Taxpresspk

30/09/2023

:: Income Tax Return filing date has been extended to October 31, 2023 ::

15/01/2023

28/12/2022

:: Fraternity seeks extension in payment date :: 7E :: Capital Value Tax

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf has requested the ...

27/12/2022

:: Drastic measures of tax collection on the table ::

14/08/2022

:: Launched :: We are now open for Client Service ::

14/06/2022

:: Budget 2022 - 2023

Salient Features in respect of proposed Amendments to be introduced in Income Tax Ordinance, 2001

Significant Relief Measures

 Fixed tax regime with tax rates ranging from Rs.3,000/- to 50,000/- introduced for retailers and specified service providers;

 Rates of tax reduced for salaried individuals;

 Reduction in liability for lower earners of business income by increasing minimum threshold for taxation;

 Making national saving schemes attractive by reducing tax rate from 10% to 5% on Bahbood Saving certificates;

 Withdrawal of advance tax collectible with educational expenses by Schools and Other Educational Institutions;

 Frequency of audits restricted to once in four years;

 Advance tax collected on import of all materials by industrial undertakings for own use rendered adjustable;

Increase in taxes / revenue measures

 Increase in rate from 1% to 2% on sale and purchase of property by tax returns filers;

 Increase in rate from 100 percent to 250 percent in case of purchase of property by persons who are not active taxpayers i.e. Non – filers;

 Increase in rate of 200 from 100 percent in case of purchase of motor vehicles by persons who are not active taxpayers;

 Increase in advance tax rate on purchase of private vehicles of
1600 cc and above;

 Increase in yearly advance tax rate (payable with token tax) in respect of passenger vehicles;

 Withdrawal of deductible allowance against taxable income in respect of profit on debt paid on house loans;

 Withdrawal of tax credit for investment in shares, health
insurance and pension funds.

 Tax on higher earning persons for poverty alleviation for tax year 2022 and onwards.

 Tax on deemed income from unutilized property above Rs. 25 million including luxury farmhouses and exclusive of one self- occupied house and business premises;

 Restriction on carry forward of minimum tax payable on turnover in subsequent years.

08/05/2022

:: Tax Alert :: Relief coming soon for Traders in upcoming Budget

Finance minister says govt strictly committed to ensuring financial discipline through effective policies

03/05/2022

May Allah shower his choicest blessings on you this Eid. Wish you a very Happy Eid ul Fitr!