Karachi, September 7, 2023 – The Federal Board of Revenue (FBR) in Pakistan has introduced a policy to compensate taxpayers for delayed income tax refunds.
President of Pakistan, Dr. Arif Alvi, Sunday ordered that a genuine tax refund cannot be refused even after late filing of a claim.
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday asked taxpayers to provide IBAN of their bank accounts for receiving refund payment through online system. FBR spokesman said that the tax body had devised a centralized system of online payment of Sales Tax, FED and Income Tax refunds directly in the bank account of the taxpayers. […]
KARACHI: A taxpayer is allowed to claim refund against excess payment of income tax against total liability during a tax year. Federal Board of Revenue (FBR) has notified procedure to apply for income tax refunds. The taxpayer should follow the procedure in order to file an application for availing income tax refund: Prescribed application for […]
KARACHI: Salary persons having above threshold income for tax year 2019 should obtain certificates of withholding tax in order to get refund / adjustment after filing annual income tax returns. There are many provisions of withholding taxes under Income Tax Ordinance, 2001 where withholding agents deduct tax, which are adjustable against tax liability of taxpayers. […]
KARACHI: Mrs. Surriya Ahmed Butt, Chief Collector of Appraisement (South) has issued directives to customs authorities to simplify refund payment system. The chief collector issued the directives in a meeting with members of Karachi Customs Agents Association (KCAA), a statement issued on Tuesday. At the meeting the customs agents pointed out that the traders were […]
KARACHI: The officers of Inland Revenue have been authorized to recover tax for refund amount erroneously issued to taxpayer along with penalties and default surcharge. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), Section 11 of the Act explained the powers of IR officials for assessment of tax and […]