Seminar held on immovable properties

 LAHORE (Staff Reporter): A seminar held on tax relating to immovable properties at the Income Tax office here on Tuesday. A detailed presentation was organised by the Zone-V, CRTO Lahore on section 236W and its salient features besides a difference in between sections 236C & 236K of Income Tax (Amendment Act), 2016. On the occasion, Commissioner Income Tax Inland Revenue Mehmood Jafri said that the withholding agent who fails to collect tax relating to transfer of immoveable properties is personally liable to pay the amount of tax under section 236W and other provisions of Income Tax (Amendment Act), 2016. In addition to the principal amount as above, he added, the default surcharge at the rate of 12 percent per annum is also chargeable under section 205. Penalty for non-filing of monthly withholding statement is at the rate of Rs2500 for each day’s default under section 182, he added. He urged the participants to keep updated ATL, which would be updated 15th of each month.

 CDNS achieved Rs94b target by Dec 15

 ISLAMABAD (APP): The Central Directorate of National Savings (CDNS) achieved Rs94 billion in last months of second quarter of current fiscal year from July 1 to December 15, 2016-17. The target for the year 2016-17 was set at Rs228 billion as the directorate was able to achieve the target of Rs218 billion for the previous fiscal year, a senior CDNS official said here on Tuesday. The Central Directorate of National Savings (CDNS) has notified upward revision in the profit rates for various saving certificates which has been applicable from October 3, 2016. "The instant revision was made in the backdrop of current market scenario and in accordance with the government's policy to provide market based competitive rate of return to the investors of National Savings," he said. He said as per notification issued by the federal government, the new rates for Defense Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, have been revised upward at an average of 7.44 percent, 5.8 percent, 6.36 percent and 3.90 percent respectively.

 KCCI seeks extension in returns filing date

 KARACHI (APP): Karachi Chamber of Commerce and Industry (KCCI) President Shamim Ahmed Firpo on Tuesday requested the Federal Board of Revenue (FBR) to extend the last date for filing of income tax returns up to December 31, 2016. In a statement issued here, the KCCI president said that a large number of Karachi Chamber of Commerce and Industry members could not file returns by December 15, 2016 due to problems in online registration system, IRIS, which collapsed on last date due to massive load. He explained that the online system developed problems as taxpayers were simultaneously filing sales tax, income tax returns under section 147 and monthly statement under section 165 of the Income Tax Ordinance. The KCCI president urged the FBR to focus on enhancing the capacity of online system. He called upon the FBR to extend the last date for filing income tax returns in the larger interest of revenue collection and trade and industrial community.

 FPCCI to hold exporters awards today

 LAHORE (APP): The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) will organise first-ever Punjab-based exporters' Excellence Awards on Wednesday (December 21) to acknowledge the role of business community of Punjab under the leadership of Punjab chief minister. Briefing the media here at Lahore Press Club on Tuesday, Mian Rehman Aziz the FPCCI regional chairman and vice president said, "Business community is the lifeline of economic growth, and as it is a matter of great pleasure for me to organise first Excellence Award of FPCCI Punjab, especially to acknowledge business community of Punjab." He said that there is no doubt that Punjab played very important role in economic growth of the country having more than 48,000 industrial units, adding that small and cottage industries were about 39,033 which were supporting economic growth of Pakistan only from Punjab. It was a great task for the FPCCI to select right representative/recipients and about 70 companies would be given awards at the ceremony.

Rehman said that main purpose of holding awards was to appreciate and encourage leading exporters from Punjab.