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FBR asks banks to submit details of cash withdrawal, non-cash transactions...

KARACHI: Federal Board of Revenue (FBR) has asked financial institutions to submit details of cash withdrawals and non-cash banking transactions by December 22, 2018.       The...

FBR urged to abolish 0.3pc WHT on cash withdrawal for return...

PESHAWAR: Business community has urged the Federal Board of Revenue (FBR) to abolish 0.3 percent withholding tax on cash withdrawal for income tax return...

Income Tax Ordinance 2001: Zakat deductible allowance against tax liability

KARACHI: Federal Board of Revenue (FBR) has said that taxpayers have been allowed to deduct the amount paid as Zakat as allowance against their...

Income Tax Ordinance 2001: carry forward losses against business income

KARACHI: The income tax law has allowed carry forward losses to the following tax year and set off against income from business.       The Federal Board...

Income Tax Returns: taxpayers can apply for date extension

KARACHI: Taxpayers can file an application to commissioner Inland Revenue for availing extension in date for filing annual income tax returns before time of...

Income Tax Ordinance 2001: Setting off losses against income

KARACHI: Federal Board of Revenue (FBR) has allowed setting off losses to taxpayers against their income tax liability with certain conditions.       The FBR recently issued...

No date extension for filing tax returns: FBR

KARACHI: Federal Board of Revenue (FBR) has said that it has not extended the last date for filing income tax returns for tax year...

Exemption allowed under Income Tax Ordinance 2001 not for other laws

KARACHI: Federal Board of Revenue (FBR) has said that no income tax exemption shall be allowed in any other law.     The FBR recently issued updated...

Number of taxes to be reduced from 34 to eight for...

ISLAMABAD: The business community is suffering a lot in shape of multiple tax slabs and tariff lines.       The government is working to rationalize taxes, regulatory...

Income tax returns can be filed by December 17: FBR

ISLAMABAD: The taxpayers can filed their annual income tax returns by mid-nigh December 17, 2018 despite the expiry of last date on December 15,...

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