FBR to impose 100 percent penalty for not mentioning money in tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has started examination of income tax returns filed for tax year 2020 and directed tax offices to identify undisclosed income / amount for imposing 100 percent penalty. According to sources in the FBR the tax authorities had started examination of tax returns filed for the tax year 2020 and […]

by Mrs. Anjum Shahnawaz

Non-filers may face concealment of income charges

ISLAMABAD: Federal Board of Revenue (FBR) may invoke provisions of Tenth Schedule of Income Tax Ordinance, 2001 under which non-filers of income tax returns for tax year 2020 may face charges of concealment of income. Rule 3 of the Tenth Schedule of Income Tax Ordinance, 2001, explained: (1) Where for a tax year person’s tax […]

by Mrs. Anjum Shahnawaz

Income Tax Ordinance 2001 Defines Unexplained Income and Assets for Taxation in 2019

ISLAMABAD – The Income Tax Ordinance 2001 has laid out specific provisions for addressing unexplained or concealed income and assets, offering a framework for taxation during the tax year 2019. Section 111 of the Ordinance defines the parameters of unexplained income or assets, providing transparency and guidelines for both taxpayers and tax authorities. Section 111: […]

by Mrs. Anjum Shahnawaz