Punjab Revenue Authority vide its Notification No. PRA/Orders.06/2012 dated 03.01.2014 has inserted Rule (4A) in the Punjab Sales Tax on Services (Definitions) Rules, 2012 which states that if any service(s) is mentioned in the definition of any taxable service and has also been defined separately in the said Rules, such service shall be liable to…
NOTIFICATION (Income Tax) The following amendments/additions have been made by FBR through SRO.17 (I)/2014 dated 07-01-2014: In Part IV of the Second Schedule to the Income Tax Ordinance, 2001, two new clauses (89) and (90) have been added. Clause (89) By virtue of insertion of clause (89) the following category of persons shall not be…
NOTIFICATION (Income Tax) The following amendments/additions have been made by FBR through SRO. 1065(I)/2013 dated 20-12-2013:- In Part IV of the Second Schedule to the Income Tax Ordinance, 2001, four new clauses (85), (86), (87) and (88) have been added. Clause 85: By virtue of insertion of clause (84) through SRO. 1040, the tax payers…
Federal Government has issued SRO 1040(I)/2013 dated 05.03.2013 wherein a new clause (83)has been added in Part IV of Second Schedule of the Income Tax Ordinance, 2001. All taxpayers have been granted immunity from provision of audit for the tax year 2013 subject to the condition that they pay atleast 25% excess tax on their…
NOTIFICATION (Income Tax) SRO. 1035(I)/2013 Newly inserted section 165A by the Finance Act, 2013 makes it mandatory for the bank to furnish the following information:- (a) a list containing information regarding deposits amounting to one million rupees or more during the preceding month; (b) information regarding payments made in respect of credit card exceeding or…
The Federal Board of Revenue has issued Circular No.15 of 2013 (Income Tax) dated 10-12-2013 for the purposes of Proviso to clause (84) of SRO. 1040/2013 dated 05-12-2013 and to specify the Performa to claim exemption/immunity from audit u/s 177 and 214C of the Income Tax Ordinance, 2001. Part I of the Circular specifies the…
NOTIFICATION (Income Tax) The following amendments/additions have been made by FBR through SRO. 1065(I)/2013 dated 20-12-2013:- In Part IV of the Second Schedule to the Income Tax Ordinance, 2001, four new clauses (85), (86), (87) and (88) have been added. Clause 85: By virtue of insertion of clause (84) through SRO. 1040, the tax payers…
Federal Government has issued SRO 1072(I)/2013 dated 27.12.2013 whereby amendments have been made in its notification No. SRO 77(I)/2013 dated 07.02.2013. It may be recalled that SRO 77(I)/2013 relates to concessionary rate of excise duty on local supply equivalent to the sugar exported by sugar mills. After this amendment, the concessionary rate of duty has…
The Federal Board of Revenue has issued Circular No.15 of 2013 (Income Tax) dated 10-12-2013 for the purposes of Provision to clause (84) of SRO. 1040/2013 dated 05-12-2013 and to specify the Performa to claim exemption/immunity from audit u/s 177 and 214C of the Income Tax Ordinance, 2001. Part I of the Circular specifies the following:-…
The FBR has again amended Sales Tax Registration Rules, 2006 with reference to ‘place of registration’. After these amendments, the registration will be granted as under:- a) In case of listed or unlisted public limited company, the place where the registered office is located; b) In case of other companies,- (i) If the company…
