Corporate Law Site Pakistan
The Income Tax Ordinance, 2001 (amended up to June 30, 2024) has introduced significant provisions in Sections 236G and 236H which necessitate the collection of advance tax on sales at different levels within the supply chain. This guide aims to provide complete insight into these sections concerning their scope, applicability, exclusions, and illustrations. Scope and […]
Introduction Every year, individuals, businesses, and associations in Pakistan face the crucial responsibility of filing their income tax returns. With the deadline set at September 30th, it’s imperative to understand the process, the consequences of missing the deadline, and the benefits of timely filing. The Legal Framework: Income Tax Ordinance, 2001 The Income Tax Ordinance, […]
As the year ends, people are busy preparing their income tax returns. For Pakistan, the income tax return for the year 2022-2023 has been released. The new return includes changes from the previous year, so taxpayers need to be aware of them. Introduction: what is an income tax return in Pakistan? An income tax return […]
For the fiscal year 2022–2023, the Federal Board of Revenue (FBR) has released revised withholding tax rates on property income. Each specified individual is required to collect the withholding tax from those who receive the immovable property’s rent. Under Section 155 of the 2001 Income Tax Ordinance, the FBR collects withholding tax on income from […]
