with the provinces are required to pay advance income tax. Read more »

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. Read more »

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. Read more »