The Federal Board of Revenue (FBR) has issued draft income tax return form for individuals, deriving income under any head other than salary/ business for tax year 2021. The FBR has issued the draft return form through an SRO1022(I)/2021 to amend the Income Tax Rules 2002. Such form for individuals issued, who are deriving income
FBR clarified that taxpayer can submit tax return even after due date. FBR said that file your tax returns as soon as possible because late filers will be penalized more penalties that the earlier filers. Extended time has already been allowed to the taxpayers who applied for extensions. (For More Details Click here). RELATED
Federal Board of Revenue (FBR) exempted overseas Pakistanis from tax on ‘profit on bank deposits’. Exemption Certificate required to provide to the bank to take exemption form tax. The FBR issued an Income Tax Circular Number 6 of 2020 here stating that:(CLICK HERE FOR MORE DETAILS). MORE STORIES: Taxpayers still allowed to file
Schedule of examinations of exams (CAF, AFC, WST) of Institute of Chartered Accountants of Pakistan (ICAP). For Result of ICAP exams Click Here ! RELATED ! CA Pakistan Results
Federal Board of Revenue (FBR) extended the last date for filing income tax return up to December 08, 2020. The FBR issued Circular No. 04 of 2020 to extend the date of filing of income tax returns for the tax year 2020. The individuals and association of persons who required to file their income tax
The heads of all the welfare organizations informed that as per the instructions of the Government of Punjab, all such welfare organisations which registered with the Registrar of Joint Stock Companies Punjab should now register under the Punjab Charity Act 2018. For registration process CONTACT US (CLICK HERE FOR REGISTRATION) The deadline to apply online
Calculation of Tax on Salary is an important calculation. All the Employers deduct every month tax on salary. Tax on Salary in Pakistan under the Income Tax Ordinance 2001 did not change by the current PTI government. It will remain same as per the previous tax year tax rates (Tax Year 2020). So, tax rates
Ramadan Mubarak for 2020 to all Muslim brothers and sisters from Global Tax Consultants Lahore. By the grace of Allah almighty, Allah has given us another opportunity in the shape of holy month of Ramadan. To which we should thank to Allah almighty for his such blessing on us. In this holy month we all
Following is Third Schedule to Sales Tax in which consumer items are mentioned for collection of sales tax on the basis of printed retail price: • Fruit juices and vegetable juices. • Ice Cream. • Aerated waters or beverages. • Syrups and squashes. • Cigarettes. • Toilet soap • Detergents • Shampoo Sales tax rates
Gift Conditions | Received Through Crossed Cheque / Bank Transfer | Gift Deed signed between the Parties | Both the Receiver & Sender has declared in their Tax Returns | Otherwise will be taxed & Included In ‘Income from other sources’ || The FBR will consider provision of gift from closed blood relations if received
