KTBA protests advance tax estimates by tax offices, issuance of recovery notices
KARACHI: Tax practitioners have protested making estimates of advance tax by the tax offices and issuing recovery notices to taxpayers in this regard.
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Tag: KTBA
Further tax collection on pharmaceutical products unlawful: KTBA
Karachi Tax Bar Association (KTBA) on Thursday termed the collection of further tax on sales of pharmaceutical products to unregistered persons as unlawful. In a letter sent to Asim Ahmad, Chairman of Federal Board of Revenue (FBR), the tax bar informed that substances registered as drugs under the Drugs Act, 1976 were earlier exempt from […]
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KTBA demands date extension for filing return, statement Tax Year 2022
Karachi Tax Bar Association (KTBA) on Tuesday demanded an extension to file annual return and statement of income for tax year 2022. The tax bar in a letter sent to the chairman of Federal Board of Revenue (FBR) on November 29, 2022 informed that neither taxpayers nor the consultants would able to complete return filing […]
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Sales tax return lacuna traps taxpayers: FBR offices issue show cause notices
KARACHI: Taxpayers have not been provided to declare exempt purchases in sales tax return form at IRIS, which resulted in issuance of huge number of show cause notices regarding apportionment of input tax in relation to taxable and exempt sales in the return. Karachi Tax Bar Association (KTBA) on Thursday highlighted this important issue by […]
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Calculating property valuation uphill task in completing tax return: Rehan Jafri
Calculating valuation of immovable property for deemed income under Section 7E of the Income Tax Ordinance, 2001 is remained an uphill task in completing income tax return for tax year 2022. Syed Rehan Hasan Jafri, President, Karachi Tax Bar Association (KTBA) expressed these views while talking to PkRevenue.com. He said that only couple of days […]
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KTBA demands perfect tax return form before setting filing deadline
The Karachi Tax Bar Association (KTBA) has strongly criticized tax authorities for their handling of unresolved issues surrounding the filing of income tax returns for the tax year 2022.
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FBR directs IR offices to avoid recovery in pending appeals
KARACHI: Federal Board of Revenue (FBR) has directed the offices of Inland Revenue (IR) to avoid undue recovery proceedings until a case has passed the test of appeal at first appellate. In an official note circulated to all chief commissioners of Large Taxpayers Offices, Corporate Tax Offices, Medium Taxpayers’ Office and Regional Tax Offices regarding […]
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FBR fails to remove return filing glitches; KTBA seeks legal time
A leading tax bar on Friday pointed out failure of the Federal Board of Revenue (FBR) in removing errors/glitches in the return filing as only a week left for the last date. Karachi Tax Bar Association (KTBA) in its letter to FBR chairman and other higher authorities to resolve issues in online return filing for […]
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KTBA highlights pharmaceutical industry’s reporting issues
Karachi Tax Bar Association (KTBA) on Friday highlighted difficulties faced by pharmaceutical industry in reporting of sales after implementation of Finance Act, 2022. KTBA President Syed Rehan Hasan Jafri in a letter to Asim Ahmad, Chairman of Federal Board of Revenue (FBR) apprised about the implications faced by the bar members after amendments introduced in […]
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KTBA recommends changes in IRIS for calculating deemed income on properties
KARACHI: Karachi Tax Bar Association (KTBA) has recommended the tax authorities to make changes in IRIS – return filing portal – to determine the fair market value of immovable properties to pay tax on deemed income.
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