Govt likely to lower taxable income limit in budget: sources
Those earning eight to 10 Lac will pay Rs. 1667 monthly income tax, while those having income between 15-18 Lac range will pay 6771 monthly income tax.
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Income Tax
FBR extends deadline for filing of income tax returns by April 30
Federal Board of Revenue (FBR) has extended the deadline for filing of income tax returns and statements for the tax year 2018 till April 30.
Today marks the Last day for filing annual income tax returns: FBR
ISLAMABAD: The Federal Board of Revenue’s (FBR) time limit will end today (Friday) for people to file their income tax returns and wealth statements.
According to details, FBR had extended the deadline in September for filing of annual income tax returns and wealth statements till November 30. But as of now, more extension in deadline will not be approved.
https://arynews.tv/en/fbr-extends-date-filing-tax-returns/
The sources stated, "The names of the people will be visible straight away in the active tax payer…
FBR registers 55% increase in tax returns
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that it has registered a landmark 55 percent increase in the number of income tax returns filed until October 10, 2018 as compared to the corresponding period last year.
"FBR has until 10.10.2018 received 482,275 Income Tax returns for the Tax Year 2018, which are 170,208 more than the 312,067 Income Tax returns received for Tax Year 2017 by the same date, registering an impressive increase of 55%," reads a statement issued by FBR
The FBR statement said that…
Govt not to collect sales, income tax from FATA
ISLAMABAD: The caretaker federal government has decided not to collect sales tax on electricity and manufacturing and income tax on profits in business from the FATA and PATA areas as part of implementation of tribal areas' merger with Khyber Pakhtunkhwa (KP).
This was stated by caretaker Minister for Information and Broadcasting Syed Ali Zafari while briefing the media about decisions taken in the cabinet's meeting held in Islamabad on Wednesday with Prime Minister Nasirul Mulk in the chair.
Syed Ali Zafar, who heads…
Deadline for filing income tax returns again extended
ISLAMABAD: The Federal Board of Revenue (FBR) has extended due date for filing of income tax returns or statements by salaried individuals, other individuals and association of persons (AOPs), till November 30.
Extension of date had been approved by Finance Minister Senator Mohammad Ishaq Dar on the proposal of FBR, in view of the requests made by tax bars, various trade associations and members of the business community as they could not find ample time for filing of their tax returns, an FBR press release said.
It…
Pakistan, Switzerland ink revised agreement on avoidance of double taxation
ISLAMABAD: Pakistan and Switzerland on Tuesday signed the revised 'Agreement on Avoidance of Double Taxation' with respect to taxes on income.
The agreement was signed by the Ambassador of Switzerland Marc George and Chairman Federal Board of Revenue Dr. Muhammad Irshad. Finance Minister Ishaq Dar and Special Assistant to the Prime Minister on Revenue Haroon Akhtar Khan was also present on the occasion.
The revised agreement will open new vistas for cooperation, especially in the areas of exchange of information for…
Rahat Fateh Ali Khan issued notice to failing to disclose foreign earnings
LAHORE: The Federal Board of Revenue (FBR) has issued a notice to famous singer Rahat Fateh Ali Khan seeking explanation about his foreign revenues, ARY News reported.
Govt imposes 4% income tax on PCB
ISLAMABAD: The federal government has on Friday imposed 4 percent income tax on Pakistan Cricket Board (PCB) and directed the body to pay income tax of last six years within one month, ARY News reported.
FBR prepares new income tax annual return form
ISLAMABAD: Federal Board of Revenue (FBR) has prepared income tax annual return form for Tax Year 2015 by incorporating necessary legal changes and suggestions of the business community and of professional bodies.