FBR directs conducting audit to cross match turnover

ISLAMABAD: Federal Board of Revenue (FBR) has directed field offices to conduct desk audit of returns filed for tax year 2020 to cross match turnover for avoiding misuse/mis-declaration. The FBR on Tuesday said that it had clarified on December 03, 2020 on ‘technical issue in filing of tax return 2020 dated December 03, 2020’ on […]

by Mrs. Anjum Shahnawaz

Complete list of withholding tax rates for tax year 2020

Nov 13

Taxation

Complete list of withholding tax rates for tax year 2020

ISLAMABAD: Following is the complete list of withholding tax rates applicable for tax year 2020. The rates have been updated by the Federal board of Revenue (FBR) till June 30, 2019. The withholding tax card also included the 100 percent higher tax rates for persons not on the Active Taxpayers List (ATL).

by Mrs. Anjum Shahnawaz

FBR issues salary tax card for Tax Year 2020

Oct 6

Taxation

FBR issues salary tax card for Tax Year 2020

KARACHI: Federal Board of Revenue (FBR) has issued salary tax card for tax year 2020 after incorporating changes brought through Finance Act, 2019 to Income Tax Ordinance, 2001. The FBR issued Income Tax Ordinance, 2001 updated till June 30, 2019 under which tax rates for salary persons would be applicable from July 01, 2019 to […]

by Mrs. Anjum Shahnawaz

FBR explains salary tax to be chargeable for Tax Year 2020

Oct 5

Taxation

FBR explains salary tax to be chargeable for Tax Year 2020

KARACHI: Federal Board of Revenue (FBR) has explained the treatment of salary tax to be applicable during Tax Year 2020. The FBR issued Income Tax Ordinance, 2001 updated till June 30, 2019 and explained the taxability on salary received by an employee. Under Section 12 of the Income Tax Ordinance, 2001 the salary chargeable to […]

by Mrs. Anjum Shahnawaz

FBR issues computation of taxable income for tax year 2020

Oct 4

Taxation

FBR issues computation of taxable income for tax year 2020

KARACHI: Federal Board of Revenue (FBR) has issued computation of taxable income for the tax year 2020 (July 01, 2019 to June 30, 2020). The FBR issued Income Tax Ordinance, 2001 updated till June 30, 2019 under which the computation of taxable income for tax year 2020 has also been updated. According to Section 09 […]

by Mrs. Anjum Shahnawaz