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:-…

Federal Board of Revenue vide its letter C. No. 3(9)ST-L&P/2010/151448 dated 11.11.2013 has extended date of payment of duty and tax and filing of Federal Excise Duty and Sales Tax for the tax period October-2013 till 20.11.2013

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…

As per Circular No. 13 of 2013, dated 27th November, 2013 it has been clarified that Income Support Levy shall not be payable on entire business assets, it is payable on capital which is the difference between business assets and business liabilities

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…

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…

Sindh High Court has stayed the payment of Income Support Levy for the taxpayers who filed writ against the levy. Writs have also been filed in the Lahore High Court where the matter is at present pending, including the requests for grant of stay. It is suggested that all clients who want to challenge the…

Federal Board of Revenue vide its letter C. No.  2(21)/Tax Base/2011 dated 17.09.2013 has extended date of filing of Income Tax Return for the tax year 2013 up to 31.10.2013.

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…

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…