FlagSquare & Co

FlagSquare & Co Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from FlagSquare & Co, Financial Consultant, FF-324, First Floor, Deans Trade Center, Saddar, Peshawar.

03/03/2021

FBR advised late filers to pay surcharge to appear on the ATL for tax year 2020.
The FBR on 01.03.2021, earlier issued the ATL for tax year 2020. The total number of active taxpayers for the tax year 2020 is 2.18 million. However, according to the FBR received 2.63 million income tax returns for the tax year under review.
The FBR said that about 0.59 million are those taxpayers who filed their returns after due date. So their names are not on the ATL 2020.
“These late filers are not included in the ATL as they have not paid surcharge,” the FBR said, adding that those taxpayers can get ATL status after paying surcharge.
The amount of surcharge for appearance on the ATL is Rs20,000 for corporate entity, Rs10,000 for AOP and Rs1,000 for individuals.
The FBR said those who have not filed their annual returns for tax year 2020 they can file their returns now and avail benefits of the ATL.
The ATL ensures exemption of withholding tax to return filers on various transactions. Further, it also allows return filers to avail reduced rate of withholding tax on many other transactions.

26/08/2020

FBR has granted audit immunity to salaried ind. & pensioners for income tax return filed for tax year 2018 asper audit policy 2019

20/08/2020

Dear Taxpayer

Payment through ADC(e-Payment) mode has been made mandatory for corporate taxpayers. Taxpayers can pay their taxes through Internet Banking, ATMs and/or Over The Counter (OTC) through cash, cheque or pay order. Payment modes other than ADC will not be available for corporate taxpayers after 16th of Aug 2020. In case of any issue, contact FBR Helpline phone (051-111-772-772) and email ([email protected]).

02/06/2020

FBR received above 120,000 returns since launch of new ATL on 01.03.2020 & during ongoing lockdown, as per new ATL on 01.06.2020.

26/04/2020

The filing of income tax return and wealth statement has been made mandatory for builders & developers under new ordinance to provide incentives to construction industry.

According to Tax Laws (Amendment) Ordinance, 2020, builders & developers under the special tax regime are also required to electronically file annual tax returns (including wealth statements, wherever applicable) to be accompanied by evidence of tax payment.

Such a tax return will be considered as an assessment order issued under section 120 of the Ordinance.

Tax liability for tax year 2020 is required to be discharged with the tax return.

It further said that a tax return or declaration of a builder or developer is considered void if it is based on misrepresentation or on suppression of facts and all the provisions of the Ordinance will apply unless such misrepresentation is due to a bona fide mistake.

No action is to be taken without providing an opportunity of being heard and without prior approval of FBR.

12/03/2020

FBR collected
Rs.670 million as WHT from foreign transactions through debit/credit card in first 8-months of current fiscal year.

12/03/2020

FBR will launch a crackdown from next week on traders who fail to comply with a condition of furnishing CNIC details of buyers having an invoice above Rs.50,000 with the apex tax authority.

FBR has made it mandatory for a citizen to show his or her CNIC in case he/she wanted to buy a product of over Rs50,000 from a sales tax-registered seller.

The condition of showing CNIC at the time of purchase was waived in July 2019 on protest of traders and small retailers but the condition has been enforced wef 01.02.2020.

08/03/2020

FBR said that there will be no further extension in deadline for filing of tax returns for 2019 & non filer will face penalty...

08/03/2020

PENALTY FOR LATE FILING OF INCOME TAX RETURN.
SECTION 182.
As per Income Tax Ordinance, 2001, in case a person fails to file return of income by due date than such person is required to pay a penalty,

equal to 0.1 percent of the tax payable in respect of that tax year for each day of default subject to a maximum penalty of 50 percent of the tax payable

provided that if the penalty worked out as aforesaid is less than forty thousand rupees or no tax is payable for that tax year such person shall pay a penalty of forty thousand rupees.

08/03/2020

FBR said that payment for purchase of immovable properties above Rs.5 million is mandatory to be paid through banking channel.

04/12/2019

FBR Chairman Syed Shabbar Zaidi reiterated that every person owning a car above 1000 cc and a house measuring 500 square yards or above is required to file tax returns.

FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file return of income irrespective of having any taxable income during the year, “Penal actions will be taken against delinquents. Avail extension".

Earlier, on 29.11.2019, FBR had extended the deadline for filing of income tax returns for the tax year 2019 to 16.12.2019.

Address

FF-324, First Floor, Deans Trade Center, Saddar
Peshawar
25000

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00
Saturday 09:00 - 13:00

Telephone

+923330616102

Website

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