Friday , April 10 2020
Breaking News
Home / Tag Archives: tax returns

Tag Archives: tax returns

FBR to put Rs 20,000 penalty on non-filers of tax returns after Dec 5 deadline  

LAHORE: The FBR has decided to put Rs 20,000 penalty on non-filers of tax returns after December 5 deadline. It is important to mention here that FBR extended the date for filing the income tax returns till December 5 by giving the more time to taxpayers. According to available detail, there are almost 3.7 million registered taxpayers in the country ... Read More »

Return filing extended to Dec 5: FBR exempts penalty on late submissions

ISLAMABAD: The Federal Finance Minister Ishaq Dar has decided that the taxpayers who file their returns for tax year 2014, by or before 5th December, 2014  should be exempted from payment of penalty for late filing of return and default surcharge for late payment of tax. It is worthy to note that Customs Today had predicted that FBR would extend the ... Read More »

Traders blame new software for low tax returns

KARACHI: Today is the last date of submitting tax returns. The national treasury will suffer billions of rupees losses if the Federal Board of Revenue fails to achieve the said target. The number of tax-payers has reduced to 0.5 million from 1.1 million. According to the FBR in 2009, 1.1 million tax-payers submitted their tax returns.  This figure was 0.53 ... Read More »

FBR allows 15-day extension in tax return filing on commissioner’s approval

After due date non filers will be issued notices for levy of penalty. It may be noted that the minimum amount of penalty is Rs. 20,000 ISLAMABAD: The Federal Board of Revenue (FBR) has announced that all Inland Revenue offices will remain open till 8.00 pm on 21 November, 2014 for receipt of manually filed income tax returns as the ... Read More »

Importers, exporters feel difficulty in new tax forms

Karachi:  Like extension in date of submitting tax returns, the Federal Board of Revenue should also change the tax returns forms for the convenience of the public” said importers and exporters. They told customs today that “they feel difficulties in filling forms due to tough methods.” They said that the same case is with the income tax lawyers and the ... Read More »

ECC okays 20pc duty on wheat import, Rs12b loan guarantee for PIA

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Finance Minister Ishaq Dar, has decided to impose 20 per cent regulatory duty on the import of wheat due to rising trend of wheat imports despite a very good crop in the country. Meanwhile, the ECC also approved government guarantee for loans to PIA amounting to Rs12 ... Read More »

FBR urged to extend date for filing of tax returns

  KARACHI: The Karachi Tax Bar Association (KTBA) has once again requested the Federal Board of Revenue (FBR) to extend the date of filing of tax returns up to 31 December to facilitate the taxpayers. In a letter, KTBA General Secretary Muhammad Aleem requested the FBR to extend the deadline from 31 October to 31 December.   Read More »

Chambers across country urge FBR to withdraw SRO-608

LAHORE: The Punjab Chambers of Commerce and Industry and trade associations, through a unanimous resolution, have called for immediate withdrawal of the controversial SRO-608 and extension in tax returns filing date. The resolution was adopted at a meeting convened by the Lahore Chamber of Commerce and Industry here on Tuesday. The meeting was convened to discuss tax reforms. Representatives of ... Read More »

ICCI calls upon FBR to simplify e-filing of tax returns

ISLAMABAD: The business community in a meeting at Islamabad Chamber of Commerce & Industry expressed concerns over the complicated e-filing system of tax returns and called upon the Federal Board of Revenue to simplify it in order to make it more user-friendly and easier for taxpayers. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry addressing the meeting said ... Read More »

Audit of tax returns

The Federal Board of Revenue (FBR) has issued a new audit policy for 2014 for the taxpayers according to which 12 percent of the total returns of the taxpayers, covering the tax period  between July 1, 2012 and June 30, 2013, will be selected for the audit of income tax, sales tax, and excise duty through random computer balloting. However, ... Read More »

FBR establishes over 200 desks to facilitate taxpayers

ISLAMABAD: In a bid to facilitate taxpayers for filing the income tax returns for 2014, the Federal Board of Revenue (FBR) has established more than 200 tax facilitation kiosk and tax facilitation centres throughout the country. The facilitation centres would be set up at business centres, offices of traders’ associations, chambers of commerce and industry, national and provincial assembly buildings, ... Read More »

KP shrugs off PTI chief’s civil disobedience call

PESHAWAR: The people of Khyber Pakhtunkhwa (KP) are giving a deaf ear to PTI chief Imran Khan’s call for civil disobedience by filing tax returns, official sources said. “They are paying all kind of outstanding dues with regard to sales tax and federal excise duty,” they said. Despite PTI government in the province, as many as 700 registered tax payers, ... Read More »

FBR extends tax filing date

SLAMABAD: The Federal Board of Revenue (FBR) extended the last date for filing of tax returns and payment of Sales Tax and Federal Excise duty for the month of July 2014 until August 22. The extension in returns will be applicable for all registered persons. Read More »

FTO seeks action against non-filer officials

ISLAMABAD: The Federal Tax Ombudsman (FTO) has asked the Federal Board of Revenue (FBR) to take action against its officers who have failed to submit their tax returns/declaration of assets. The FTO issued the directives while taking up a petition filed by a citizen Waheed Shahzad Butt under Freedom of Information Ordinance, 2002. On the other hand, the FBR has ... Read More »