Tag Archives: Income Tax Ordinance 2001

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

fbr

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.

Taxpayers can claim compensation at KIBOR+0.5pc against delayed refunds

fbr

KARACHI: Taxpayers can claim compensation at against delayed refunds of income tax where tax authority has verified the amount in favor of taxpayers.

NTN condition exempted for small size companies

secp

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has granted exemption from requirement of National Tax Number (NTN) under the Companies Ordinance, 2016 for a period of two year.

Registration authorities guided for correct withholding tax deduction on property transfer

fbr

ISLAMABAD: Regional Tax Office (RTO) Islamabad has organized a seminar to create awareness about different withholding provisions of the Income Tax Ordinance 2001 and the Finance Act 1989 pertaining to transfer / registration of immovable property, said a statement on Wednesday.

FBR issues draft rules for tax computation of bonus shares issued by companies not quoted on stock exchange

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for computation of income tax on bonus shares issued by companies not quoted on the stock exchange.

Tax neutrality to Sukuk granted: SECP

secp

ISLAMABAD: On the recommendations of the Securities and Exchange Commission of Pakistan (SECP), the federal government has accorded tax neutrality to sukuk by allowing certain tax exemptions that were earlier available only to conventional securitization issues, said a statement on Monday.

Builders, developers barred from adjusting withholding tax; FBR issues computation rules

fbr

ISLAMABAD: The Federal Board of Revenue (FBR) has barred builders and developers from adjusting withholding income tax against any other head during the year to the extent of activities which falls under the final tax regime.

Court declares collection of capital gain tax on disposal of securities as illegal for disputed year

fbr

KARACHI: The High Court of Sindh (SHC) has declared collection of capital gain tax by Federal Board of Revenue (FBR) as illegal for the period 2014/2015 due to a lacuna in the law was not addressed.

Committee formed to make rules for immovable property valuation; no amnesty for concealed income

fbr

ISLAMABAD: A committee has been formed on Monday to formulate rules and develop mechanism for the valuation of immovable properties under new legislation brought in Income Tax Ordinance, 2001. No option to introduce amnesty scheme for income concealed behind property investment.

Updated tax slabs for salaried persons in 2016/2017

fbr

KARACHI: Federal Board of Revenue (FBR) has issued updated tax slab for salaried persons. The tax slabs are applicable for year 2016/2017, according to Income Tax Ordinance, 2001 updated as on July 01, 2016.