Payment & return filing: Provincial revenue authorities urged to grant extension in line with FBR

Provincial revenue authorities should also grant payment and return filing extension in line with
the Federal Board of Revenue (FBR).

A leading Karachi-based chartered accountant Asif Kasbati told Business Recorder that the
extension in filing of sales tax/FED payment had been given by the FBR for January 2020 till April
12, 2020.

This has been done to facilitate registered persons owing to cash flow shortage as no cash inflows,
while outflows are material in the form of fixed costs including salaries, wages, rent, interest, etc.
In order to facilitate the services provider, the ICAP task force convener on federal indirect taxes,
Asif Kasbati, was of the view that the provincial revenue authorities should also grant payment and
return filing extension in line with the FBR, in order to avoid legal issues owing to lockdown (almost
similar to public holiday as per General Clauses Act) and for facilitation.
He opined that it was likely that the extensions for February would be granted by all the provincial
authorities, as the last payment date was falling under lockdown dates.

For more updates, please click on news. You can also see more details by clicking on visit website.

 Recommended blogs:
How to pay Income Tax?
Apply for NTN online

Comments

Post a Comment

Popular posts from this blog

Is CNIC and NTN number are same?

Image
No, the CNIC and NTN numbers are two different numbers. The CNIC is a 13-digit number that consists of the first three parts of a five-part section that gives different demographic information and the second part is his family number and the last part represents your gender group. But the NTN number is completely different this number has two digits and is 8 digits. The NTN number is generated sequentially. CNIC and NTN have been different numbers but the FBR has announced that from the 2018-18 financial year they will both be equal. The announcement to include in the CNIC as NTN figures in effect from the last fiscal year 2018 - 19, the Federal Board of Revenue (FBR) are all set to use the details of companies to extend the tax base, it is read. The Federal Board of Revenue has said NADRA has issued CNIC numbers to NTN (National Tax Number) for all Pakistanis and anyone who submits tax forms can use their CNIC instead of NTN issued by Fbr. Please check blogs for more informatio...
Read more

What is the penalty for concealment of income?

Image
Where, in the course of any proceedings under this Ordinance, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal is satisfied that any person has either in the said proceedings or in any earlier proceedings relating to an assessment in respect of the same tax year concealed income or furnished inaccurate particulars of such income, the Commissioner, Commissioner (Appeals), or the Appellate Tribunal, as the case may be, may, by an order in writing, impose upon the person a penalty equal to the amount of tax which the person sought to evade by concealment of income or the furnishing of inaccurate particulars of such income. For the purposes of subsection (1), concealment of income or the furnishing of inaccurate particulars of income shall include – the suppression of any income or amount chargeable to tax; the claiming of any deduction for any expenditure not actually incurred; or any act referred to in sub-section (1) of section 111. Where any ...
Read more

Custom Basics

Image
Prior to the registration and execution of various custom processes, it is recommended that people familiarize themselves with all the basic concepts related to these processes. A basic understanding of these concepts would not only ensure that tasks are performed easily but also in a limited way. Functions of Pakistan Customs : Pakistan Customs must ensure that the following works are done in a lawful manner. Import & Export of legitimate cargo Trade Facilitation Trade Regulator Preventive (Control of contraband Goods) Revenue Collection Basic terminology ACCOUNT: Account means all the records, books, correspondence, bank and financial statements ACT: It means Pakistan’s customs ACT. 1969 (IV of 1969) COLLECTOR: It means “Collector”, “Additional Collector”, “Deputy Collector” and “Assistant Collector”, respectively, means the Customer Collector, Additional Customer Collector, Customs Collector and Customs Collector appointed un...
Read more