Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2021 has been extended by by the Federal Board of Revenue (FBR). Minister Shaukat Tarin decided to extend the date considering the constant demands from the business community. The tax collection body had received applications
What is Pakistan Single Window and step by step registration procedure ?
What is Pakistan Single Window (PSW) and step by step registration procedure ? Pakistan Single Window (PSW) is a newly launched trade system, which provides a facility to parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements. For
Updated tax provisions for property rental income in budget 2021-22 (Finance Act 2021)
Updated tax provisions for property rental income in budget 2021-22 (Finance Act 2021) History of changes in Income Tax Ordinance, 2001 Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies. Finance Act, 2016 shifted it from normal tax regime to fixed
FBR issues draft income tax return form for individuals for Tax Year 2021
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 requested Taxpayers to update profile to avoid penalty, and exclusion from ATL
FBR advised to Taxpayers to update their profile by March 31, 2021 to avoid any penalty and further exclusion of there name from Active Taxpayers List (ATL). Last date for updating the profile was December 31, 2020. However, this date was then extended by the FBR up to March 31, 2021.For Details Click Here….
FBR Encouraged Taxpayers’ to resolve their legal cases through Alternative Dispute Resolution (ADRC)
FBR Encouraged taxpayers to resolve cases through ADRC immediately. FBR issued a press release at February 02, 2021 for information of the taxpayer. About the system of Alternative Dispute Resolution Committees (ADRC). FBR encouraged taxpayers to resolve their legal cases through ADRC. For Details Please Click Here.
Pakistan Customs introduced a pre-arrival clearance facility: Clearance in Sky
Clearance in Sky: Pakistan Customs introduced a pre-arrival clearance facility. Pakistan has introduced a system for pre-arrival clearance of imported goods coming through the air route. It will help to to facilitate business operations in the country with the aim of clearing the goods on time. For Complete Details CLICK HERE.
Relief in Sales Tax Rates by Punjab Revenue Authority
Through the Finance Act, 2020, the Government of the Punjab reduced the rate of Punjab Sales Tax on Services from 16% to 5% on more than twenty services. Punjab Revenue Authority also reduced the rate on payments made through credit / debit cards to restaurants and beauty parlours to 5%. Government also provided a big relief to Medical
FBR Clarification regarding tax profiling updation of salaried taxpayers
The Federal Board of Revenue (FBR) recently issued a legal explanation. That “salaried individuals” does not require to update their “tax profiles”. FBR issued Income Tax Circular 8 of 2020, whereby the FBR already extended the deadline to March 31, 2021. Click below link for for more details: Tax Profiles updation not required to salaried
FBR tasked to be fully digitized by July 2021: PM Says
PM Imran khan while addressing to inauguration ceremony of the e-bidding, e-billing, and GIS mapping system of National Highway authority shows commitment to make FBR fully digitized by the end of this financial year (June 2021). He said FBR tasked to fully digitize by July, 2021. For Complete details click below link: Digitization of