201311.29
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Amendments in Income Tax Ordinance, 2001

By virtue of amendments in sections 116(2) and 116(4) in the Finance Act, 2013, every individual filing income tax return or statement under final tax regime was required to furnish wealth statement and wealth reconciliation statement. This amendment was effective from the tax year 2013. Certain amendments have now been made in the said law…

201310.29
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EXTENSION OF DATE OF FILING OF INCOME TAX RETURN

Federal Board of Revenue has extended the date of filing of income tax returns/Statement for the tax year 2013 up to 30 November, 2013 for those companies whose tax period ended any time between 1.07.2012 to 21.12.2012 as well as other persons for whom these had previously been due on or before 30.09.2013 but had…

201310.20
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S.R.O__(I)/2013 dated 04.10.2013 — Income Tax

Following Amendments have been made in the Second Schedule of the Income Tax Ordinance, 2001 through SRO (I)/ 2013 dated October 2013: 1)      A new clause (14A) has been inserted in Part II of the Second Schedule to the Income Tax Ordinance, 2001. As per new clause, rate of collection of tax in the case…

201307.29
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SRO.669(I)/2013 dated 19.07.2013

FBR has issued SRO.669(I)/2013 on 19.07.2013. Text of the SRO is as under:- In exercise of powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001, the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely; In…

201306.29
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INCOME TAX ORDINANCE, 2001 – BUDGET PROPOSALS – 2013-14

SALIENT FEATURES  INCOME TAX Basic exemption limit is neither enhanced for salaried taxpayers nor for non salaried taxpayers. Two further slabs are added which results in increase in rates charged to high earners. Six further slabs are added which results in increase in rates charged to high earners. Marginal relief is withdrawn. Existing five slabs…