Tag Archives: Income Tax Ordinance 2001

FBR clarifies tax treatment of Islamic financial institutions

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ISLAMABAD: Federal Board of Revenue (FBR) has issued clarification regarding interpretation of certain provisions of the income tax laws in the context of Islamic banking.

Turnover tax on electronic trade reduced to 0.5pc

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ISLAMABAD: The turnover income tax has been reduced to 0.5 percent from 1.25 percent for entities engaged in e-commerce.

Income tax on undistributed profit reduced to 7.5pc

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ISLAMABAD: The proposed income tax rate of 10 percent on undistributed profit by listed companies has been reduced to 7.5 percent for the tax year 2018.

Deposits of branchless banking sharply down by 32.52pc

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KARACHI: The deposits of branchless banking has sharply declined by 32.52 percent to Rs7.9 billion by quarter end January – March 2017 as compared with Rs11.71 billion in the previous quarter of October – December 2016.

Tax rate for loss declaring companies enhanced by 25pc

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KARACHI: Federal Board of Revenue (FBR) has increased tax rate for loss declaring companies by 25 percent.
Through Finance Bill, 2017 amendment has been introduced to Section 113 of Income Tax Ordinance, 2001.

Tax allowance on education expenses allowed to individual having taxable income Rs1.5 million

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KARACHI: Federal Board of Revenue (FBR) has enhanced limit for individual’s taxable income for allowing deduction allowance on education expenses.

NPO’s funds not spent on charity to be taxed

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KARACHI: The funds of Not for Profit Organizations (NPOs) have been checked by the government in the budget 2017/2018 as funds not utilized on charity will be subjected to income tax.

New regime of tax on undistributed profits introduced

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KARACHI: The tax on undistributed reserves has been substituted by a new concept of tax on undistributed profits for the year of every public company other than scheduled bank and modaraba.

Property transactions become major source for money whitening

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KARACHI: Property transactions have become major source of money whitening as bulk of concealed income documented under tax amnesty granted by the government about five months ago.

Person’s all profit, gains to be treated as income from business for tax chargeability

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KARACHI: All profit and gains in a business carried on by a person in a year will be treated as income from business for the purpose of paying income tax.