Tareen Tax Law Associates

Tareen Tax Law Associates We are providing assistance to solve Income Tax, Sales Tax and Property matters, Corporate Matters, Trade Mark, Registration of Firm/ Companies etc.

PROFESSIONAL QUALIFIED ACCOUNTANTS AND LAWYERS

23/08/2021

Following is the complete sections of the Income Tax Ordinance, 2001 updated up to June 30, 2001 after incorporating changes brought through

23/08/2021

Taxation on income of deceased individuals

PkRevenue.com - Faisal Shah - August 19, 2021
Section 87 of Income Tax Ordinance, 2001 has explained tax on income of deceased individuals.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 87 of the Income Tax Ordinance, 2001:

87. Deceased individuals.— (1) The legal representative of a deceased individual shall be liable for —

(a) any tax that the individual would have become liable for if the individual had not died; and

(b) any tax payable in respect of the income of the deceased’s estate.

(2) The liability of a legal representative under this section shall be limited to the extent to which the deceased’s estate is capable of meeting the liability.

(2A) The liability under this Ordinance shall be the first charge on the deceased’s estate.

(3) For the purpose of this Ordinance, —

(a) any proceeding taken under this Ordinance against the deceased before his or her death shall be treated as taken against the legal representative and may be continued against the legal representative from the stage at which the proceeding stood on the date of the deceased’s death; and

(b) any proceeding which could have been taken under this Ordinance against the deceased if the deceased had survived may be taken against the legal representative of the deceased.

(4) In this section, “legal representative” means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in representative character the person on whom the estate devolves on the death of the party so suing or sued.

23/08/2021

In order to stop the ‘on money’ phenomenon, the government has slapped withholding tax on unregistered new motor cars or cars sold prior to

23/08/2021

BEIJING: Pakistan has a huge potential to enhance rice export to several countries especially China and Pakistani rice export is likely....

23/08/2021

Federal Board of Revenue (FBR) has issued updated rates of withholding tax on purchase of motor cars during 2021-2022.

22/08/2020

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday announced to give reward money to those people who identify culprits involved tax evasion through fake and flying invoices.

22/08/2020

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday exempted sales tax and income tax on import of sugar in compliance with the government decision to lower the price of the commodity.

22/08/2020

KARACHI: The liquid foreign exchange reserves of the country increased by $137 million to $19.655 billion by week ended August 13, 2020, State Bank of Pakistan (SBP) said on Thursday.

22/08/2020

KARACHI: State Bank of Pakistan (SBP) has allowed extension in settlement of foreign currency loans to facilitate exporters and importers in wake of coronavirus pandemic.

22/08/2020

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday offered exporters to resubmit their refund claims which were stuck up due to any reason.

12/06/2020

KARACHI: Pakistan’s foreign exchange reserves have declined by $215 million to $16.705 billion by week ended June 05, 2020, State Bank of Pakistan (SBP) said on Thursday.

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NEAR FBR OFFICE, OPP. AL-RAHEEM GARDEN PHASE-II, NEW LAHORE Road
Narowal

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+923028498558

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