Receiving a Notice 120(3) from the Income Tax Department can be concerning. This notice indicates that your income tax return for a specific year is incomplete and potentially invalid. This […]
The Federal Board of Revenue (FBR) narrowly escaped a potential data catastrophe thanks to timely intervention! An infected USB drive, plugged into an FBR computer, tried to unleash malware, but […]
Here’s a breakdown of recent updates announced by Pakistani authorities: 1. New Rules for Foreign Petroleum Suppliers: International oil suppliers can now establish businesses or operate through subsidiaries in Pakistan. […]
This article explores practical ways to potentially reduce your taxable income in Pakistan. Remember, these are suggestions, and it’s always best to consult a tax professional for personalized advice. 1. […]
As the 2024 tax filing season approaches, having your SadaPay tax certificate is crucial. This document details the Withholding Tax (WHT) deducted from your SadaPay transactions throughout the year. Here’s […]
A Guide for Pakistani Taxpayers Navigating the intricacies of income tax in Pakistan can be a daunting task, especially when it comes to the broad and diverse category of “Income […]
This article aims to clarify the recent regulations concerning non-resident individuals selling or transferring immovable property in Pakistan. Key Points: Provisions of section 7E of the Income Tax Ordinance, 2001 […]
1. Access the Sales Ledger: Log in to Iris and navigate to the main dashboard. Select “Invoice Management” from the Iris mega menu. Choose the “Sales Ledger” submenu. 2. Add […]
A Comprehensive Guide to Section 31 of ITO 2001 Understanding the intricacies of tax deductions can be a complex task, especially for businesses navigating specific financial instruments like participatory redeemable […]
Understanding stock-in-trade valuation is crucial for businesses in Pakistan, impacting income tax calculation under the “Income from Business” head. Section 35 of the Income Tax Ordinance, 2001, lays out the […]
