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A person who, without reasonable cause, fails to comply with any notice issued to a person under section 116 or 176, shall be charged a fine equal to: In the case of the first failure, two thousand rupees; In the event of a second failure, five thousand rupees; or in the case of the third and subsequent failure, ten thousand rupees. Where a person is liable for penalties under clause (1) with an assessed tax credit for the tax year in which the failure occurs is less than twenty thousand, the amount of the penalty imposed under subsection (1) will be reduced by seventy-five percent. For More Details visit  FBR. Calculate you tax now: Tax Calculator 2020 Please Read: How to become filer How to check NTN number

ISLAMABAD: The government has come under increasing pressure from influential tax reforms, which it launched nine months ago to increase its tangible contribution from the sector, and announced the initiative as part of a global anti-economic assistance package. the coronavirus epidemic. The government is discussing a proposal to not pay the 20% capital gains tax (CGT) if the deal is sold after keeping it 1,095 days instead of the 2,921-day period, according to Federal Board of Revenue (FBR) sources. Currently, the tax is exempted if the property is held for more than eight years intended to alleviate speculative practices. Opposition groups want the government to reduce the period to just three years. If immovable property is sold before an eight-year period, it is less than 20% of tax revenue. Key players in the financial sector, including some members of the cabinet, have been visiting the FBR headquarters for relief. They had also pressured the ...

A person may change his or her registration information to complete Income-tax Return in at least three (3) ways. 1. To change information about Iris, one can change / update information by logging in to Iris. The following information can be updated by the person on the Registration Form 181 (filed for conversion) Income Tax: Mobile number Email Your Address / Residence Business Address Addition of Business Branches Legal Agent / s 87 of the Income-tax Ordinance 2001 Bank Account 2. To change information using the Federal Board of Revenue (FBR) helpline, one can change and update information through the FBR telephone service by telephone or email. The following information can be updated by the helpline: Name Birthday Gender Disability status Senior Citizen Status 3. Changing Information by Visiting the Regional Office (RTO) For changes in registration in respect of the following issues, a person will need to visit their appropr...

A person who, without reasonable excuse, fails to comply with any notice served on the person under section 116 or 176 shall be liable for a penalty equal to: In the case of the first failure, two thousand rupees; In the case of a second failure, five thousand rupees; or In the case of a third and subsequent failure, ten thousand rupees. Where a person liable for a penalty under sub-section (1) has an assessed tax liability for the tax year in which the failure occurred of less than twenty thousand rupees, the amount of the penalty imposed under subsection (1) shall be reduced by seventy-five percent. For More Details visit FBR also view our other blog. Moreover, if you want to read latest updates, please visit our news page.

  Where a  person fails to give notice of the discontinuance of the person‘s business as required under section 117, the Commissioner may impose a penalty on the person not exceeding the amount of tax payable by the person for the tax year in which the business was discontinued. Where a person fails to give notice of the person‘s appointment as liquidator as required under section 141, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. Penalty  for  obstruction : Where any person obstructs the  Commissioner or a  taxation officer in the discharge of the Commissioner or officer‘s functions under this Ordinance, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. For More Details visit FBR also view our other blogs Suggested Blog: How to become Filer

Where a person: Makes a statement to an income tax authority that is false or misleading in a material particular or omits from a statement made to an income tax authority any matter or thing without which the statement is false or misleading in a material particular; and The tax liability (including the liability for advance tax under section 147) of the person computed on the basis of the statement is less than it would have been if the statement had not been false or misleading (the difference hereinafter referred to as the ―tax shortfall the person shall be liable for a penalty equal to where the statement or omission was made knowingly or recklessly, two hundred percent of the tax shortfall; or in any other case (other than where sub-section (2) applies), twenty- five percent of the tax shortfall. In the case of an assessment order under section 120, no penalty shall be imposed under subsection (1) to the extent to which the tax shortfall arose as a r...

No, CNIC and NTN numbers are two different numbers. The CNIC is a 13 digit number consist of 3 parts first part contain five numbers which gives different details of the person location while the second part is his/her family number and the last part represents your gender group. But NTN number is totally different this number has two parts and it consist of 8 digits. NTN number is generated in sequence. CNIC and NTN were different numbers but FBR has announced that from the fiscal year 2018-19 both will be same. The announcement to put in CNIC as NTN number is implemented from last fiscal year 2018-19, the Federal Board of Revenue (FBR) all sets to utilize the data of companies for broadening of tax base, it is learnt. Federal Board of Revenue has said that NADRA issued CNIC numbers will become NTN ( National Tax Number ) for all Pakistanis and anyone submitting tax returns can use his/her CNIC in place of NTN numbers that were issued by the Fbr. Recommend...

In case the taxpayer misses the deadline to file his taxes, he will file a late tax return. Belated tax returns will be filed either by the tip of the relevant assessment year or before the completion of the assessment, whichever is earlier. For the current fiscal year, a belated tax return will be filed any time before thirty-first March 2020 if the assessee fails to file his taxes on or before 31st August 2019. Moreover, If you have missed the due date to file your return, you can still file it before 31 Dec 2019 by paying a fee of Rs 5,000. If you are filing after 31 December 2019, you will have to pay a fee of Rs 10,000. Also to note that the time limit for filing a tax return late for FY 2019-20 expires on 31 August 2019. Filing Income tax returns on time you will get a lot of benefits Filing your ITR on time can benefit you in the following ways: Easy Loan Approval from Banks Claim Tax Refund from Govt. Income & Address Proof Quick Visa...

Obtain an NTN Number (National Tax Number) this number is mandatory to become a tax payer in Pakistan. You can easily obtain an NTN number by visiting a your legal adviser or through online process by visiting FBR website and making a request. Go to the site and then go to the Registration for Unregistered Person tab. It is a simple form. After filling it, NTN generates. NTN number takes a few hours and you will have a unique NTN number at your disposal but now government is working on converting CNIC as a NTN number. IRIS Registration.  Go to federal board of Revenue website and go to the IRIS tab. From there register yourself for e-enrollment. Also read: Filer and Non-filer

A  taxpayer who fails to pay any tax  (other than the penalty imposed under this section) due under this Ordinance by the due date shall be liable for a penalty equal to – in the case of the first default, five percent of the amount of tax in default; in the case of a second default, an additional penalty of twenty percent of the amount of tax in default; in the case of a third default, an additional penalty of twenty-five percent of the amount of tax in default; and in the case of a fourth and subsequent default, an additional penalty of up to fifty percent of the amount of tax in default as determined by the Commissioner, but the total penalty in respect of the amount of tax in default shall not exceed one hundred percent of such amount of tax. Where, in consequence of any order under this  Ordinance, the amount of tax in respect of which any penalty imposed under subsection (1) is reduced, the amount of the penalty shall be reduced accordingly. Also...

Where a  person fails to give notice of the discontinuance of the person‘s business as required under section 117, the Commissioner may impose a penalty on the person not exceeding the amount of tax payable by the person for the tax year in which the business was discontinued. Where a person fails to give notice of the person‘s appointment as liquidator as required under section 141, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. Penalty  for  obstruction : Where any person obstructs the  Commissioner or a  taxation officer in the discharge of the Commissioner or officer‘s functions under this Ordinance, the Commissioner may impose a penalty on the person not exceeding ten thousand rupees. For More Details visit FBR also view our other blogs

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 ...