Phone SMS included as mode of service for tax notices

ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents. The FBR issued SRO 1250(I)/2020 on Monday to issue... Read more »

Banks provide statements of account holders to tax authorities

ISLAMABAD: Banking companies are required to provide statements of deposits and withdrawals of account holders to Federal Board of Revenue (FBR) under income tax laws. The banking companies are required to provide... Read more »

Rules for determination of value of bonus shares

ISLAMABAD: Federal Board of Revenue (FBR) has issued Income Tax Rules, 2002 (updated September 08, 2020) which explained the determination of value of bonus shares issued by a company not quoted on... Read more »

NTN mandatory for commercial transactions

ISLAMABAD: Quoting National Tax Number (NTN) is mandatory for all commercial transactions under Income Tax Rules, 2002. The Federal Board of Revenue (FBR) has issued Income Tax Rules, 2002 (updated up to... Read more »

Special procedure for capital gain tax computation

ISLAMABAD: Federal Board of Revenue (FBR) has updated special procedure for computation of capital gain tax and collection of tax. The FBR issued Income Tax Rules, 2002 (Updated up to September 08,... Read more »

Procedure for registration of tax informer

ISLAMABAD: Federal Board of Revenue (FBR) has issued rules for registration of a person as an informer under income tax, sales tax and federal excise laws. According to Income Tax Rules, 2002... Read more »

FBR notifies rules making mandatory for banks to share deposit, withdrawal details

ISLAMABAD: Federal Board of Revenue (FBR) on Monday made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to... Read more »

FBR issues draft rules for allowing reduced income tax rate on import of raw materials

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for grant of concessional tax rate on import of raw materials and capital goods by manufacturers and exporters. The FBR issued SRO... Read more »

FBR drafts rules for online income monitoring of services sector

ISLAMABAD: Federal Board of Revenue (FBR) will make it mandatory for providers of services to install electronic fiscal device (EFD) for real-time monitoring and collection of income tax. The FBR issued SRO... Read more »

Return filed on CNIC basis to be treated as registered

KARACHI: A person files income tax return on the basis of Computerized National Identity Card (CNIC) shall be treated as registered taxpayer on the day the person files income tax return. Read more »