FBR Guidelines for Section 116(3) of the Income Tax Ordinance: A Comprehensive Overview
FBR Guidelines for Section 116(3) of the Income Tax Ordinance The Federal Board of Revenue (FBR) has implemented several guidelines and amendments to Section 116(3) of the Income Tax Ordinance, enhancing transparency and compliance related to the filing of foreign income and assets statements. Below, we outline the key points of these guidelines to help […]
Understanding FBR’s Authority to Impose Sanctions under AMLA 2010 – (2024)
Notice to impose sanctions for noncompliance to AML/CFT obligations under AMLA, 2010 You may get this notification from FBR Understanding FBR’s Authority to Impose Sanctions under AMLA 2010 The Federal Board of Revenue (FBR) in Pakistan holds significant authority to impose sanctions on designated non-financial businesses and professions (DNFBPs) for non-compliance with Anti-Money Laundering (AML) […]
What is Section 170 FBR in Pakistan?
What is the time frame to apply for Refund? An application for a refund under shall be made within three years of whichever is later –1: the date on which the Commissioner has issued the assessment order for the tax year to which the refund application relates; or 2: the date on which the tax […]
Got 114(4) Notice from FBR – What should you do?
114(4) Notice : “you have not furnished return of total income for the tax year________ due to be filed under section 114 of the Income Tax Ordinance, 2001.You are required to furnish on or before (Date mentioned) the return of income for the said tax year, in the prescribed form and verified in the prescribed […]
What is 119(1)/114? Here is what you should do
119(1) / 114 is the Application for extension in time for filing of Return of Income. will grant permission by sending 119(3) / 114 (Order to grant / refuse extension in time for filing of Return of Income) in Routine as practice taxpayer will get 15 days extension You typically don’t “receive” a Section 119(1)/114 […]
Got 120(3) Notice from FBR – What should you do?
120(3) (Notice to complete deficiencies in Return of Income) Refer to tax return e-filed by you for the tax year Whereas during desk audit of your tax returns for the tax year, it has been observed that the tax return filed is deficient on account of below and liable to be rendered in-valid in accordance […]
Got 122(9) Notice from FBR – What should you do?
122(9) (Notice to amend assessment) SHOW CAUSE NOTICE U/S 122(9) OF THE INCOME TAX ORDINANCE, 2001 FOR THE AMENDMENT OF ASSESSMENT FOR TAX YEAR 2015. Please refer to the above. The documents filed by you have been examined thoroughly and discussed as under:- Examination of your record shows that you have obtained […]