How much Information Banks are Sharing with FBR?
Section 165A of the Income Tax Ordinance, 2001, imposes a duty upon banking companies in Pakistan to provide certain information to the Federal Board of Revenue (FBR). This section is […]
Gold and Taxes: A Guide to Capital Gains Tax on Gold in Pakistan
Gold has long been a popular investment choice, offering a hedge against inflation and economic uncertainty. However, the sale of gold can lead to capital gains tax, a significant financial implication for many.
New Penalties for Incomplete Income Tax Returns
The Income Tax Ordinance (ITO) in Pakistan has been strengthened with the enforcement of the Finance Act 2024. This update introduces stricter regulations and harsher penalties for companies and associations […]
New Fines Imposed for Non-Compliance u/s 182 for Tax Year 2025
The Finance Act 2024 introduces various penalties for individuals and businesses who fail to comply with tax regulations. This article dives into some key areas where non-compliance can lead to […]
Understanding Tax Liability After Company Closure in PRA
Don’t Leave Debts Behind Closing a private company or business enterprise in Punjab comes with legal and financial responsibilities. One crucial aspect is ensuring all outstanding taxes are settled before […]
FBR Tax Notices – How to Stay Informed and Respond Timely
The Federal Board of Revenue (FBR) has adopted a more proactive approach to tax collection. This includes sending notices to taxpayers to ensure compliance. Here’s a guide to help you […]
A Guide to Withholding Tax and Due Date for Deposit
This article delves in deduction of tax at source on payments as per Income Tax Ordinance, 2001 made for the supply of goods and services. This is an important tool […]
FBR SWAPS System for Withholding Tax Collection & Fines on Non-Compliance
Federal Board of Revenue (FBR) has introduced a new system called Synchronized Withholding Administration and Payment System (SWAPS). This initiative aims to improve efficiency and transparency in collecting withholding tax […]
Understanding Suspension of Your Tax Registration in Punjab Revenue Authority
Navigating the intricacies of tax regulations can be daunting, particularly when it comes to the potential suspension or de-registration of your tax registration. This article demystifies the process outlined in […]
Avoid Travel Bans and Bank Woes, File Your Returns!
Don’t get grounded or locked out! The Federal Board of Revenue (FBR) is cracking down on non-filers with serious consequences in 2024. Here’s what you need to know: File your […]