Budget 2021/2022 to Focus on Easing Tax Burden: Member IR

by Feature Writer - January 15, 2021January 15, 20210

The upcoming federal budget will ease the burden on the industrial sector to reduce the cost of doing business to facilitate industrial and exporters, Dr. Muhammad Ashfaq, Member Inland Revenue (Operations), Federal Board of Revenue (FBR), said on Friday.The Member was addressing the members of Karachi Chamber of Commerce and

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FBR Extends Date for Updating Taxpayers’ Profile up to March 31

by Feature Writer - December 30, 2020December 30, 20200

Federal Board of Revenue (FBR) on Wednesday extended the last date for updating taxpayers profile up to March 31, 2021.The FBR granted the date extension for ninety days from the existing last date of December 31, 2020.The tax body issued Circular No. 08 pf 2020 IR/Operations to extend the last

FBR Launches Online Module to Promote Investment in Green Field Industry

by Sidrah Saad - December 17, 2020December 17, 20200

In an attempt to promote investment in the Green Field Industry and facilitate individuals who want to invest in this sector, the Federal Board of Revenue (FBR) has launched an online portal in Iris that will facilitate the application filing process for the grant of Green Field Industry Status.The regulatory

FBR Announces Cash Back on Sales Tax to Encourage Documentation

by Feature Writer - December 17, 2020December 17, 20200

The Federal Board of Revenue (FBR) on Wednesday allowed customers to get five percent cash back on sales tax paid on purchases from retailers that are integrated with the FBR’s online system.The amount of five percent of the sales tax paid to the integrated retailers can be redeemed through FBR’s

Return Filing Date Extended up to December 24

by Feature Writer - December 14, 2020December 14, 20200

Federal Board of Revenue (FBR) has granted date extension up to December 24, 2020 for filing annual income tax return to those taxpayers who submitted applications under Section 119 of Income Tax Ordinance, 2001.The last date for filing income tax return was expired on December 08, 2020. The FBR refused

FBR Finalizes Return Form for Small Manufacturers After Filing Expiry Date

by Feature Writer - December 9, 2020December 9, 20200

Federal Board of Revenue (FBR) on Wednesday issued a simplified single-page income tax return form for small manufacturers a day after when the last date for filing income tax return was expired.The FBR issued SRO 1316(I)/2020 dated December 09, 2020 to notify the simplified income tax return form for individuals

Income Tax Returns: Taxpayers Can File Applications Till Midnight, FBR

by Feature Writer - December 8, 2020December 8, 20200

The Federal Board of Revenue on Tuesday announced that taxpayers can file their income tax returns till midnight online.According to an FBR spokesperson, all commercial banks will be open to taxpayers until 9pm tonight.Moreover, all FBR field offices will be open to taxpayers until 10pm, the spokesman said.Applications for extensionThe

Date for Filing Income Tax Returns May be Extended

by Feature Writer - December 8, 2020December 8, 20200

The government may announce an extension in last date for filing return of income and wealth statement for tax year 2020, sources said.Today i.e. Tuesday December 08, 2020 is the last date for filing income tax returns for tax year 2020. As per Income Tax Ordinance, 2001 the last date

FBR says December 8 Last Date to File Income Tax Returns

by Feature Writer - December 5, 2020December 5, 20200

The Federal Board of Revenue (FBR) has set December 8 as the last date to file tax returns, according to a circular the body issued Friday to the commissioners, stressing that there could be no further extension.In its circular, the FBR said extending the deadline for the filing of tax

PRAL Issues Cyber Security Advisory for FBR Officials Working from Home

by Feature Writer - December 3, 2020December 3, 20200

Pakistan Revenue Automation (Pvt) Limited (PRAL) has issued cyber security advisory for officials of Federal Board of Revenue (FBR), who are working from home in the wake of resurgence of coronavirus.In its advisory issued on Thursday, the PRAL said that switching to remote working because of the ongoing coronavirus pandemic