KARACHI: Regional Tax Office (RTO) –III Karachi has been authorized to examine incomes all salary persons in private sector within the jurisdiction of Karachi division. The Federal Board of Revenue (FBR) issued revised jurisdiction order for RTO-III Karachi effective from October 03, 2019. The Zone-I of the regional tax office will have authority to exercise […]
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. […]
ISLAMABAD: The government has allowed late filers to include Active Taxpayers List (ATL) after payment of penalty. Presently, as per law the late filers are not allowed to ATL entry till next tax year. The government has proposed this relaxation through Finance Bill, 2019 as part of budget 2019/2020. The payment of penalty has been […]
ISLAMABAD: The government has withdrawn tax incentives to salary persons and introduces massive changes in the tax card for salaried persons through Finance Bill 2019. The tax exempt salary income has been increased from Rs400,000 to Rs600,00 for tax year 2020. For salaried individuals deriving income exceeding Rs.600,000, eleven taxable slabs with progressive tax rates […]
ISLAMABAD: The government may restore threshold of taxable salary income to June 30, 2018 level in the budget 2019/2020 after facing Rs50 billion revenue loss in the current fiscal year and considering difficult economic situation in the year ahead. Sources said reverting tax rates for salary persons to the June 30, 2018 position was under […]
KARACHI – Bank deposits from salaried individuals have seen a substantial increase of 17.26 percent, reaching an impressive sum of Rs1,569 billion by December 31, 2018, as compared to Rs1,338 billion during the same period the previous year.