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FBR Launches New Income Tax Return Filing Support Service for Tax Year 2026

The Federal Board of Revenue (FBR) has introduced a new income tax return filing support service to help taxpayers resolve technical issues while submitting their Income Tax Return...

FBR, KTBA discuss income tax return design, taxpayer experience

IT Department Introduces Form 1 for Reporting Undisclosed Foreign Assets Under FAST-DS 2026

Taxpayers who wish to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) can file Form...

FBR, ICAP jointly organize a seminar on income tax return filing

Revenue Procedure 2026-26: Technical Overview of 2027 Indexing Adjustments for Premium Tax Credits and Affordability Sta...

Rev. Proc. 2026-26, July 21, 2026 The Internal Revenue Service has issued Revenue Procedure 2026-26 to establish the necessary indexing adjustments for the 2027 calendar year....

ITR 2026: Filing TDS/TCS return for Q1? New forms, section codes and July 31 deadline explained

The first quarterly TDS and TCS return filing under the Income-tax Act, 2025 is due on July 31, 2026, with new return forms and section codes replacing the old framework. Here's wh...

FBR Fixed Tax Scheme for Small Traders Announced: Who Can Apply and What It Offers

The FBR Fixed Tax Scheme for Small Traders has officially been introduced, offering a simplified tax system for eligible businesses across Pakistan. The Federal Board of Revenue (F...

OBBBA changes to keep an eye on for 2026

Taxpayers and tax pros have already dealt with many changes from the One Big Beautiful Bill Act on 2025 returns, but many provisions will be effective for the first time in 2026.

ITR-7 Online Utility for AY 2026-27 Now Available on Income Tax Portal

The Income Tax Department on the e-filing portal has allowed the online filing utility for ITR-7 for Assessment Year (AY) 2026-27. It authorises eligible taxpayers to file their in...

Government Plans to Simplify Salaried Class Tax Returns and Onboard Small Traders

Finance Minister Muhammad Aurangzeb, State Minister for Finance Bilal Azhar Kayani, and FBR Chairman Rashid Mahmood Langrial led a press conference at the Federal Board of Revenue...

ITR-BN: The New Return Form for Block Assessments

ITR-BN: The New Return Form for Block Assessments     What CBDT has done: On 24 July 2026, CBDT has notified the Income-tax (Third Amendment) Rules, 2026 (Notification 97/2026), in...

ITR Deadline 31 August 2026: Points to remember-

ITR Deadline 31 August 2026: Points to remember-     31st August is not an extension of due date. The Finance Act, 2026 has substituted Explanation 2 to Section 139(1) with effect...

Administrative Simplification of Accounting Method Changes for Research Expenditures and Residential Construction Contra...

Rev. Proc. 2026-32, September 4, 2026 The Department of the Treasury and the Internal Revenue Service (IRS) issued Revenue Procedure 2026-32 to provide updated administrative...

New ITR-BN Form for Block Assessment in Search and Seizure Cases

The Central Board of Direct Taxes (CBDT) has notified a new Income Tax Return (ITR) form, ITR-BN, for taxpayers covered under block assessment proceedings arising from search and r...

BIR sets interim rules for pandemic-era tax loss claims

MANILA, Philippines — The Bureau of Internal Revenue (BIR) issued temporary filing procedures allowing businesses to claim pandemic-era tax losses after its electronic systems fail...

ITR Filings Cross Record 7.8 Crore Mark for AY 2026-27, Says IT Department

Income Tax Department has said that for AY 2026-27, more than 7.8 crore ITRs have been submitted till August 31. More than 7.3 crore ITRs were submitted by September 16, 2025, in t...

Mandatory Electronic Filing and Standardization of Employee Plans Letter Rulings: An Analysis of Revenue Procedure 2026-...

Rev. Proc. 2026-30, August 5, 2026. On September 4, 2026, a significant shift in tax administration takes effect for practitioners representing qualified retirement plans and...

IRS Form 1065: A Guide for Partnership Owners

Updated for tax year 2025 Filing taxes can be complex, especially for partnership business owners who need to file IRS […] The post IRS Form 1065: A Guide for Partnership Owners ap...

Transitioning Foreign Tax Allocations and Implementing the Ten Percent Credit Disallowance Under Section 960(d)(4)

Section 898(c) Transition Rule for Allocating Foreign Taxes and Section 960(d)(4) Foreign Tax Credit Disallowance, REG-115145-25, July 31, 2026 The Department of the Treasury...

Reevaluating the Section 163(j) Interest Expense Limitation: Technical Insights from IRS Fact Sheet FS-2026-14

IRS Fact Sheet FS-2026-14 (Aug. 19, 2026); Internal Revenue News Release IR-2026-94 (Aug. 19, 2026) On August 19, 2026, the Internal Revenue Service (IRS) released Fact Sheet...

Immigration Status Restrictions on Refundable Individual Tax Credits: Analyzing the Preamble and Provisions of REG-11988...

Notice of Proposed Rulemaking, REG-119882-25, RIN 1545-BS06, ‘Application of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 to the Refunded Portion...

Unpacking the Saver’s Match: Technical Guidance and Operational Frameworks Under Notice 2026-48

Notice 2026-48, August 7, 2026 In division T of the Consolidated Appropriations Act, 2023, Pub. L. 117-328, 136 Stat. 4459 (2022), known as the SECURE 2.0 Act of 2022 (SECURE...

ITR filing 2026-27: Gross direct tax collections jump 16.1% to ₹7.74 lakh crore in FY27 so far

Gross direct tax collections for FY 2026-27 stood at ₹7,73,681.68 crore as on July 13, 2026, marking a 16.11% increase from ₹6,66,337.20 crore collected during the corresponding pe...

ITR Filing 2026: Don't panic! These 8 AIS transactions are usually not taxable

The Annual Information Statement (AIS) may list several high-value financial transactions, but not all of them are taxable. Tax experts say taxpayers should treat the AIS as an inf...