SHC allow petitions by service providers

KARACHI: An appellate bench of High Court of Sindh (SHC) allowed a bunch of petitions, 28 in all through a common order in favor of service providing companies against levy and deduction of Withholding Tax under Section 153 (1) (b) of the Income Tax Ordinance, 2001 (“Ordinance”) on the gross… Continue reading

Commercial importers to file mandatory income tax returns

KARACHI: The Federal Budget 2018-19 has proposed to treat income tax paid by the commercial importers as minimum tax instead of final tax, which means commercial importers are now required to file income tax returns. At present the tax collected under section 148 of the Income Tax Ordinance, 2001 from… Continue reading

Income tax relief announce for corporate sector

KARACHI: The Federal Budget 2018-19 has introduced a number of income tax rationalization measures to provide relief to corporate sector and businessmen, which include gradual reduction in super tax and gradual reduction in corporate tax rate to 25 percent by 2023. [the_ad id=”32940″]resently the rate of super tax under section… Continue reading

Federal Budget seeks to institutes tax reforms in the real estate sector

KARACHI: The Federal Budget 2018-19 seeks to institute tax reforms in the real estate sector. Widespread tax reforms have been envisaged for streamlining the issues related to the real estate sector. Property transactions shall be recorded at the value declared by the buyer and the seller. Property rates notified by… Continue reading

Email is not a legal mode serving notice: FBR

KARACHI: Federal Board of Revenue (FBR) has notified the procedure for serving a notice, which could be treated as properly served upon an individual or person. Section 218 of the Income Tax Ordinance, 2001 describes various modes through which a notice shall be treated as properly served upon an individual… Continue reading

SHC orders decision in tax appeal filed by Interflow Communications in 30 days

KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Abdul Maalik Gaddi disposed of a Special Tax Reference Application filed by Interflow Communications Private Limited directing the Commissioner Appeals, Inland Revenue to decide the appeal within 30 days time. The bench also… Continue reading

FBR further clarifies taxation of immovable property, Through finance Act 2016

KARACHI: Federal Board of Revenue (FBR) on Thursday said that about eight amendments have been introduced to Income Tax Ordinance, 2001 through Finance Act, 2016 regarding taxation of immovable properties in which withholding tax on transfer of property has been increased by 100 percent for filers and non-filers of income… Continue reading

0.4pc WHT to continue on banking transactions till April 30

KARACHI: The Federal Board of Revenue (FBR) has notified extension of reduced withholding tax rate at 0.4 percent on banking transaction up to April 30, 2016. The government imposed 0.6 percent withholding tax on all banking transactions exceeding Rs50,000 per day under section 236P of Income Tax Ordinance 2001. However,… Continue reading

FBR unearths a number of unregistered units in cigarette manufacturing sector

KARACHI: The Federal Board of Revenue (FBR)’s wing, Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR) has exposed several unregistered business units in cigarette manufacturing sector while action has been initiated against them. According to details, Directorate of I&I-I, Karachi, recently conducted a raid on a business place of manufacturer of… Continue reading

Customs Tribunal decides assessment of goods under GD in appellant favour

KARACHI: The Customs Appellate Tribunal, Karachi bench I comprising Muhammad Yahya, Member Technical (I) Karachi deciding an appeal filed by M/s Al-Mastan Garments Karachi declared the assessment of goods under Goods Declaration by Model Customs Collectorate Appraisement-West as trespassing the jurisdiction of Customs law and specific provisions of Income Tax… Continue reading