Business
Declare property values or risk penalties, FBR warns taxpayers | The Express Tribune
ISLAMABAD:
The Federal Board of Revenue has introduced a new requirement for taxpayers to declare the market value of their assets in their income tax returns. This move is aimed at curbing the underreporting of property values, a significant issue in Pakistan’s tax system.
The FBR clarified that no new Statutory Regulatory Order has been issued to amend the 2025 tax return form. The requirement to declare property values was included when the form was first published on July 7, 2025.
Taxpayers who have already filed their returns will not need to amend or refile them. However, for future filings, property owners must disclose the annual increase in the market value of their assets.
A common question raised by taxpayers has been whether this new rule will affect their tax calculations. According to the FBR, for most taxpayers, declaring the market value of their assets will not impact the amount of tax owed.
The tax authority has also reassured taxpayers that no penalties or notices will be issued for errors in reporting property values. The goal is to ensure that the values declared are as close to the actual market rates as possible.
The FBR also addressed some misinformation circulating on social media. They made it clear that the declaration of asset market values is entirely voluntary for most taxpayers and will not be used for tax assessments or to reconcile wealth statements. This requirement will only apply to high-net-worth individuals already covered under Section 7E of the tax code.
Don’t wait: File before September 30
While this new rule may seem complicated at first glance, the FBR has made it clear that the process is straightforward and will not disrupt tax filings for the majority of people. Taxpayers are encouraged to submit their returns well before the September 30, 2025 deadline to avoid any last-minute rush.
With the online tax filing system fully functional, the FBR is confident that taxpayers will be able to comply with the new requirement smoothly.
Business
Bank Holiday October 2025: Branches To Be Closed For Upto 21 Days Next Month; Check Dates And State Wise List
 "Bank Holiday October 2025: Branches To Be Closed For Upto 21 Days Next Month; Check Dates And State Wise List")
New Delhi: In the month of October, bank branches will remain closed for upto 21 days. The Reserve Bank of India (RBI) has mentioned some days when the banking operations will remain closed in the month of October 2025, although online banking activities will continue to work.
While some bank holidays will be observed nation-wide, some others will be local holidays. Several bank branches will remain closed in various states owing to these festivities. Before visiting your bank branch in the month of October, you must note down the list of important days during which banks will remain closed.
Banks will remain closed for total 21 days in the month of October– 15 as per the Reserve Bank of India (RBI) holiday calendar list and the remaining days are that of weekends. However, you must note that the banks will NOT be closed for 21 days in all states or regions. This is the total number of days when banks in different parts of the country will remain closed for state-observed holidays.
For example bank branches might be closed for Kati Bihu in Assam but not closed for the same in other states.
Reserve Bank of India places its Holidays under three brackets –Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks’ Closing of Accounts. However, it must be noted that the bank holidays vary in various states as well not observed by all the banking companies. Banking holidays also depend on the festivals being observed in specific states or notification of specific occasions in those states.
Here is an elaborate list of bank holidays falling in the month of October 2025. Check out the list.
Navaratri Ends/Maha Navami/Dussehra/Ayudhapooja, Vijayadasami/Durga Puja (Dasain): October 1
Mahatma Gandhi Jayanti/Dasara/Vijaya Dashami/Dussehra/Durga Puja (Dasain)/Janmotsav of Sri Sri Sankardeva: October 2
Durga Puja (Dasain): October 3
Durga Puja (Dasain): October 4
Lakshmi Puja: October 6
Maharshi Valmiki Jayanti/Kumar Purnima: October 7
Karva Chauth: October 10
Kati Bihu: October 18
Diwali (Deepavali)/Naraka Chaturdashi/Kali Puja: October 20
Diwali Amavasya (Laxmi Pujan)/Deepawali/Govardhan Pooja: October 21
Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja/Balipadyami, Laxmi Puja (Deepawali): October 22
Bhai Bij/Bhaidooj/Chitragupt Jayanti/Laxmi Puja (Deepawali)/Bhratridwitiya/Ningol Chakkouba: October 23
Chath Puja (Evening Puja): October 27
Chath Puja (Morning Puja): October 28
Sardar Vallabhbhai Patel’s Birthday: October 31
Apart from the above bank holidays, the second and fourth Saturdays, Sundays of the month are falling on the following dates:
Sunday: October 5
Second Saturday: October 11
Sunday: October 12
Sunday: October19
Fourth Saturday: October 25
Sunday: October 26
Check Dates And State Wise List Of Bank Holidays In October 2025
Holidays of the mentioned days will be observed in various regions according to the state declared holidays, however for the gazetted holidays, banks will be closed all over the country.
If you keep a track of these holidays, you would be able to plan bank transaction activities in a better way. For long weekends, you can even plan your holidays well.
Last Updated:
News18
In a major decision, the Supreme Court on September 26 upheld JSW Steel’s resolution plan for Bhushan Power & Steel. The judgment is a major relief for JSW Steel. An SC bench, comprising Chief Justice B R Gavai, Justices S C Sharma and K Vinod Chandran, has rejected the objections raised by former promoters and certain creditors of Bhushan Power & Steel Ltd.
The Supreme Court on May 26, 2025, had ordered a status quo on the liquidation of Bhushan Power & Steel Ltd (BPSL), halting all further proceedings in the National Company Law Tribunal (NCLT). This case, involving JSW Steel, one of India’s leading steelmakers, has been under the spotlight due to its size, legal complexity, and implications for the Insolvency and Bankruptcy Code (IBC).
(This is breaking. Details will be added shortly)
September 26, 2025, 11:03 IST
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Last Updated:
Accenture is cutting jobs, exiting parts of its portfolio as it braces for slower growth in FY26, highlighting mounting pressure in IT services sector
Accenture (File Photo)
Accenture is cutting jobs and exiting parts of its portfolio as it braces for slower growth in FY26, highlighting mounting pressure across the global IT services sector despite sustained investment in AI and cloud.
CEO Julie Sweet said the company is “exiting, on a compressed timeline, people where re-skilling is not a viable path for the skills we need,” during its September 25 earnings call. She did not provide a layoff figure, but headcount decreased by approximately 7,000 in Q4 FY25, reducing the workforce to roughly 770,000.
The restructuring comes amid moderating growth and softer client demand, even as Accenture doubles down on generative AI and cloud offerings. “We continue to see pockets of strong AI-driven demand, [but] overall growth in our key markets is moderating,” Sweet said.
Accenture now expects FY26 revenue to rise just 2–5% in local currency—well below last year’s 7%—excluding a further 1–1.5-point drag from its slowing U.S. federal business. That unit has been hit by procurement disruptions under the Department of Government Efficiency (DOGE), the Elon Musk-led agency reshaping federal contracts.
CFO Angie Park said the company will prioritise operational efficiency and higher-return investments, with plans to divest about $865 million in non-core assets and exit under-performing acquisitions.
Despite the cuts, Accenture said it will keep hiring and re-skilling in priority areas to support delivery, and expects headcount growth in the U.S. and Europe during FY26.
The realignment underscores broader turbulence in IT services: Tata Consultancy Services has already laid off more than 12,000 employees this year, citing skill mismatches and slowing demand.
Accenture’s shares slipped about 2% after the earnings release, reflecting investor unease over the weaker growth outlook and strategic pullbacks.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
September 26, 2025, 08:45 IST
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