The date of filing of income tax return for the tax year 2015 has been extended up to 31.10.2015 vide Circular No.8 of 2015. A copy of the said circular can be found here http://akhtarali.com/federal-board-of-revenue/

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…

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/

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…

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…

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…

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                             …

PROPOSED AMENDMENTS IN INCOME TAX ORDINANCE, 2001 HIGHLIGHTS  Income Tax Separate withholding tax rates introduced for filers and non-filers, a filer being a person whose name appears on the active taxpayers’ list of FBR or who holds a taxpayer’s card. Bonus shares received by a shareholder to be treated as income subject to deduction of…