Tax Tutor

Federal government has given go-ahead signal to FBR raiding teams to conduct raids on any premises without any warrants of area magistrate.

FBR official while talking to media told that there were credible reports about some “leakage” prior to raids. He said that in the past FBR raiding team have to obtain arrest or search warrants from a first class magistrate to conduct raid on any premises and during this process some elements leaked information to concerned party and altered them about raid.

He said that now government has authorized FBR raiding teams to conduct raids without getting any search or arrest warrants from the magistrate. He said that this action will pave way to catch tax evaders without any hurdle in future.

Alert for persons having Income from Salary only: Last date of filing Income tax return 2018 is 31 August 2018

If a person fails to get income tax return filed within due date, FBR can impose penalty amounting to Rs. 40,000 and he will not be considered as Filer even after late filing of Income tax return.

Change in sales tax rates on petroleum products with effect from 1st May, 2018

http://www.fbr.gov.pk/DislpaySRO/6335