Trends - Income Tax Ordinance 2001

Income Tax Ordinance 2001

LHC, too, suspends SRO about tax on banks’ windfall income

ISLAMABAD: The Lahore High Court (LHC) has also suspended the SRO 1588(I)/2023 of the Federal Board of Revenue (FBR)...

Updated 01 Dec, 2023 09:50am

Pakistan

Mosque: FTO says charging IT by KE thru power bill illegal

ISLAMABAD: Federal Tax Ombudsman (FTO) has ruled that charging of income tax by M/s K-Electric, Karachi through...

Published 23 Nov, 2023 03:19am

Attachment of bank account: LHC takes notice of ‘illegal’ recovery by FBR

ISLAMABAD: The Lahore High Court (LHC) has taken notice of illegal recovery by the Federal Board of Revenue (FBR)...

Updated 12 Nov, 2023 09:10am

Sections 111, 122 of Income Tax Ordinance: FBR cannot issue combined notice to taxpayer: IHC

ISLAMABAD: Islamabad High Court (IHC) has ruled that the Federal Board of Revenue (FBR) cannot issue a combined...

Updated 04 Nov, 2023 09:23am

Recovery of CVT under Finance Act 2022: Taxmen’s orders are without jurisdiction: former FBR chief

ISLAMABAD: All the orders passed by the taxation officers/Inland Revenue officers for the recovery of Capital Value...

Updated 24 Oct, 2023 09:38am

Taxpayers’ queries: FTO concerned at FBR Member’s lack of response

ISLAMABAD: Federal Tax Ombudsman (FTO) has regretted that the Federal Board of Revenue (FBR) Member Legal has wasted...

Updated 17 Oct, 2023 08:29am

Pakistan

Orders that may affect taxpayers: SC asks FBR to gazette, display on website

ISLAMABAD: The Supreme Court (SC) has ordered the Federal Board of Revenue (FBR) to gazette all notifications,...

Updated 05 Oct, 2023 09:39am

Zero Percent Tax Amnesty Scheme: FBR finally releases data of beneficiaries

ISLAMABAD: The Pakistan Information Commission’s (PIC) landmark order has been implemented by the Federal Board of...

Updated 25 Sep, 2023 09:16am

Law of precedent: Lower fora bound to follow decision of higher appellate, admits FBR

ISLAMABAD: Member Legal (Inland Revenue) Federal Board of Revenue (FBR) admitted before Federal Tax Ombudsman (FTO)...

Updated 18 Sep, 2023 08:56am

Pakistan

Double taxation pact with The Netherlands: SC turns down SHC’s judgement on applicability of Article 7 or Article 12

ISLAMABAD: The Supreme Court turned down the Sindh High Court’s judgment regarding the applicability of Article 7...

Updated 12 Sep, 2023 07:10am

PTBA asks FBR to take notice of sudden change in IRIS module

LAHORE: Pakistan Tax Bar Association (PTBA) leadership has urged Chairman Federal Board of Revenue (FBR) to look...

Updated 04 Sep, 2023 09:37am

FBR launches automated system (portal) for taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR), Friday, launched an automated system (portal) for taxpayers to obtain...

Updated 02 Sep, 2023 09:16am

2022-23: Rs160bn ST collected from power sector

ISLAMABAD: Total sales tax collection (domestic) from the power sector including electricity bills stood over Rs160...

Updated 29 Aug, 2023 09:12am

FTO probe results in Rs2bn demand against NHA

ISLAMABAD: The investigation completed by Dr Asif Mahmood Jah Federal Tax Ombudsman (FTO) has resulted in huge tax...

Updated 28 Aug, 2023 09:48am

Non-recovery of tax demands from China-based co: FTO summons FBR officials to explain reasons

ISLAMABAD: The Federal Tax Ombudsman (FTO) has summoned member operations, Federal Board of Revenue (FBR), chief...

Updated 24 Aug, 2023 08:59am

Business & Finance

FPCCI says 7E of ITO 2001 has proved ineffective

KARACHI: Muhammad Suleman Chawla, Acting President Federation of Pakistan Chambers of Commerce and Industry (FPCCI),...

Published 23 Aug, 2023 05:50am

Tax amnesty scheme beneficiaries: PIC summons FBR chief for not providing information

ISLAMABAD: The Pakistan Information Commission (PIC) has summoned the Federal Board of Revenue (FBR) chairman for...

Updated 23 Aug, 2023 08:44am

Business & Finance

Toll manufacturing: FBR suggests new definition

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a new definition of the toll manufacturing in the Income...

Published 22 Aug, 2023 06:03am

Without recovery notice: ATIR allows admission of fresh stay applications

KARACHI: Appeals Tribunal Inland Revenue (ATIR) has now allowed the admission of fresh stay applications without...

Updated 19 Aug, 2023 08:44am

Pakistan

Tax credit facility: FBR suggests simple procedure for charitable bodies

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a simple procedure for availing tax credit by charitable/...

Published 16 Aug, 2023 05:50am

Filers/non-filers: Sec 7E won’t apply to cases falling within LHC jurisdiction

ISLAMABAD: The Federal Board of Revenue (FBR) has implemented the judgment of the Lahore High Court (LHC) on Section...

Updated 16 Aug, 2023 08:48am

Stay pleas sans recovery notice being rejected by ATIR: KTBA

KARACHI: Appeals Tribunal Inland Revenue (ATIR) has started refusing to admit stay applications without recovery...

Updated 16 Aug, 2023 10:44am

Draft amendments to income tax Ord: FBR seeks new powers for IR Commissioners

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed to give all basic administrative powers of income tax law...

Updated 15 Aug, 2023 10:27am

Income tax law: FBR proposes new definition of word ‘banking’

Proposed draft amendments in the Income Tax Ordinance, 2001 issued for simplification and harmonization through the next Finance Bill, 2024

Updated 14 Aug, 2023 05:32pm

Business & Finance

Section 7E of Income Tax Ord: IR Commissioners told to issue exemptions in 1-2 days: FBR chief

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Amjad Zubair Tiwana Wednesday said the FBR has directed...

Updated 10 Aug, 2023 06:56am

FBR refuses to share Politically-Exposed Persons’ data

Refusal letter says section 216 prohibits disclosure of taxpayer’s information to any individual or authority except those mentioned explicitly in sub section 3 of section 21 of the Ordinance

Updated 07 Aug, 2023 11:44am

NA panel told: Property transfers, registration halted due to Section 7E ITO

ISLAMABAD: The registration and transfers of immovable properties across Pakistan has been totally stopped after...

Updated 03 Aug, 2023 09:14am

Business & Finance

Tax under Section 7E on immoveable properties: Inland revenue chief commissioners issued instructions

ISLAMABAD: The Federal Board of Revenue (FBR) Monday issued draft of proposed amendments in the Inland Revenue...

Published 25 Jul, 2023 06:20am

Tax on immovable properties: FBR urged to give taxpayers online declaration option

ISLAMABAD: The Federal Board of Revenue (FBR) should introduce an option for the taxpayers in the online declaration...

Updated 24 Jul, 2023 09:29am

Opinion

Retrospective tax on windfall income discourages corporatization—I

A new Section 99D has been introduced in the Income Tax Ordinance 2001 (“ITO”) through the Finance Act 2023...

Updated 07 Jul, 2023 06:10am

Gainers
Losers
Leaders

Stock	Price
First Elite Cap.Mod / Dec 8 First Elite Capital Modaraba(FECM)	5 ▲ 1.00 (25.00%)
Chakwal Spinning / Dec 8 Chakwal Spinning Mills Limited(CWSM)	2.44 ▲ 0.40 (19.61%)
Punjab Mod / Dec 8 First Punjab Modaraba(FPJM)	1.98 ▲ 0.27 (15.79%)
Saritow Spinning / Dec 8 Saritow Spinning Mills Limited(SSML)	8.35 ▲ 1.00 (13.61%)
Jubilee Spinning / Dec 8 Jubilee Spinning & Weaving Mills Ltd.(JUBS)	8.80 ▲ 1.00 (12.82%)
F.Treet Manuf / Dec 8 First Treet Manufacturing Modaraba(FTMM)	4.60 ▲ 0.50 (12.20%)
K-Electric Ltd. / Dec 8 K-Electric Limited(KEL)	4.45 ▲ 0.48 (12.09%)
Samba Bank / Dec 8 Samba Bank Limited(SBL)	9.35 ▲ 1.00 (11.98%)
P.T.C.L. / Dec 8 Pakistan Telecommunication Company Ltd(PTC)	9.72 ▲ 1.00 (11.47%)
Dewan Textile / Dec 8 Dewan Textile Mills Limited(DWTM)	4.75 ▲ 0.47 (10.98%)

Stock	Price
Sec. Inv. Bank / Dec 8 Security Investment Bank Limited(SIBL)	5.74 ▼ -1.00 (-14.84%)
Tri-Star Mutual / Dec 8 Tri-Star Mutual Fund Limited(TSMF)	5.05 ▼ -0.49 (-8.84%)
Supernet Ltd. / Dec 8 Supernet Limited(GEMSPNL)	12.90 ▼ -1.05 (-7.53%)
Universal Network (GEM) / Dec 8 Universal Network Systems Limited (GEM)(GEMUNSL)	23.53 ▼ -1.91 (-7.51%)
Leather Up Ltd. / Dec 8 Leather Up Limited(LEUL)	10.54 ▼ -0.81 (-7.14%)
Trust Mod. / Dec 8 Trust Modaraba(TRSM)	2 ▼ -0.15 (-6.98%)
LSE Propetech / Dec 8 LSE Propetech Limited(LSEPL)	4.46 ▼ -0.33 (-6.89%)
Ismail Ind. / Dec 8 Ismail Industries Limited(ISIL)	1300 ▼ -95.00 (-6.81%)
Kohat Textile / Dec 8 Kohat Textile Mills Limited(KOHTM)	18.31 ▼ -1.19 (-6.10%)
Hoechst Pak. / Dec 8 Hoechst Pakistan Limited(HPL)	1200 ▼ -77.00 (-6.03%)

Stock	Volume
K-Electric Ltd. / Dec 8 K-Electric Limited(KEL)	341,598,066 ▲ 0.48
Cnergyico PK / Dec 8 Cnergyico PK Limited(CNERGY)	98,899,853 ▲ 0.02
WorldCall Telecom / Dec 8 Worldcall Telecom Limited(WTL)	97,311,739 ▲ 0.04
Hascol Petrol / Dec 8 Hascol Petroleum Limited(HASCOL)	60,506,500 ▲ 0.27
P.T.C.L. / Dec 8 Pakistan Telecommunication Company Ltd(PTC)	57,212,000 ▲ 1.00
Kohinoor Spining / Dec 8 Kohinoor Spinning Mills Limited(KOSM)	56,298,000 ▲ 0.42
Fauji Foods Ltd / Dec 8 Fauji Foods Limited(FFL)	47,608,697 ▲ 0.96
Pak Elektron / Dec 8 Pak Elektron Limited(PAEL)	42,544,241 ▲ 1.23
Hum Network / Dec 8 Hum Network Limited(HUMNL)	40,175,500 ▲ 0.07
TPL Properties / Dec 8 TPL Properties Limited(TPLP)	36,065,929 ▲ 0.08

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Dec 8	284.30
USD PKR Interbank Buying / Dec 8	283.95
USD to Japanese Yen / Dec 8	143.72
USD to Swiss Franc / Dec 8	0.88
Pound Sterling to USD / Dec 8	1.26
Euro to USD / Dec 8	1.08
UK LIBOR % / Dec 7	5.48

Stock	Volume
S&P 500 / Dec 7	4585.59
Nasdaq / Dec 7	14340
Dow Jones / Dec 7	36117.38
India Sensex / Dec 8	69810.76
Tokyo Nikkei / Dec 8	32305.33
Hang Seng / Dec 8	16275.13
FTSE 100 / Dec 8	7514.73
Germany DAX 30 / Dec 8	16654.79
France CAC40 / Dec 8	7458.02

Item	Value
Karachi Cotton PKR/37.32 KG / Dec 7	17235
Gold 10 Grams PKR / Dec 7	187671
Crude Oil USD/Barrel / Dec 8	70.35
Gold Spot USD/Ounce / Dec 8	2031.22
Cotton US¢/pound / Dec 8	82.72

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Income Tax Ordinance 2001

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