S.Kabeer & Rehan Associates

31/01/2022

25/09/2020

ISLAMABAD: Banks have agreed to provide accountholders' information to the Federal Board of Revenue (FBR) regarding cash withdrawals, deposits, credit card payments and profit on debt from September 18, 2020.

The banks shall provide information of CNIC, NICOP, passport number, NTN, name, title of account, resident/non-resident status, address, telephone number, account opening date, account number (IBAN), amount deposited in a month or amount of cash withdrawal during a month, amount of tax deducted and profession/business/occupation of accountholder.

08/09/2020

FINANCE ACT-2020: RELIEF TO INCOME TAX WITHHOLDING AGENTS (SUPPLIES, SERVICES & CONTRACTS):-

The threshold of turnover, for an individual or an AOP for becoming the income tax withholding agent, has been enhanced from "Rs.50 Million and above" to "Rs.100 million and above" in the preceding tax year.

05/09/2020

FBR HAS MADE IT MANDATORY FOR ALL TAXPAYERS (ALREADY REGISTERED OR NEW) TO UPDATE THEIR PROFILE. Please refer to section 114A of the Income Tax Ordinance-2001.

In the case of non-compliance, the minimum penalty shall be PKR:10,000/-, and the maximum penalty shall be PKR:2,500/- per day of default. Please refer to section 182 of the Income Tax Ordinance-2001

14/08/2020

WE ARE PROVIDING FREE OF COST SERVICES FOR SALARIED & BUSINESS INDIVIDUAL(S) REGISTRATIONS WITH FBR