How to File UBO Form on FBR IRIS Portal?
Before we delve into the filing process, let’s clarify what a Beneficial Owner (UBO) is. A UBO is an individual who ultimately owns or controls a legal entity, such as […]
Restriction on Non Filers for Investment & Car Purchases
The Tax Laws (Amendment) Bill 2024 introduces transformative changes aimed at regulating economic transactions and enhancing tax compliance. Among its significant inclusions is Section 114C, titled “Restriction on Economic Transactions […]
New Restrictions on Property Transfers for Non-Filers
The Federal Board of Revenue (FBR) has been granted significant new powers under the Tax Laws (Amendment) Bill 2024. One of the most notable provisions is the introduction of Section […]
How to Apply for Change in Accounting Method?
The application to change the method of accounting is guided by Section 32(4) of the Income Tax Ordinance, 2001. According to this section: A person can apply in writing to […]
Your FBR Password will Expire in Sixty Days
The Federal Board of Revenue (FBR) has announced a new security measure for its online tax portal, IRIS: a mandatory password expiry policy. This change requires users to update their […]
How to Remove Your Business from NTN?
As a sole proprietor in Pakistan, managing your tax obligations efficiently is crucial. One important aspect of this is keeping your National Tax Number (NTN) records accurate and up-to-date. This […]
Step-by-Step Guide on DNFBP De-registration with FBR
Here’s a detailed guide on how to apply for de-registration of a DNFBP with the FBR: Understanding DNFBPs and De-registration DNFBPs are businesses and professions that, due to the nature […]
Can a Dead Person Be Asked to File an Income Tax Return?
In Pakistan, there can be situations where the Federal Board of Revenue (FBR) asks for an income tax return to be filed, even for a person who has passed away. […]
Did You Get Advance Tax Notice Under Section 147 of Income Tax?
In recent weeks, many taxpayers have been receiving advance tax notices via email or physical communication, urging them to deposit the specified tax amount within a given deadline. These notices […]
Don’t Miss the Deadline! File Your Company’s Tax Return by December 31st
If your company’s financial year ends on June 30th, you have until December 31st, 2024 to file your annual income tax return. No extensions will be granted unless you formally […]