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December 16, 2018 12:00 AM FBR allows tax payers to file returns till Monday

ISLAMABAD: After receiving over 1.4 million tax returns so far in current fiscal against 1.1 million in corresponding period of last fiscal year, the FBR on Saturday announced for allowing taxpayers to file their income tax returns till Monday (December 17, 2018). night. He said that increasing number of return filers of 0.4 million was quite encouraging

December 15, 2018 12:00 AM ‘Sin tax’ expected to generate Rs50bln

KARACHI: The Federal Board of Revenue (FBR) is expected to ring up additional Rs50 billion in revenue from the proposed ‘sin tax’ on cigarettes and beverages, well-placed sources said on Friday. The government planned to impose Rs10 on each 20-packet of cigarettes and Re1 on a beverage bottle. The government intended to utilise the money obtained from ‘sin tax’ for health

December 13, 2018 2:19 PM Supreme Court orders private schools to cut fees by 20 percent

ISLAMABAD: The Supreme Court of Pakistan on Thursday ordered private schools to cut their fees by Rs20 percent and return the 50 percent of the amount they receive during the summer vacations. According to Geo News, a three-judge bench of the apex court headed by Chief Justice Mian Saqib Nisar during the hearing of the case pertaining to increase in school

November 30, 2018 7:03 AM SC summons record of Aleema Khan's properties

ISLAMABAD: The Supreme Court has summoned record of Aleema Khan's properties, according to Geo News. The TV channel reported that The Federal Board of Revenue adopted a ambiguous stance about Aleema Khan's properties outside the country when the Chief Justice of Pakistan' asked whether she owns any property abroad. During the hearing of case, Chairman 3

November 28, 2018 7:38 PM Army Chief filed tax returns a month before due date: FBR

ISLAMABAD: Pakistan Army is the most active institution in filing the tax returns, Federal Board of Revenue (FBR) officials said here Wednesday. Talking to media informally here, Dr Hamid Atiq, member FBR Tax Facilitation said, "Rs39.30 crore tax is being collected from Pakistan Army." He went on to say, "Chief of Army Staff filed his tax returns a month 5

November 28, 2018 12:00 AM Govt to waive penalty on late filing of tax returns

ISLAMABAD: The government has decided to waive penalty for late filing of tax returns, State Minister for Revenue Hammad Azhar said on Tuesday. In a tweet, he said the mandatory audit of the salaried group of late filers has also been withdrawn. These cases were selected for audit and penalty was prescribed by the previous government, the minister added 2

November 28, 2018 12:00 AM Extension in returns filing date sought

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has asked federal Minister for Finance Asad Umer to issue directives to the Federal Board of Revenue (FBR) to extend the last date for filing income tax returns up to December 31, 2018, a statement said on Tuesday. In a letter sent to the finance minister, the KCCI president said trade and business 1

November 15, 2018 1:08 AM FBR scheme for late filers of tax returns

ISLAMABAD: The Federal Board of Revenue has asked over one million late filers of tax returns to pay penalty or higher tax for automatic closure of audit proceedings. The late filers of returns for tax years 2015, 2016 and 2017 were selected for audit under Section 214D of the Income Tax Ordinance. The facility for availing automatic closure of audit 7

November 14, 2018 12:00 AM FBR presents audit closure options

Karachi: The Federal Board of Revenue (FBR) on Tuesday allowed conditional closure of audit proceedings of the taxpayers, who were automatically selected for non-compliance or late filing of income tax returns. The FBR gave options to the taxpayers, who are facing audit proceedings for having filed their tax returns after due date, a statement said. The FBR is facing 1

November 9, 2018 12:00 AM Government set to release lawmakers’ tax directory 2017

ISLAMABAD: The government is soon to publish a tax directory of lawmakers after a one-year break and more than 100 individuals in the list are shown as non-filers, sources said on Thursday. The previous Pakistan Muslim League (Nawaz) government introduced the practice of issuing tax directory dedicated to lawmakers in 2013. Officials said the federal 4