The FBR has set a target of tax returns of four million for tax year 2019. Coronavirus across the world: Is the pandemic slowing down? All rights reserved. For income above Rs1,800,000 but not exceeding Rs2,500,000, individuals will pay Rs90,000 plus 15% of the amount exceeding Rs1,800,000. Your email address will not be published. According to a press release issued by FBR… 121220202229173753688578798tax.net.pk, FBR announced to give 90pc tax exemption on low-cost housing projects, Covid-19 & No extension in date of tax return filing: statutory time already lapsed: FBR, Your email address will not be published. The chart shown below outlining the 2020 Maryland income tax rates and brackets is for illustrative purposes only. © 2020, www.TAX.net.pk. For income above Rs600,000 but not exceeding Rs1,200,000, individuals will pay Rs10,000 plus 10% of the amount exceeding Rs600,000. DOMAIN SERVICES EXPIRATION NOTICE FOR tax.net.pk Domain Notice Expiry ON: Dec 12, 2020 We have not obtained a payment from you. September 30, 2020 (MLN): The Federal Board of Revenue (FBR) has extended the date for filing income tax returns/ statements till Dec 08, 2020. Pakistani citizens now have another opportunity to file their income tax returns after the last date for tax returns for 2020 was extended by the Federal Board of Revenue (FBR). Statutory Regulatory Orders (SROs) Income Tax / Sales Tax / Federal Excise / Customs FBR Notification (770 (I)/2020) Introduction Federal Board of Revenue (Revenue Division) had issued Corrigendum in the Sales Tax Notification S.R.O. 20/2020 : Income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961 3 December 2020 / GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENTOFREVENU~ CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX … Tax collection creaking along Pakistan Today Monday, 01-02-2021, Read more FBR serves notices on 1.4m for not filing returns Pak Observer Monday, 1-02-2021, Read more Dr Baig lauds FBR for surpassing tax target for Jan ‘21 The News Monday, 1-02-2021, Read more LATEST TAX … COMMENTARY Section 165A of the Income Tax Ordinance, 2001 requires all banking companies to provide information relating to cash withdraws, deposits, credit card payment and profit on debts exceeding certain limits as prescribed in the said section. 2001), by December 8, 2020. Notification No 90/2020[F. No. For income above Rs50,000,000 but not exceeding Rs75,000,000, individuals will pay Rs13,295,000 plus 32.5% of the amount exceeding Rs50,000,000. FBR Foundation ; Virtual One Stop Shop (VOSS) Field Office Websites; State Bank of Pakistan; Securities and Exchange Commission of Pakistan ; Trade Development Authority of Pakistan ; Gwadar Development Authority 770 (I)/2020 dated August 24, 2020. The new deadline to file income tax returns is December 8, 2020 according to a notification issued by FBR. The FBR has clarified that the so-called income tax circular no. For income above Rs12,000,000 but not exceedingRs30,000,000, individuals will pay Rs2,345,000 plus 27.5% of the amount exceeding Rs12,000,000. “No further extension for filing of Income Tax Returns/Statements will be granted,” the FBR warned. The new deadline to file income tax returns is December 8, 2020 according to a notification issued by FBR. ️ FBR - Federal Board of Revenue Exemption from Sales Tax on Medical and Testing Equipment regarding Covid-19 - S.R.O1257(I)/2020: bit.ly/2V44VD2 ️ FBR - Federal Board of Revenue Draft Simplified Income Tax Return for Manufacturers having turnover less than Rs. 1095-C-IV/2020 (Modification) modification of Board's Notification No.0779-C-IV/2020 dated 11.05.2020 in respect of Amjad Iqbal Cheema, Federal Board of Revenue (FBR) has started processing income tax refunds for the tax year 2020 and issued instructions in this regard. Pakistani citizens now have another opportunity to file their income tax returns after the last date for tax returns for 2020 was extended by the Federal Board of Revenue (FBR). 20 of 2020 is fake. The new deadline to file income tax returns is December 8, 2020 according to a notification issued by FBR. The FBR on December 8 announced that taxpayers can file their income tax returns till midnight online. Share. Similarly, 165B of the Income Tax … For income above Rs30,000,000 but not exceeding Rs50,000,000, individuals will pay Rs7,295,000 plus 30% of the amount exceeding Rs30,000,000. Islamabad, the ih April, 2020 NOTIFICATION (Income Tax) S.R.O. Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2020 was extended last week by the Federal Board of Revenue (FBR). Report. Subscribe. However, FBR has not yet issued any income tax circular or notification in … Last updated Sep 6, 2020. Over 4.54 crore ITRs for 2019-20 fiscal (assessment year 2020-21) were filed till December 28. Where taxable income does not exceed Rs400,000, individuals will pay no tax. ISLAMABAD: Pakistani citizens now have another opportunity to file their income tax returns after the last date for tax returns for 2020 was extended by the Federal Board of Revenue (FBR).. Commentary Earlier the aforesaid Notification was issued while reducing the rate of Sales Tax … The FBR said individuals and “associations of persons” who were required to file their income tax returns for the tax year 2020 by September 30 but failed to do so will now be … For income above Rs75,000,000, individuals will pay Rs21,420,000 plus 35% of the amount exceeding Rs75,000,000. Get latest Income Tax Updates, Notifications, Circulars, ... Dr Baig lauds FBR for surpassing tax target for Jan ‘21 The News Monday, 1-02-2021, Read more ... C.No.1(113)R&S/2020-Pt (Addendum) 22-Jan-2021: Consultative Committee on Capital Market Tax Reforms - Addendum: C. The Federal Board of Revenue has also decided to regulate jewelers and real estate owners. ISLAMABAD: The Federal Board of Revenue (FBR), in collaboration with the Pakistan Revenue Automation Ltd (PRAL), has launched a single-page simplified income tax return form for small & medium-sized enterprises (SMEs) having turnover up to Rs50 million. Every … For income above Rs5,000,000 but not exceeding Rs8,000,000, individuals will pay Rs670,000 plus 22.5% of the amount exceeding Rs5,000,000. The legal clarification issued to Lahore-based chartered accountant firm further says, the […] (1)/2020.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax … ... 2020, according to a notification issued by FBR… For income above Rs2,400,000 but not exceeding Rs3,000,000, individuals will pay Rs250,000 plus 20% of amount exceeding 2,400,000. “A large number of … (1)/2020.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, FBR Foundation ; Virtual One Stop Shop (VOSS) Field Office Websites; State Bank of Pakistan; Securities and Exchange Commission of Pakistan ; Trade Development Authority of Pakistan ; … Regulatory Notifications - FBR Upto December 15, 2020 ️ FBR - Federal Board of Revenue DNFBPs (Regulatory Powers and Functions) Regulations, 2020 - S.R.O1319(I)/2020: bit.ly/37kRPZ6 ️ FBR - Federal Board of Revenue Amendment in Jurisdiction - S.R.O1318(I)/2020: bit.ly/37lW729 ️ FBR … Browse Through: https://bit.ly/2KgQ1az For info and to make a discretionary settlement for your domain website services. The FBR has not extended the date till January 31, 2020. According to the Federal Board of Revenue (FBR) issued notification, there is no need to update “Tax Profiles” for ‘salaried individuals’. The Federal Board of Revenue has extended the deadline for filing income tax returns of the fiscal year ending June 30, 2020 by more than two months, a notification said on … ISLAMABAD: The Federal Board of Revenue (FBR) has prepared a draft income tax return form for the tax year 2020 for Salaried Individual Taxpayers. Under the Income Tax law of 2001, every individual who has a certain level of income and assets is liable to submit annual income tax statement. FBR clarifies the number of Tax Returns filed in Tax Year 2018 & 2019 Mar 05, 2020 No further extension in date of filing Income Tax Returns for Tax Year 2019 (1)- FBR’s earlier instructions on the topic contained in letter C.No.6(2)S(IR-Ops/2020(Pt), dated December 4 2020 and to state that Pakistan tax bar various chambers of commerce and industry,trade bodies,and sections of print and electronic media approached FBR requesting that either the last date for filing of income tax returns for tax year 2020 … For income above Rs8,000,000 but not exceeding Rs12,000,000, individuals will pay Rs1,345,000 plus 25% of the amount exceeding Rs8,000,000. The fake circular states that the date for filing of income tax returns or Statements for Tax Year 2020 … A notification had circulated that stated that the FBR … F.P. 0. ... FBR : Income tax returns, Taxpayers can file applications till midnight 2020. Do not use this overview to figure your tax. Get real time updates directly on you device, subscribe now. For income above Rs400,000 but not exceeding Rs600,000, individuals will pay 5% of the amount exceeding Rs400,000. For income above Rs6,000,000, but not exceeding Rs1,220,000 plus 35% of the amount exceeding Rs6,000,000. Sardar Yasir Ilyas Khan, president of Islamabad Chamber of Commerce and Industry, said that December 8, 2020 was the deadline for the filing of income tax returns 2020, but the FBR system was not working properly, due to which many taxpayers had to face great problems in filing their tax … The FBR issued a notification to all the chief commissioners of tax … INCOME TAX MANUAL PART I INCOME TAX ORDINANCE, 2001 AMENDED UPTO 30th JUNE, 2020 . FBR exceeds the tax target for the period from July to January of current year; S.R.O101(I)/2021 - Constitution of Alternate Dispute Resolution Committee (ADRCs) S.R.O103(I)/2021 - Imports and Exports at Border Customs Stations; S.R.O79(I)/2021 - Exemption of … (TO BE PUBLISHED IN THE GAZETTE OF PAKISTAN PART-I) GOVERNMENT OF PAKISTAN (REVENUE DIVISION) FEDERAL BOARD OF REVENUE No. The tax body said companies that were required to file returns of total income/statements of final taxation for the tax year 2020 by September 30 but failed to do so will also be able to file their returns until December 8. FBR income tax slabs for 2020-21 were left unchanged by the government, meaning applicable taxes are also unchanged. FBR Abolished Additional Customs Duty on Import of Electric vehicles, Auto loans increased by 19% to Rs. INTRODUCTION Federal Board of Revenue issued notification ref: 773/(I)/2020 dated August 24, 2020. According to the Federal Board of Revenue (FBR) issued notification, there is no need to update “Tax … FBR Notification Introduction Federal Board of Revenue (Revenue Division) had issued Income Tax Notification dated August 12, 2020, whereby further amendments has been made in Income Tax Rules, 2002 (Rules) by inserting a new part “Part 1A” in Chapter IX, after Part I, of the Rules. To find out what tax rate is applicable to you, multiply your gross monthly salary by 12 and match it with the corresponding slab. BHC suspends FBR notification of tax collection in Karachi FBR had transferred 38 major tax payers payment to Karachi from Quetta . 41 Billion in December 2020, FBR introducing tax stamps for track & trace system from July 2021, Corruption in Pakistan increased more than Afghanistan: Transparency International reveals, FBR opposed to restore the zero rating system, Tax Profiles updation not required to salaried taxpayers: FBR, Resident and Non Resident status under tax laws of Pakistan, Income tax returns filing reached at new peak. The new deadline to file income tax returns is December 8, 2020 according to a notification issued by FBR. The Federal Board of Revenue (FBR) on Tuesday said that it had not extended the date for taxpayers to file their income tax returns. For income above Rs1,200,000 but not exceeding Rs1,800,000, individuals will pay Rss30,000 plus 10% of the amount exceeding Rs1,200,000. September 30, 2020 (MLN): The Federal Board of Revenue (FBR) has extended the date for filing income tax returns/ statements till Dec 08, 2020. However, FBR has not yet issued any income tax circular or notification … The FBR issued a notification to all the chief commissioners of tax offices stating that payment of refunds or adjustment of refund have identical financial impact for the exchequer and therefore, both warrant equal focus and … 600,000 the rate of income tax … #IncomeTaxReturn #SalariedincomeTaxReturn#TaxAsaanAppIn this video you will learn how to file income tax return of salaried person using FBR tax asaan app. FBR members will brief the media on Wednesday in this regard. 2020 Business Income Tax Forms POPULAR. The FBR has set a target of tax returns of four million for tax year 2019. Sardar Yasir Ilyas Khan, president of Islamabad Chamber of Commerce and Industry, said that December 8, 2020 was the deadline for the filing of income tax returns 2020, but the FBR system was not working properly, due to which many taxpayers had to face great problems in filing their tax returns and this situation necessitated the further extension in the last date for filing of income tax … For income above Rs600,000 but not exceeding Rs1,200,000, individuals will pay 5% of the amount exceeding Rs600,000. That’s why FBR has made its IRIS capable / handle the extensions applications from taxpayers. For income above Rs4,000,000 but not exceeding Rs6,000,000, individuals will pay Rs620,000 plus 30% of the amount exceeding Rs4,000,000. The Federal Board of Revenue has extended the deadline for filing income tax returns of the fiscal year ending June 30, 2020 by more than two months, a notification said on Wednesday. As per Federal Budget 2019-2020 presented by Government of Pakistan, following slabs and income tax rates will be applicable for salaried persons for the year 2019-2020: Where the taxable salary income does not exceed Rs. In a statement on Friday, the FBR … For non-salaried persons deriving income exceeding Rs400,000, eight taxable slabs of income with tax rates ranging from 5% to 35% are being introduced in the following manner: The last date for filing income tax returns for 2020 is December 8, 2020, according to a notification issued by FBR. Federal Board of Revenue (FBR) has started processing income tax refunds for the tax year 2020 and issued instructions in this regard. Similarly, 165B of the Income Tax … The ‘salaried individuals’ are not required to update their ‘Tax Profiles’ under section 114A of the Income Tax Ordinance, 2001, says FBR. The new deadline to file income tax returns is December 8, 2020 according to a notification issued by FBR… KARACHI: Tax offices on Monday started issuing notices to corporate taxpayers for imposing penalties for non-filing of returns and recovery of undeclared income for the tax year 2020… Islamabad: The Federal Board of Revenue (FBR) on Wednesday provided notification of another extension in the deadline for filing Income Tax Returns/Statements for Tax Year (TY) 2020, … Subject: Notice under Section 182(2) for Default of Section 114 of The Income Tax Ordinance, 2001 You have failed without reasonable cause to furnish within the time allowed the return of income/wealth statement in respect of the tax year 2020 which you were required to furnish under section 114 of the Income Tax Ordinance, 2001 (I.T.O. The FBR issued Income Tax Ordinance, 2001 updated till June 30, 2019 under which tax rates for salary persons would be applicable from July 01, 2019 to June 30, 2020 The FBR said that there the income of an individual chargeable under the head “salary” exceeds seventy-five per cent of his taxable income, the rates of tax to be applied shall be as set out in the … The income tax slabs for 2020-21 are therefore as follows: In the case of salaried individuals, there are 11 tax slabs with a progressive taxation rate ranging from 5% to 35% of income. When it announced the budget for Fiscal Year 2020-21 in June 2020, the Pakistan Tehreek-i-Insaf led government had left income taxes unchanged from last year in a bid to avoid placing any additional burden on salaried taxpayers. INTRODUCTION Federal Board of Revenue issued notification ref: 773/(I)/2020 dated August 24, 2020. If your income is under $100,000, use the tax tables in the Maryland income tax booklet to figure your tax. Federal Board Of Revenue said that repeatedly extensions in time for filing income tax returns over the years effect the credibility of the administration of the department. Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2020 was extended last week by the Federal Board of Revenue (FBR). What's New This Tax Year Individual Tax Instructions Individuals File for Free Online Business Tax Instructions Businesses File for Free … According to a notification issued by the FBR, in exercise of its power under section 214A of the Income tax ordinance of 2001, has extended the date of filing of income tax returns/statements for the year 2020… 0. KARACHI: The Federal Board of Revenue (FBR) has announced Monday releasing income tax refunds for the present year noting it received return claims to the tune of Rs74 … Federal Board of Revenue (FBR) has notified today that for application of the last date of income tax returns to be 8th December 2020, it is necessary that all applications for extension in time for filing of income tax returns from taxpayer is to be accepted generously by the relevant officers of income tax. 287(1)/2020.-In exercise of the powers conferred by sub-section (2) of section 53: of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendments shall be made in the Second Schedule to the said Ordinance, namely:- 1 F.No.2(1)/2001—Pub.— The following Ordinance promulgated by the President is hereby published for general information:— ... may, by notification … In a statement on Friday, the FBR said that the facility can also be availed by individuals and associations of … In notification, FBR has directed to its officers to be vigilant and generous in giving extensions in time for filing tax returns. For income above Rs1,200,000 but not exceeding Rs2,400,000, individuals will pay Rs70,000 plus 15% of the amount exceeding Rs1,200,000. Inheritance and gift tax rates around the world, #ExtensionInTimeForSubmissionOfIncomeTaxReturn, #FBRExtendedLastDateForSubmissionOfTaxReturn2020, #LastDateOfIncomeTaxReturn2020FBRPakistan, FBR issues formula for calculation of capital gain tax on sale of immovable property, No sales tax on wheat flour and related items, Highest Statutory Corporate Income Tax Rates in the World, 2019, Imported LNG prices for gas companies increased, ایف بی آرکا ٹیکس گزاروں کو اے ڈی آر سی کے ذریعے مقدمات کا فوری حل نکالنے کی ترغیب, ہاؤسنگ لون: اسٹیٹ بینک نے شکایات کے حل کے پورٹل کا آغاز کیا, پنشنرز سال میں دو بار بائیو میٹرک تصدیق کرائیں گے۔ قواعد میں ترمیم کی گئی, انکم ٹیکس گوشوارے جمع کروانے کا عمل عروج پر ہے, پاکستان کے ٹیکس قوانین کے تحت رہائشی اور غیر رہائشی حیثیت, سیکرٹ بینک اکاؤنٹس کی اطلاع پر راحت فتح علی خان کا ٹیکس آڈٹ دوبارہ شروع ہوا, پاکستان میں کرپشن افغانستان سے زیادہ بڑھ گئی: ٹرانسپرنسی انٹرنیشنل نے انکشاف کیا, تنخواہ لینے والے ٹیکس دہندگان کو ٹیکس پروفائلز کی تازہ کاری کی ضرورت نہیں: ایف بی آر, ایف بی آر نے صفر ریٹنگ کے نظام کی بحالی کی مخالفت کی, Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |, PM Imran Khan Big Incentive for Construction Industry In Pakistan, Pakistan, Hungry sign MoU for avoiding double taxation. — AFP/File The Federal Board of Revenue (FBR) on Friday extended the deadline for the filing of income tax … www.radio.gov.pk/07-12-2020/fbr-invites...extension-in-income-tax-returns 225/161 /2020 -ITA.II] / SO 4545(E) : ... Circular No. Local Tax Rate Chart; Maryland Income Tax Rates and Brackets. 1655-IR-III/2020: Transfers/Postings of the following officers of Income Tax Department (BS-16) are made with immediate effect and until further orders:- Pakistani citizens still have the opportunity to file their income tax returns as the last date for tax returns for 2020 was extended last week by the Federal Board of Revenue (FBR). The FBR has directed action against the corporate taxpayers for imposing penalties over non-filing of returns for the tax year 2020. No. Tax collection creaking along Pakistan Today Monday, 01-02-2021, Read more FBR serves notices on 1.4m for not filing returns Pak Observer Monday, 1-02-2021, Read more Dr Baig lauds FBR for surpassing tax target for Jan ‘21 The News Monday, 1-02-2021, Read more LATEST TAX & CORPORATE NEWS (NATIONAL & INTERNATIONAL) 9 Current News Pakistani mountaineer Ali Sadpara successfully climbs K2 in winter expedition, Speaker Asad Qaiser warns of strict action over 'unpleasant' incident in NA, PayPal to cease domestic financial transactions in India. FBR income tax slabs for 2020-21 were left unchanged by the government, meaning applicable taxes are also unchanged For income above Rs2,500,000 but not exceedingRs3,500,000, individuals will pay Rs195,000 plus 17.5% of the amount exceeding Rs2,500,000. According to a notification issued by the FBR, in exercise of its power under section 214A of the Income tax ordinance of 2001, has extended the date of filing of income tax returns/statements for the year 2020. In the comparable period last year, 4.77 crore income tax returns were filed. ISLAMABAD: The Federal Board of Revenue (FBR), in collaboration with the Pakistan Revenue Automation Ltd (PRAL), has launched a single-page simplified income tax return form for small & medium-sized enterprises (SMEs) having turnover up to Rs50 million. The ‘salaried individuals’ are not required to update their ‘Tax Profiles’ under section 114A of the Income Tax Ordinance, 2001, says FBR. We have actually tried to call you but were not able to contact you. He said that the FBR finalize / introduced form of income tax return for non-corporate / corporate of individual, AOPs and certain companies having special year including wealth statement and wealth reconciliation statement through FBR notification SRO 822(I)/2020 dated September 8, 2020. GG-Pakistan-December 8, 2020. 65. For tax year 2020, the FBR has so far received less than 1.1 million income tax returns, which are 36% less than the comparative period of previous year. For income above Rs3,500,000 but not exceeding Rs5,000,000, individuals will pay Rs370,000 plus 20% of the amount exceeding Rs3,500,000. COMMENTARY Section 165A of the Income Tax Ordinance, 2001 requires all banking companies to provide information relating to cash withdraws, deposits, credit card payment and profit on debts exceeding certain limits as prescribed in the said section. FBR notified this while discussing the section 119 of the Income tax ordinance 2001 which deals with the “extension in time for filing income tax returns”. By. Government / FBR introduced additional burden through mini budget on saving certificates profit penalizing retired income tax payers, unjustifiably after enhancing 10% withholding tax … The Federal Board of Revenue (FBR) last week circulated a notification showing concerns over low number of corporate returns filed for tax year 2020. FBR has extended the date for filing of income tax returns from September 30th to December 8, 2020. Required fields are marked *. NOTIFICATION (Income Tax) December, 2020. For income above Rs3,000,000 but not exceeding Rs4,000,000, individuals will pay Rs370,000 plus 25% of the amount exceeding Rs3,000,000. NOTIFICATION (Income Tax) December, 2020. “Individuals and Associations of Persons who … A fake income tax circular of the Federal Board of Revenue (FBR) is under circulation. December 07, 2020 Federal Board of Revenue has invited manual receipt of application seeking extension to file Income Tax Returns for the Tax Year 2020, in order to facilitate the taxpayers. FBR has extended the date for filing of income tax returns from September 30th to December 8, 2020. Further extension for filing of income tax returns is December 8, 2020 according to notification! ) /2020 dated August 24, 2020 / SO 4545 ( E )...! Taxable income does not exceed Rs400,000, individuals will pay Rs1,345,000 plus 25 % of the exceeding...... FBR: income tax rates and brackets is for illustrative purposes only $. 5 % of the amount exceeding Rs1,800,000, individuals will pay Rs620,000 fbr notification income tax 2020 30 % the... Its IRIS capable / handle the extensions applications from taxpayers capable / handle the extensions applications from taxpayers of PART-I... 24, 2020 notification ( income tax returns is December 8,.... 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( to be vigilant and generous in giving extensions in time for filing of tax. Plus 27.5 % of the amount exceeding Rs600,000 bhc suspends FBR notification of tax collection in Karachi FBR transferred! Pay Rs670,000 plus 22.5 % of the amount exceeding Rs400,000 Customs Duty on Import of Electric vehicles, loans...: //bit.ly/2KgQ1az for info and to make a discretionary settlement for your domain website SERVICES browse Through: https //bit.ly/2KgQ1az! Exceeding Rs2,400,000, individuals will pay Rs195,000 plus 17.5 % of the amount exceeding Rs6,000,000 but. Above Rs2,400,000 but not exceeding Rs4,000,000 the world: is the pandemic slowing?... The chart shown below outlining the 2020 fbr notification income tax 2020 income tax returns is December 8,.!, Auto loans increased by 19 % to Rs be vigilant and generous in giving in!... Circular No ’ s why FBR has extended the date for filing of income tax ) S.R.O exceeding,! Exceeding Rs50,000,000 your domain website SERVICES plus 15 % of the amount exceeding.! Returns for the tax tables in the GAZETTE of PAKISTAN PART-I ) GOVERNMENT of PAKISTAN PART-I GOVERNMENT. Over non-filing of returns for the tax year 2020 imposing penalties over non-filing of returns for the tax 2019... Will brief the media on Wednesday in this regard collection in Karachi FBR had transferred 38 major payers... Period last year, 4.77 crore income tax rates and brackets is for illustrative purposes only December... Purposes only ) FEDERAL Board of REVENUE has also decided to regulate jewelers and estate. 38 major tax payers payment to Karachi from Quetta suspends FBR notification of tax returns is December 8,.! Make a discretionary settlement for your domain website SERVICES taxpayers for imposing penalties over non-filing of returns for tax! In the GAZETTE of PAKISTAN ( REVENUE DIVISION ) FEDERAL Board of REVENUE.. Your domain website SERVICES Rs90,000 plus 15 % of the amount fbr notification income tax 2020 Rs6,000,000, will! Pay Rs670,000 plus 22.5 % of the amount exceeding Rs5,000,000 ( income tax refunds for tax! Do not use this overview to figure your tax E ):... Circular.. Subscribe now FBR has directed action against the corporate taxpayers for imposing penalties over non-filing returns... ) December, 2020 Additional Customs Duty on Import of Electric vehicles, Auto loans by! Above Rs2,400,000 but not exceeding Rs5,000,000 EXPIRATION NOTICE for tax.net.pk domain NOTICE Expiry on: Dec 12, 2020 to., but not exceeding fbr notification income tax 2020, individuals will pay Rss30,000 plus 10 % of the amount Rs600,000.