Connect with us

Business

FBR issues new tax regulations for non-filers – SUCH TV

Published

on

FBR issues new tax regulations for non-filers – SUCH TV



The Federal Board of Revenue (FBR) has introduced amendments to the income tax regulations for the fiscal year 2025-26, aiming to expand the tax base and curb non-compliance.

As per official documents, non-filers withdrawing more than PKR 50,000 in a day from their bank accounts will now be charged a 0.8% withholding tax  an increase from the previous 0.6% rate.

The updated tax rules target undocumented cash transactions and are designed to encourage individuals to file their tax returns.

Although the Senate’s Finance Committee had suggested raising the withdrawal threshold to PKR 75,000, the final rule retains the PKR 50,000 limit.

All banking companies have been authorised to deduct this advance adjustable tax from non-filers under the new provision.

FBR has also revised tax rules for real estate transactions:

Buyers of the property will benefit from a 1.5% reduction in withholding tax.

Sellers or transferors will face a 1.5% addition in tax with all slabs, planned to adjust capital gains on property sales.

Revised tax rules are reflected in Sections 236C and 236K of the Income Tax Ordinance.

Individuals who have had property for more than 15 years and have declared it in their tax returns will be released from withholding tax under Section 236C.

If the owner has lived in the property during this period, the exclusion still applies.

In addition to the new revised income tax rules, FBR has clarified audit immunity rules: taxpayers whose cases were selected for audit in any of the past three years will not be selected again during that period.

Earlier, a team of Khyber Pakhtunkhwa Revenue Authority (KPRA) headed by Assistant Collector Hizbullah Khan, held a meeting with the Wedding Hall Association of Haripur at the Sub-Office.

During the meeting, the KPRA team discussed matters related to Sales Tax on Services.

During the session, the Assistant Collector advised all wedding hall owners to ensure the timely payment of tax and accurate submission of their monthly sales tax returns under the law.



Source link

Business

Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV

Published

on

Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV



The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.

This decision was notified in a press release issued by the Petroleum Division.

Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.

Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.

Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.

The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.

 



Source link

Continue Reading

Business

Serial rail fare evader faces jail over 112 unpaid tickets

Published

on

Serial rail fare evader faces jail over 112 unpaid tickets


One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.

Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.

He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.

He will be sentenced next month.

District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.

He pleaded guilty to 76 offences on Thursday.

It came after he was convicted in his absence of 36 charges at a previous hearing.

During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.

They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.

But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.



Source link

Continue Reading

Business

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports

Published

on

JSW Likely To Launch Jetour T2 SUV In India This Year: Reports


JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.

Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra. 

According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.

Add Zee News as a Preferred Source


Expected Powertrain

The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.

Design

In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction. 

Size

The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.

Price

Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.

Jetour

Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.



Source link

Continue Reading

Trending