201509.29
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Extention in date of filing of Withholding Statements for the periods July & August-2015

Federal Board of Revenue vide Circular 07 of 2015 dated 28.09.2015 has extended date of filing of withholding statements u/s 165(2) of the Income Tax Ordinance, 2001 up to 08.10.2015 for the periods July-2015 and August-2015. These statements were due on 15.08.2015 and 15.09.2015 respectively. The date of submission of these had already been extended up to…

201509.18
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Federal Board of Revenue has issued Circular No.6 of 2015

Federal Board of Revenue has issued Circular No.6 of 2015 dated 15.09.2015 extending date of filing of statements under section 165(2) of the Income Tax Ordinance, 2001 for the months of July-2015 and August-2015 up to 28.09.2015. The said Circular can be accessed here: http://akhtarali.com/federal-board-of-revenue/

201506.09
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Budgetary Changes in the Income Tax Ordinance, 2001

The Changes proposed through Finance Bill, 2015 are as under: PROPOSED CHANGES IN INCOME TAX ORDINANCE 2001   THROUGH FINANCE BILL 2015   Definition      Section 2   The following new clauses have been proposed to be inserted in section 2:- Clause (13AA)   “Consumer goods” have been defined as goods that are consumed by end…

201502.18
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NEW RATES FOR TAX AT IMPORT STAGE FOR NON-FILER

In the Part-II of First Schedule, there were uniform rates of tax collection u/s 148 (Imports) for filers and non-filers. Now, through SRO 136(I)/2015 dated 13.02.2015, different rates of tax collection have BEEN given for the filers and non-filers. Sr.No. Persons Filers Non-filers (i) Industrial undertaking importing remeltable steel (PCT Heading 72.04) and directly reduced…

201502.02
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NEW RATES FOR TAX AT IMPORT STAGE FOR NON-FILER

In the Part-II of First Schedule, there were uniform rates of tax collection u/s 148 (Imports) for filers and non-filers. Now, through SRO 136(I)/2015 dated 13.02.2015, different rates of tax collection have BEEN given for the filers and non-filers. Sr.No. Persons Filers Non-filers (i) Industrial undertaking importing remeltable steel (PCT Heading 72.04) and directly reduced…

201409.25
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Selection of Cases for Audit for Tax Year 2013 by FBR through Computer Ballot

FBR on 25.09.2014 has selected following number of taxpayers for audit through random computer ballot. Income Tax Corporate                                    1,876 cases Income Tax Non-Corporate                        62,962 cases Sales Tax Corporate                                        1,410 cases Sales Tax Non-Corporate                            11,095 cases Federal Excise Corporate                             …

201405.29
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Exemption From Advance Tax on Import of Potatoes

Federal Government vide SRO ____(I)/2014 dated 02.05.2014 has made an amendment in Part IV of the Second Schedule of the Income Tax Ordinance, 2001 by inserting a new clause (56B). By virtue of newly added clause provisions of section 148  (Advance tax on imports) shall not be applicable in respect of import of 200,000 metric tons…

201405.03
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Exemption From Advance Tax on Import of Potatoes

Federal Government vide SRO ____(I)/2014 dated 02.05.2014 has made an amendment in Part IV of the Second Schedule of the Income Tax Ordinance, 2001 by inserting a new clause (56B). By virtue of newly added clause provisions of section 148  (Advance tax on imports) shall not be applicable in respect of import of 200,000 metric tons…