Trends - Income Tax Ordinance 2001

Income Tax Ordinance 2001

Disclosure of beneficial ownership by companies

General: These notes represent our views and comments on the draft rules proposed to be inserted in the Income Tax...

Updated 02 Mar, 2023 07:13am

‘Advance to Deposit Ratio’: Higher rate of tax will not apply on banks for TY 2024

ISLAMABAD: The higher rate of tax for “Advance to Deposit Ratio” will not apply on banks for tax year 2024, ...

Updated 01 Mar, 2023 09:05am

Debt and debt instruments: Profit on debt and capital gains given tax exemption

ISLAMABAD: The Federal Board of Revenue (FBR) has exempted income tax on profit on debt and capital gains from debt...

Updated 24 Feb, 2023 08:44am

Industries/sectors earning over Rs300m: SC directs payment of 4pc super tax within a week

ISLAMABAD: The Supreme Court of Pakistan (SC) has directed the industries/sectors earning income above Rs300 ...

Updated 24 Feb, 2023 08:50am

Business & Finance

‘Tax liability on estimations’: FTO asks FBR to revisit its order

ISLAMABAD: While disposing of a complaint, the Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue...

Updated 04 Feb, 2023 10:18am

Non-filers: Govt considering imposing WHT on banking transactions

ISLAMABAD: The government is considering to impose withholding tax on banking transactions of non-filers of income...

Updated 24 Jan, 2023 09:01am

Tax demand in respect of Q2 2022 advance tax: IHC sets aside order of DC IR Islamabad

ISLAMABAD: The Islamabad High Court (IHC) set aside the order of Deputy Commissioner Inland Revenue, Islamabad...

Updated 05 Jan, 2023 08:54am

KTBA not happy as FBR issues audit notices to taxpayers

KARACHI: Federal Board of Revenue (FBR) has started issuing audit notices under section 177 of the Income Tax...

Updated 02 Jan, 2023 08:44am

Super tax to be applicable in TY23 and onwards: SHC

ISLAMABAD: The Sindh High Court (SHC) has held that super tax on high-earning persons will not be applicable for the...

Updated 23 Dec, 2022 08:59am

Sec 7E of IT Ord: BHC issues notices to FBR

ISLAMABAD: Balochistan High Court (BHC), Tuesday, issued notices to the Federal Board of Revenue (FBR) regarding the...

Updated 21 Dec, 2022 09:59am

Pakistan

‘Politically-exposed’ persons facilitate smuggling: As yet no mechanism in place to effectively curb forex outflows

LAHORE: Changes in law and tax provisions have failed to provide mechanism to control unauthorized foreign currency...

Updated 17 Dec, 2022 01:07pm

Pakistan

Money laundering, tax evasion: Rs0.5m fine imposed under AMLA-2010 and Rs0.1m under ITO-2001

ISLAMABAD: The government has imposed a fine of only Rs0.5 million under the Anti-Money Laundering Act 2010...

Published 09 Dec, 2022 05:58am

Business & Finance

Multiple audit notices to senior citizen: FTO directs FBR to revisit orders under IT Ord

ISLAMABAD: The Federal Tax Ombudsman (FTO) has taken notice of the harsh treatment of the Federal Board of Revenue...

Published 17 Sep, 2022 04:27am

Opinion

Deemed rent–indeed, a bad law

This is the second article on the subject. A concept of tax on deemed rent has been introduced by the Finance Act,...

Published 14 Sep, 2022 04:45am

Business & Finance

Advance tax on immovable property: FBR withdraws holding period exemption

Sub-section (3) of section 236C of the Income Tax Ordinance, 2001 has been omitted

Updated 10 Aug, 2022 09:37am

Pakistan

DGIP will now report to FBR member

ISLAMABAD: The Federal Board of Revenue (FBR) has directed the Directorate General of Immovable Property to now...

Published 29 Jul, 2022 06:14am

Tax rate on income of banking firms enhanced

Rises to 39% for tax year 2023 compared to 35%

Updated 22 Jul, 2022 09:23am

Capital assets in Pakistan: Tax on ‘deemed income’ challenged in LHC

LHC issues notice to Attorney General of Pakistan

Updated 21 Jul, 2022 09:49am

Business & Finance

Capital assets: Tax on deemed income applicable to TY22, onwards

ISLAMABAD: The Finance Act 2022 has clarified that the tax on deemed income would be applicable for Tax Year 2022...

Updated 02 Jul, 2022 12:12pm

Business & Finance

FTO directs FBR to keep record of WWF refunds

ISLAMABAD: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to maintain a separate...

Published 08 Jun, 2022 06:19am

Business & Finance

SECP proposes amendment to Section 100B of ITO

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed measures to the Federal Board of...

Published 03 Jun, 2022 06:26am

Banks: govt mulling raising super tax rate

ISLAMABAD: The Federal Board of Revenue (FBR) will propose “Super Tax” on certain sectors having annual turnover...

Updated 31 May, 2022 10:11am

E-notices given legal cover by FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has given legal cover to electronically-served notices in cases where...

Updated 21 May, 2022 10:50am

Withholding tax on profits: SHC bars banks/tax dept from making deductions

ISLAMABAD: A Division Bench of Sindh High Court (SHC) has barred the banks/tax department from deduction of...

Updated 11 May, 2022 09:51am

Opinion

State gifts, tax evasion and rule of law

“Qui sentit commodum, sentire debet et onus” This famous legal maxim states that those who receive an advantage must...

Published 22 Apr, 2022 05:36am

Taxpayer can’t be forced to produce record for tax year beyond six years: SC

ISLAMABAD: The Supreme Court of Pakistan has held that the taxpayer cannot be compelled to produce the record for a...

Updated 21 Apr, 2022 10:33am

Pakistan

Orders of FTO can only be challenged before President: LHC

ISLAMABAD: The Lahore High Court (LHC) has declared that the orders of the Federal Tax Ombudsman (FTO) can only be...

Published 19 Apr, 2022 05:32am

Appeal against IHC verdict: SC defines the term ‘first time in a tax year’ explicitly

Pakistan

Gainers
Losers
Leaders

Stock	Price
Chakwal Spinning / Mar 30 Chakwal Spinning Mills Limited(CWSM)	1.36 ▲ 0.20 (17.24%)
First IBL Mod. / Mar 30 First IBL Modaraba(FIBLM)	5.90 ▲ 0.60 (11.32%)
First Pak Mod. / Mar 30 First Pak Modaraba(PAKMI)	1.34 ▲ 0.13 (10.74%)
Dewan Sugar / Mar 30 Dewan Sugar Mills Limited(DWSM)	2.57 ▲ 0.23 (9.83%)
Unicap Modaraba / Mar 30 Unicap Modaraba(UCAPM)	1.77 ▲ 0.15 (9.26%)
Premier Insurance / Mar 30 Premier Insurance Limited(PINL)	7.50 ▲ 0.63 (9.17%)
B.R.R.Guardian / Mar 30 B.R.R. Guardian Modaraba(BRR)	12.04 ▲ 0.99 (8.96%)
Ismail Ind. / Mar 30 Ismail Industries Limited(ISIL)	518.26 ▲ 36.15 (7.50%)
Khyber Tex. / Mar 30 Khyber Textile Mills Limited(KHYT)	397.42 ▲ 27.72 (7.50%)
Suraj Cotton / Mar 30 Suraj Cotton Mills Limited(SURC)	102.53 ▲ 7.15 (7.50%)

Stock	Price
First Prudential Mod. / Mar 30 First Prudential Modaraba(PMI)	1.40 ▼ -0.24 (-14.63%)
Trust Mod. / Mar 30 Trust Modaraba(TRSM)	1.30 ▼ -0.20 (-13.33%)
Sapphire Fibres / Mar 30 Sapphire Fibres Limited(SFL)	1018 ▼ -82.00 (-7.45%)
Sardar Chemical / Mar 30 Sardar Chemical Industries Limited(SARC)	32 ▼ -2.55 (-7.38%)
Gadoon Textile / Mar 30 Gadoon Textile Mills Limited(GADT)	192.50 ▼ -15.30 (-7.36%)
Philip Morris Pak. / Mar 30 Philip Morris (Pakistan) Limited(PMPK)	461 ▼ -36.43 (-7.32%)
Pakistan Services / Mar 30 Pakistan Services Limited(PSEL)	876 ▼ -69.10 (-7.31%)
Shield Corp. / Mar 30 Shield Corporation Limited(SCL)	282 ▼ -22.00 (-7.24%)
Bal. Wheel / Mar 30 Baluchistan Wheels Limited(BWHL)	68.42 ▼ -5.18 (-7.04%)
JDW Sugar / Mar 30 JDW Sugar Mills Limited(JDWS)	356 ▼ -26.79 (-7.00%)

Stock	Volume
Telecard Limited / Mar 30 Telecard Limited(TELE)	12,447,500 ▼ -0.21
WorldCall Telecom / Mar 30 Worldcall Telecom Limited(WTL)	9,398,662 ▲ 0.01
Pakistan Alumin / Mar 30 Pakistan Aluminium Beverage Cans Limited(PABC)	7,638,000 ▲ 0.23
Pak Elektron / Mar 30 Pak Elektron Limited(PAEL)	6,136,500 ▼ -0.05
Pak Int.Bulk / Mar 30 Pakistan International Bulk Terminal(PIBTL)	6,018,500 ▲ 0.08
Engro Corp / Mar 30 Engro Corporation Limited(ENGRO)	5,429,492 ▼ -0.02
Nishat Mills Ltd / Mar 30 Nishat Mills Limited(NML)	4,517,879 ▲ 0.46
Shifa Int.Hosp / Mar 30 Shifa International Hospitals Limited(SHFA)	4,299,000 ▼ -1.99
Agha Steel Ind. / Mar 30 Agha Steel Ind.Ltd(AGHA)	3,645,000 ▲ 0.36
K-Electric Ltd. / Mar 30 K-Electric Limited(KEL)	3,416,092 ▲ 0.00

Markets →

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Mar 30	284.05
USD PKR Interbank Buying / Mar 30	283.80
USD to Japanese Yen / Mar 30	132.47
USD to Swiss Franc / Mar 30	0.92
Pound Sterling to USD / Mar 30	1.23
Euro to USD / Mar 30	1.08
UK LIBOR % / Mar 29	4.81

Stock	Volume
S&P 500 / Mar 29	4027.81
India Sensex / Mar 29	57960.09
Nasdaq / Mar 29	11926.24
Dow Jones / Mar 29	32717.60
Tokyo Nikkei / Mar 30	27782.93
Hang Seng / Mar 30	20309.13
FTSE 100 / Mar 30	7578.80
Germany DAX 30 / Mar 30	15430.39
France CAC40 / Mar 30	7235.99

Item	Value
Karachi Cotton PKR/37.32 KG / Mar 29	18935
Gold 10 Grams PKR / Mar 29	176268
Crude Oil USD/Barrel / Mar 30	72.81
Gold Spot USD/Ounce / Mar 30	1963.79
Cotton US¢/pound / Mar 30	82.34

Income Tax Ordinance 2001

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