Since the promulgation of the Tax Laws (Amendment) Ordinance, 2025, several commentaries have surfaced in editorial columns, professional circles, and even in government forums. They raise misinformed concerns about the…
This is a continuation of the articles written earlier in this paper on the matter of perpetual amnesty available in the form of 'No Question Asked Concept' for foreign exchange…
In an article published in this esteemed paper early this year under the title "Private Foreign Currency Account and Section 111(4) of the Income Tax Ordinance-The Revolving Circle", the author…
After the Second World War, the provision of advance tax [now encased in section 147 of the Income Tax Ordinance, 2001 [hereinafter "the Ordinance"] was introduced as a measure to…
When the government of General Pervez Musharraf decided to promulgate a new income tax law in 2000, we opposed it strongly. Our main objection was that his regime had no…
Draft of proposed Income Tax Act CHAPTER I PRELIMINARY Part 1 - Enactment 1. (1) This Act may be called the Income tax Act, 2012. (2) It extends to the…
CHAPTER 2 - CHARGE OF INCOME TAX: Part 1 - General rate of income tax 15. Save as otherwise provided in any other provision of the Act, income tax in…
The following persons shall file a return of income for every year in the prescribed form; (1) All persons whose net annual income exceeds Rs 400,000; (2) All persons whose…
102. Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of…
The President of Pakistan issued Tax Laws (Amendment) Ordinance, 2025, published in The Gazette of Pakistan on May 2, 2025, made effective at once. Presidential Ordinance No. IV of 2025…
