KARACHI: Sindh High Court (SHC) on Friday declared levy of tax on undistributed profits under Section 5A of Income Tax Ordinance, 2001 as unconstitutional and set aside all the show cause notices and demand notices issued by the tax authorities under the section. A division bench of the SHC ordered in Sapphire Textile Mills Limited…
KARACHI: Tax practitioners have advised the Federal Board of Revenue (FBR) to examine withholding statements and extract information of persons not paying taxes and not filing their annual returns. The members of Karachi Tax Bar Association (KTBA) in their pre-budget 2021/2022 seminar urged the FBR for mining of its database to identify new taxpayers &…
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified a panel of advocates to represent tax authorities before various courts and tribunals at Islamabad station. The FBR placed following advocates, on the Panel of FBR, relating to court matters of Inland Revenue Service for a period of three years:- 01. Atti q-Ur-Rehman 02. Usman Ahmed…
ISLAMABAD: The number of active taxpayers has been increased to 2.6 million by April 25, 2021 for tax year 2020, according to latest data released by Federal Board of Revenue (FBR) on Monday. The weekly Active Taxpayers List (ATL) for tax year 2020 updated those taxpayers’ names, who filed their income tax returns up to…
Prime Minister Imran Khan on Wednesday commended the Federal Board of Revenue (FBR) for posting an unprecedented 41 percent growth in revenue collection by March 2021.“I commend the efforts of FBR, I even have achieved a historic growth of 41 percent in March 2021 with recorded shares of Rs460 billion,” the prime minister said during…
The Federal Board of Revenue (FBR) on Friday extended the deadline for updating taxpayer information until June 30, 2021. FBR issued Circular No. 14 of 2021 March 26, 2021, to extend the date of renewal of the taxpayer profile from March 31, 2021 to June 30, 2021. The date has been extended with a request…
According to Tax Laws (Second Amendment) the Ordinance, of 2021 was announced the day before, the amount of the tax penalty under Section 182 of a misleading or false statement has been reduced to 50 percent from the 100 percent tax balance. Under Serial No. 10 of Section 182: any person who makes a false…
According to Profit.PkistanToday, taxpayers need to update their details by March 31, 2021, to avoid penalties and to be removed from the Active Taxpayers (ATL) list. The last day to renew the profile was December 31, 2020, extended by the Federal Board of Revenue (FBR) until March 31, 2021, in view of the problems faced…
The Federal Board of Revenue announces the new date for tax extension last Wednesday for taxpayers to update their profiling up to 31st March 2021. A new section 114A has been added into the Income-tax ordinance 2001 for taxpayers to update their profiles. As per Section 114A, it states: Section 114A: Taxpayer’s profile. (1) Subject…
1- Purpose of Dedicated Division Formation Existing Structure: FBR has a complex mechanism for exporters/business/trader facilitation, which is difficult for average user with limited technical capacity. Following systems are in place in FBR: IRIS, E-File Taxpayer Facilitation Portal, IRIS-ADX Application, Centralized Sales Tax & FED Assessment & Processing (CSTAP), Pay-Sys, Risk Management System (RMS), Sales…