Proposed Changes in the Income Tax Ordinance, 2001 through Finance Bill 2017-18
The proposed changes can be accessed here: https://drive.google.com/open?id=0BwUI-PxfjgugQ1FvbUZSdjZ1YUJWdDlKUEp0bEtIbk1pcmVj
Income tax @0.4% on banking transactions of non-filers extended till 31.03.2017
Vide SRO 37(I)/2017 dated 23.01.2017, Federal Government has extended the period of operation of SRO 811(I)/2016, dated 31.08.2016, till 31.03.2017, wherein amendment was made in Division XXI of Part IV of the Income Tax Ordinance, 2001. Through this amendment income tax @ 0.4% will be charged on banking transactions of non-filer for the period up…
Changes in Income Tax Ordinance, 2001 through the Income Tax (Amendment) Act, 2016
The changes can be accessed here: https://drive.google.com/open?id=0BwUI-PxfjgugZlNmRjdlbFZ3RTd2UG1qVlNHSjZuMnhQRktZ
Input tax adjustment in respect of sales tax paid on services allowed vide the Tax Laws (Amendment) Ordinance, 2016.
Section 2(14) of the Sales Tax Act, 1990 has been amended by the Tax Laws (Amendment) Ordinance, 2016. By virtue of the amendment, input tax adjustment in respect of sales tax paid on services has been allowed.
Extension in date of filing of Withholding Tax statement
The Federal Government has extended the date of filing of Withholding Tax statement, which was due on 15th July, 2016, till 22nd July, 2016 vide Circular No.06 of 2016.
Proposed Changes in Income Tax Ordinance, 2001 through Finance Act 2016-17
The proposed changes can be accessed here: http://akhtarali.com/wp-content/uploads/2016/06/Shahid-Bashir-Sb-Budget-2016-17.docx
Increase in fixed rate of duty and taxes on import of Vehicles
Vide SRO 1175(I)/2015 dated 30.11.2015 certain amendments have been made in SRO 577(I)/2005 dated 06.06.2005. Through these amendments, fixed rate of duty and taxes on vehicles of engine capacity up to 1800cc has been increased w.e.f. 01.12.2015. New rates of duty and taxes are as under: Sr. No. Automotive vehicles of Asian makes meant for…
Extension in the cut-off date of 0.3% tax under section 236-P
Vide SRO 1182(I)/2015 dated 01.12.2015, Federal Government has extended period for which interim rate of 0.3% will be charged on banking transactions of non-filer up to 31.12.2015. A copy of the Notification can be accessed here: http://akhtarali.com/federal-board-of-revenue/
Extension in date of filing of annual Income Tax returns / Statements
Vide Circular 12 of 2015 dated 30.11.2015, FBR has extended date of filing of annual returns/ statements for the tax year 2015 up to 31.12.2015 which were due on 31.08.2015 and 30.09.2015. Date of filing has earlier been extended up to 31.10.2015 vide Circular No. 8 of 2015 dated 30.09.2015 and up to 30.11.2015 vide Circular 11…
Amendment in section 153 and Second Schedule of Income Tax Ordinance, 2001
As per provisions of section 153(1)(b) read with proviso in clause (b) in sub-section (3) of section 153, the tax deductible on payments for the rendering of services shall be the minimum tax on transactions irrespective of the status of recipient of money. Following amendment has been made through Income Tax (Second Amendment) Ordinance, 2015…