Notice for “Super Tax” recovery suspended by SHC
KARACHI: Justice Yousuf Ali Saeed of High Court of Sindh suspended notices of recovery sent by Income Tax Department to plaintiff Tariq Rafi of Siddiq Sons. The plaintiff moved the…
Valuation of property; ABAD, realtors reject amendment to Income Tax Ordinance
KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the real estate sector have outrightly rejected amendment in the Income Tax Ordinance 2001 (ITO) and addition of a…
Finance ACT 2016 imposes adjustable advance income tax
KARACHI: The Finance Act 2016 has imposed 3.0 percent adjustable advanced income tax on the turnover declared by persons registered under provincial sales tax laws. According to Finance Act 2016,…
Finance Act 2016 restricts issuing of recovery notices
KARACHI: The Finance Act 2016 bars a Commissioner Inland Revenue from serving recovery notice on taxpayer where an appeal has been filed before adjudication. However, this restriction is subject to…