Extension in last date of tax return 2022

last date for tax return 2022

Further extension in the last date of the income tax return for the tax year 2022 has been announced by FBR up to the 15th of December 2022. The FBR has issued the notification for an extension in the tax return’s last date in Pakistan on the 30th of November 2022. The last date was … Read more

Capital Gain Tax on Property in Pakistan Tax Year 2023

capital gain tax 2023

Capital Gain Tax is payable on any gain arising from the sale or disposal of a capital asset (immovable property) during a tax year and is taxable under the head “Capital Gains”. The Capital Gain Tax is described in section 37 of the Income Tax Ordinance 2001. Any gain or profit arising from the disposal … Read more

Last date for income tax return 2022

last date for tax return 2022

Further extension in the last date for tax return 2022 in Pakistan, for the persons with the normal tax year, has been granted by the FBR up to the 30th of November 2022. Previously the last date for tax returns was the 31st of October 2022 which was fixed by allowing an extension in the … Read more

Tax Rates Rental Income 2022-23

tax on capital assets

Rental income from property i.e land or building is taxable as per the provisions described in sections 15 and 16 at the tax rates for rental income 2022-23 given in the First Schedule of the Income Tax Ordinance 2001.   The taxable rental income is calculated after making certain deductions as allowed in the ordinance. … Read more

TAX ON PROPERTY INCOME IN PAKISTAN TAX YEAR 2022

tax on deemed income

Income derived as rent from letting out of property i.e. land or building for use or occupation in a tax year is taxable under the head of income “Income from Property”. Tax on property income is described in sections 15 and 16 of the Income Tax Ordinance 2001. Rented property may be land or a … Read more

Dollar Rate in Pakistan, September 2022

Dollar Rate

A monthly overview of the Dollar Rate in Pakistan during September 2022 with reference to the Pakistani Rupee  and its graphical representation Since the change in the Government of Pakistan in April 2022, the economy of Pakistan is showing abnormal and unprecedented behavior. Huge variations are being observed in the FE conversion rates with reference … Read more

Extension in Date For Tax Return 2022

last date for tax return 2022

The last date of tax return 2022 in Pakistan for persons with a normal tax year has been extended by FBR up to the 31st of October 2022. Previously the last date for tax returns was the 30th of September 2022. The extension in the date of the tax return for the tax year 2022 … Read more

Business Income Tax Pakistan 2022

A person’s income from business and profession is taxable under the income head “income from business” at the rates as given in Division I of Part 1 of the First Schedule of the Income Tax Ordinance 2001. Business income tax is explained in the section 18 of the Income Tax Ordinance 2001 and includes the … Read more

Valuation of Perquisites for Taxation of Salary Income in Pakistan 2022

Perquisites are benefits (cash or non-cash) that are provided by an employer to an employee associated with the employment in addition to salary or wages such as motor car, rent-free accommodation, utilities, etc. For computation of taxable income, the procedure for valuation of perquisites is described in the Income Tax Ordinance 2001. Section 13 of … Read more