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Tag Archives: Income Tax Ordinance

‘File tax returns on time to avoid penalty’

LAHORE: The Federal Board of Revenue (FBR) has urged taxpayers to file their income tax returns until December 5 to avoid the penalties and legal proceedings. A source in the Regional Tax Office told Customs Today that the last date for filing of the income tax returns would not be extended as it had been extended to the end of ... Read More »

FBR online Income Tax form creating problems for taxpayers: FTO told

ISLAMABAD: Another issue regarding online Income Tax Return form is creating problems not only for the taxpayers, but also for Federal Board of Revenue (FBR). According to tax lawyer Waheed Shazad Butt, the Income Tax Return form for Tax Year 2014, that has been uploaded on the FBR website having computerised formulas and taxpayer’s due tax liability, would cause a ... Read More »

1,000 FBR officials yet to pay taxes

ISLAMABAD: The officers of the Federal Board of Revenue (FBR) have not paid tax even they have the responsibility to collect taxes from others. The FBR officials have claimed that there were only 70 officials who did not file their tax returns but sources told Customs Today that there were approximately 1,000 tax officers who didn’t file returns for the ... Read More »

Additional Collector Sami penalizes importer for mis-declaration

KARACHI: The Additional Collector Sami-ul-Haq of the Collectorate of Customs Adjudication-II has issued Order-in-Original (ONO) against the importer M/s O S Corporation for its involvement in mis-declaration of the description, value and classification of the imported goods and tried to evade the government duty/taxes amounting to Rs 992,121 while the value of offending goods recorded at Rs 4,960,214. In the ... Read More »

R&D registers FIR against Sundus Fertilizers, clearing agent

KARACHI: The Research and Development (R&D) Section of MCC Appraisement (East) has registered an FIR against owners, directors, partners of M/s Sundus Fertilizers & Chemicals Pakistan (Pvt) Ltd and M/s Al-Rehmat Trading, clearing agent against mis-declaration of description and value, as the importers tried to import Cartap Hydrochloride Tech 98 per cent min, B No 20140408 packed in 25 kgs ... Read More »

Mis-declaration: M/s Ziaul Haq & Sons served show cause

KARACHI: The Customs Collectorate Additional Collector-II (Adjudication) has served importer M/s Ziaul Haq & Sons with a show-cause notice for mis-declaration of imported consignments. According to details, importer M/s Ziaul Haq cleared the consignments of cold rolled coil of prime quality, having PCT 7209.1590, weighting 3,784-kg and Tin plate sheet, having PCT 7210.1290 and 11,000-kg weightage under Section 79(1) of ... Read More »

Another deadline: FBR directs officials to file IT returns by June 16

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed penalty on a large number of tax officials, who failed to file their income tax returns for Tax Year 2013. According to the FBR’s instructions issued to field formations, a large number of the board officers have not yet filed their Income Tax Returns for the tax year 2013. The authorities ... Read More »

KCCI expresses concern over sharing of accountholders’ info

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki has shown his discontent about SRO 115 (I)/ 2014 issued by the Federal Board of Revenue through which banks will provide information about their accountholders without national tax numbers (NTN) and who deposit more than one million rupees or pay Rs100,000 in credit card bills in a month. In a ... Read More »