Pakistan Revenue
The Federal Board of Revenue (FBR) has issued a reminder to salaried individuals, emphasizing the necessity of retaining tax and salary certificates for a minimum of six years for assessment and audit purposes.
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ISLAMABAD: Salaried persons have paid Rs129 billion as income tax at source during tax year 2020, which is 70 percent higher than the collection under this head during preceding year, according to official documents. The FBR had collected Rs76 billion as income tax from salaried persons during tax year 2019. The FBR officials attributed to […]
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KARACHI: The deposits of salaried persons in the domestic banking system surged by 35 percent in August 2020 as financial institutions provided safe avenue for investment. The banking deposits of salaried persons increased to Rs2.252 trillion by end of August 2020 as compared with Rs1.671 trillion in the same month of the last year, according […]
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KARACHI: The collection of income tax from salaried persons registered 68 percent growth during July – March 2019/2020 due to upward revision in tax rates on various salary slabs, State Bank of Pakistan (SBP) reported in its Third Quarterly Report on Pakistan Economy issued on Thursday. The collection under this head increased to Rs89.7 billion […]
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KARACHI: Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). 1. Where taxable income does not exceed Rs. 600,000: the tax rate shall be zero percent 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax rate shall be 5 percent of the […]
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KARACHI: Pakistan Tax Bar Association (PTBA) has recommended to restore basic threshold of Rs1,200,000 for salaried persons in the budget 2020/2021.
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ISLAMABAD: Federal Board of Revenue (FBR) has issued video tutorials for filing income tax returns by salaried persons for tax year 2019. The video tutorials are series of FBR’s campaign to facilitate taxpayers to discharge their liabilities. The FBR’s tutorials enable a salaried person to file his/her annual income tax returns without taking assistance of […]
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KARACHI: The salaried person shall follow the following slabs for filing income tax returns for tax year 2019 which is due on September 2019. 01. Where the taxable income does not exceed Rs400,000 the tax shall be zero. 02. Where the taxable income exceeds Rs400,000 but does not exceed Rs800,000 the tax amount shall be […]
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ISLAMABAD: Federal Board of Revenue (FBR) has issued draft income tax return form for salaried and business individuals for tax year 2019. The FBR issued SRO 951(I)/2019 on Friday and invited comments from stakeholders on the draft forms within seven days from the issuance of the date. The revenue body issued the draft electronic return […]
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