The Federal Board of Revenue (FBR) has outlined the procedure for resident taxpayers to claim a foreign tax credit under Rule 16 of the Income Tax Rules, 2002. This rule implements Section 103 of the Income Tax Ordinance, 2001, which allows relief for taxes paid abroad, ensuring that resident taxpayers do not face double taxation on their foreign income.
(more…)Tag: Income Tax Rules 2002
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Relief from Foreign Double Taxation for Resident Persons
The Income Tax Rules, 2002, through Rule 15, provide relief to resident taxpayers from the burden of double taxation on foreign-sourced income. This rule supports Sections 102 and 103 of the Income Tax Ordinance, 2001, which address international double taxation relief for resident individuals.
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FBR Defines Resident Individual for Tax Purposes
The Federal Board of Revenue (FBR) has outlined the definition of a “resident individual” for income tax purposes, elaborating the criteria under Rule 14 of the Income Tax Rules, 2002. This rule, which aligns with Section 82 of the Income Tax Ordinance, 2001, provides a detailed framework for determining an individual’s residential status within Pakistan for taxation.
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Special Procedure for Collection of Capital Gains Tax
The Income Tax Rules, 2002, under Rule 13N, prescribe a detailed and structured procedure for the computation and collection of capital gains tax (CGT). This rule delineates the roles, responsibilities, and mechanisms involved, primarily focusing on the National Clearing Company of Pakistan Limited (NCCPL) and other related entities.
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FBR Directs PSX Investors to Maintain Comprehensive Records
Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has issued directives to Pakistan Stock Exchange (PSX) investors, requiring them to maintain detailed records of their securities transactions and accounts. This initiative by the FBR is in line with the Income Tax Rules, 2001, and aims to enhance transparency and compliance within the stock market.
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FBR Restricts Entertainment Expenditures for Tax Adjustments
Karachi, December 8, 2024 – The Federal Board of Revenue (FBR) has imposed stricter limitations on entertainment expenditures eligible for deduction against income tax liability, as outlined in the Income Tax Rules, 2002.
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Who Are E-Intermediaries Under Income Tax Rules for 2024?
In a move to bring clarity to the taxation landscape, the Federal Board of Revenue (FBR) has recently updated the Income Tax Rules for the tax year 2024, shedding light on the definition of e-intermediaries.
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Property Transfer Statements Made Mandatory in Pakistan
Karachi, December 26, 2023 – The Federal Board of Revenue (FBR), apex tax agency of Pakistan, has made it mandatory for individuals involved in attesting or registering immovable property to furnish a monthly property transfer statement.
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FBR Obtains Details of Car Buyers on Monthly Basis
Karachi, December 24, 2023 – The Federal Board of Revenue (FBR) has initiated a monthly acquisition of detailed information on car buyers from various stakeholders.
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FBR Unveils Valuation Process for Hidden Assets in Pakistan
Karachi, December 23, 2023 – The Federal Board of Revenue (FBR) has officially announced a meticulous valuation process for discovered hidden assets in Pakistan.
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