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Tax deduction at source (TDS) has come into existence with the motive of collecting tax from different sources of income. As per this concept, a person (Payer) who is responsible to make payment of specified nature to any other person (Payee) shall deduct tax at source before making payment to such person (Payee) and remit the same into the account of the Central Government.
This new law on TDS on cash withdrawal has come into effect from July 1, 2020. As per the provisions of section 194N of Income Tax Act, if a person withdraws more than 1 Crore from the specific payers, then the payers will deduct TDS on such transaction and deposit it.
The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax. FBR operates through Inspectors-IR that keep tax ...
To update the tax laws and bring the country's tax laws into line with international standards, the Income Tax Ordinance 2001 was promulgated on 13 September 2001. It became effective from 1 July 2002. Following the recent budget, the Income Tax Ordinance as amended up to June 30, 2024 and the updated Finance Act 2024 are now available! [4]
Federal Board of Revenue (FBR) The Inland Revenue Service ( IRS ) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty.
The Directorate General of Intelligence and Investigation (DG I&I) (Urdu: نظامتِ عمومی برائے سراغرسانی و تفتیش) operates as a department under the Federal Board of Revenue (FBR) in Pakistan. While its core function is to serve as the intelligence wing of the FBR, it is actively engaged in the day-to-day ...
Imputed rent is the rental price an individual would pay for an asset they own. The concept applies to any capital good, but it is most commonly used in housing markets to measure the rent homeowners would pay for a housing unit equivalent to the one they own. Imputing housing rent is necessary to measure economic activity in national accounts ...
The rental cost for an equivalent home may be less in many U.S. cities as of 2006. Adding a down payment or home equity to this calculation can significantly reduce the monthly cost of ownership, while significantly reducing the income stream that the downpayment would generate in a long term CD. Including the monthly cost of forgoing the ...