QUARTERLY

REPORT
Rawalpindi Islamabad Tax Bar
Association - RITBA

2ND MARCH 2024

TO
30 MARCH 2024

BY: IFTIKHAR QAYYUM AWAN - ME

Oath
The Rawalpindi Islamabad Tax Bar Association (RITBA) is pleased to announce its
recent Oath taking ceremony, held on March 2nd, 2024. The oath taking ceremony

Taking
was held at Laraib Inn, Rohtas road, G- 9/4, Islamabad, where Mr. Faraz Fazal
Sheikh took oath as President RITBA and Mr. Syed Muhammad Abbas Bukhari took
oath as Secretary General RITBA along with the aforementioned cabinet. The

Ceremony
ceremony was attended by members of the Rawalpindi/Islamabad Tax Bar
Association, as well as other distinguished guests.
 EXECUTIVE BODY MEMBERS

Faraz Fazal Sheikh Atif Waheed Zafran Yousaf

President Sr. Vice President Vice President
 EXECUTIVE BODY MEMBERS

S.M. Abbas Bukhari Muhammad Bilal Khurram Shahzad

Secretary General Joint Secretary Finance Secretary
 EXECUTIVE BODY MEMBERS

Iftikhar Qayyum Awan Muhammad Waqas Nisar Ahmed

Member Executive Member Executive Member Executive
 EXECUTIVE BODY MEMBERS

M. Saeed Mughal Malik Shahbaz Rasheed M. Ali Siddiquie

Member Executive Member Executive Member Executive
EXECUTIVE BODY MEMBERS

Hafiz Muhammad Mudasir

Syed Shahan Haider
Member Executive Member Executive
EXECUTIVE BODY MEMBERS
EX OFFICIO

Syed Tanseer Bukhari

Asif Fareed
Member Executive Member Executive
 RITBA

PRESIDENT’S MESSAGE
Esteemed Members,

As your new President of the Rawalpindi Islamabad Tax Bar

Association, I am deeply honored and excited to serve. Together, let's
embrace unity, foster innovation, and uphold the highest standards of
professionalism. With your support, we will navigate challenges and
leave a legacy of excellence.

Warm regards,

Faraz Fazal Shaikh (President- RITBA)

Income Tax Ordinance, 2001
UPDATES
1. S.R.O. 399(I)/2024 dated March 14, 2024
Section 100D of the Income Tax Ordinance, 2001 (the
Ordinance) provides special provisions related to builders and
developers. Sub-clause (ii)(B) of clause (e) of sub-section (3) of
section 100D of the Ordinance requires certification of
completion of a development project by a Firm of Chartered
Accountants, having an ICAP Quality Control Review (QCR)
rating of ‘satisfactory’, notified by the Federal Board of Revenue
for this purpose. FBR vide above-mentioned SRO has notified
Chartered Accountant Firms with ‘satisfactory’ QCR rating
available on ICAP’s website for the purpose of certification of
completion of project, as required under section 100D of the
Ordinance.
 S.R.O. 419(I)/2024 dated March 21, 2024
FBR vide SRO dated March 21, 2024 has
approved the Rules proposed vide
S.R.O.1846(l)/2023 dated December 22, 2023 for
the application of section 164A of the Income
Tax Ordinance, 2001 for the settlement of
transactions liable to withholding tax by SWAP
agents.
 S.R.O. 457(I)/2024 dated March 30, 2024
Section 99B of the Income Tax Ordinance, 2001
provides that FBR with the approval of the Minister in
charge may, by notification in the official Gazette,
prescribe special procedure for scope and payment of tax,
filing of return and assessment in respect of such small
traders and shopkeepers, in such cities or territories, as
may be specified therein. FBR vide SRO dated March 30,
2024 has published special procedure for small traders
and shopkeepers named Tajir Dost (Special) Procedure,
2024 which were earlier proposed vide SRO 420(I)/2024
dated March 21, 2024.
 S.R.O. 469 (I)/2024 dated April 3, 2024
Section 181B of the Income Tax
Ordinance, 2001 (the Ordinance) provides
that FBR may make a scheme for introduction
of a taxpayer honour card for individual
taxpayers, who fulfills a minimum criteria to be
eligible for the benefits as contained in the
scheme. Through the above-mentioned SRO,
FBR has issued "Pakistan Honour Card"
scheme (the Scheme) for Tax Year 2023.
Sales Tax Act, 1990
UPDATES
C.No.2(54)SS(BDT-1)GST/49599-R dated March 18, 2024
Earlier, an initiative of launching of Single Sales Tax Return
(SSTR) was jointly developed by the Federal Board of
Revenue and Provincial Tax Authorities for the telecom
sector vide circular dated February 1, 2024. The SSTR has
been developed after rounds of negotiations between FBR,
Provincial Revenue Administrations and the Telecom Sector
under the auspices of the Committee constituted vide
Notification No.2878-IR-I/ 2023 dated October 20, 2023 for
the Design Development & Implementation of Single Portal,
and Single Portal Committee constituted vide Notification
No.3482-IR-I12023 dated December 21, 2023. The SSTR has
been implemented across all jurisdictions, allowing telecom
companies to submit their returns for the month of January
in February 2024
 C.No.3(1)/ST&FE/MISC/2023/42611-R dated March 4,
2024
Through this circular, FBR has prescribed revised standard
operating procedure for disposal of cases of condonation of
time limit under section 74 of the ST Act under which are
mtutatis mutandis applicable for condonation sought under
section 43(2) of the Federal Excise Act, 2005:
- Registered persons must apply to the Commissioner of
Inland Revenue with relevant jurisdiction for any extension of
time or period, providing reasons for the delay. If a request
reaches the Board directly, it will be forwarded to the
appropriate Commissioner for action. However, if the Board
has adequate information, it can pass orders without
involving the Commissioner Inland Revenue concerned.
 The first gathering of the recently elected executive body convened under the
ATIR leadership of President Mr. Faraz Fazal Sheikh and Chairman ATIR Mr. Tauqeer
Aslam and Mian Abdul Basit Judicial Member marked a significant milestone
Meeting at the Appellate Tribunal Islamabad.
 The Rawalpindi Islamabad Tax Bar Association extends its gratitude to the newly elected body of
Taxila the Taxilla District Bar Association, graciously hosted by Advocate Baseer. We were honored to be
invited to a splendid dinner, where a generous gesture of a sizable shield was presented to us. The

District Bar event was attended by over 100 lawyers. In his address, President Faraz Sahib paid homage to
our esteemed senior, Hafiz Muhammad Idrees sb, and pledged unwavering support to the lawyers
of Wah and Taxila in tax-related matters. It marked a significant milestone for our tax bar, being

Association the inaugural visit of a president to Taxila and Wah. Zafran Yousaf, the Vice President, Khurram,
serving as Finance Secretary, and Bilal Kiyani, as Joint Secretary, were also in attendance, adding
to the momentous occasion.
ME [li Mr. Ali Siddiqui, a respected member of the executive committee,
graciously hosted an Iftar dinner. This gathering was organized to honor

Iftar Dinner the executive body and to share the joy of his upcoming Umrah
pilgrimage during the holy month of Ramadan

Invitation
ARRANGEMENT OF
SITTING FOR LAWYERS IN
COMMISSIONER APPEAL
BUILDING

Arrangement of better sitting

arrangements for lawyers in the
Commissioner Appeal building,
Islamabad on the President’s request.
It is AC installed room.

Thanks to God, it is well arranged.

 SOFTWARE FOR TAX BAR

HTTPS://RITBA.BRAINY-SOLUTIONS.COM/
TASKS DONE

1.Start of system of Payments of

expenses through cross cheques
2.Start of receipt and issuance of
letter registers.
3.Restart of minute book
4.Inventory control system, restarts
5.Online expenses and receipts
system initaited
 CONDOLENCES
1.Janaza of Death of mother or father of Malik Riffat Adv attended by Zafran.
2.Janaza of father in law of Khalid Dawer attended by Faraz, Zafran, Bilal and
Khuram.
3.Janaza of father in law of Khalid Waheed Sb attended by large numb of
members.
4.Janaza of Malik Irfan attended by large numb of Members.
5.Janaza of father of Iqra Waheed Adv attended by Faraz Sb with family.
6.Janaza / Dua attended by Faraz, Zafran, Saad Tariq, zia Ul Badar sb at
Talagang.
7.Janaza / dua of father of Waseem Sr. auditor at Wah attended by Faraz,
Zafran,.
8.Janaza and further dua of father of Iftikhar Sr.inspector attended by Faraz,
Zafran, Atif Waheed and many other members.
LETTERS
LETTERS
LETTERS
LETTERS
ALL PAKISTAN PRIVATE
SCHOOL COLLEGES
ASSOCIATION VISIT TO
RITBA
RAWALPINDI ISLAMABAD TAX BAR ASSOCIATION HOSTS
EDUCATIONAL SEMINAR

[Rawalpindi, Islamabad - March 21, 2024] - The Rawalpindi

Islamabad Tax Bar Association (RITBA) successfully organized an
educational seminar on March 20, 2024, at RTO, Rawalpindi Bar
room, bringing together esteemed professionals and experts from
the field of taxation law and practice. The seminar aimed to delve
into critical topics concerning credit/debit notes, recent SRO's and
notifications issued by federal board of revenue, and recent
judgments of honorable high courts, developments in tax legislation.
The event was graced by the presence of RITBA's esteemed
President, Mr. Faraz Fazal Sheikh, and Secretary, Mr. Syed
Muhammad Abbas, alongside their dedicated executive body.
President, Mr. Faraz Fazal Sheikh initiated the proceedings with a
warm welcome address, setting the stage for an enlightening
discourse on pertinent issues in the realm of taxation.
RITBA Hosts Shield was presented to the esteemed Chief Guest, Mr. Tariq Mustafa
Khan, a Member of the Audit at FBR, by President Mr. Faraz Fazal Sheikh
Educational and Advocate of the Supreme Court, Mr. Hafiz Muhammad Idrees.
Seminar
RAWALPINDI ISLAMABAD
TAX BAR ASSOCIATION
HOSTS EDUCATIONAL
SEMINAR" MARCH 21, 2024

Mr. Muhammad Ali Nasir, who

provided an in-depth analysis of
recent SRO's and notifications issued
by the Federal Board of Revenue (FBR),
elucidating their impact on tax
compliance and administration.
RAWALPINDI ISLAMABAD
TAX BAR ASSOCIATION
HOSTS EDUCATIONAL
SEMINAR" MARCH 21, 2024

Mr. Syed Muhammad Imran delivered

a comprehensive presentation on
credit and debit notes, offering
practical insights into their application
and implications in tax practice. The
issues faced by the tax consultants.
RAWALPINDI ISLAMABAD
TAX BAR ASSOCIATION
HOSTS EDUCATIONAL
SEMINAR" MARCH 21, 2024
Mr. Naeem-ul-Haq, concluded the speaking
sessions with an in-depth analysis of recent
judgments by honorable high courts of
Pakistan, concerning Sections 4C and 7e of
the Income Tax Ordinance, 2001. His
elucidation of legal precedents provided
attendees with valuable insights into judicial
interpretations of Income tax law and their
implications for taxpayers.
RAWALPINDI ISLAMABAD
TAX BAR ASSOCIATION
HOSTS EDUCATIONAL
SEMINAR" MARCH 21, 2024

Mr. Atif Waheed, Senior Vice President of

RITBA, extended a vote of thanks to all
participants, speakers, and organizers for
their contributions towards making the
seminar a resounding success. He
expressed gratitude for their commitment to
advancing professional excellence and
knowledge-sharing.
INSTALLATION OF
PROJECTOR IN BAR
ROOM
We extend our heartfelt appreciation to
our former Secretary General RITBA Mr.
Asif Fareed - Advocate for his generosity
in providing the projector and overseeing
its installation. We are truly grateful for
his contribution.

Regards
President RITBA
 RAWALPINDI
ISLAMABAD
TAX BAR
ASSOCIATION’S
FLAGS
Palestine RITBA Executive Body (2024-25), President Mr. Faraz Fazal Sheikh and the
Ambassador of Palestine disclosed the active collaboration between the embassy
and various humanitarian organizations. Notably, Al-Khidmat Foundation
Cause - emerged as a significant partner, prompting a collective decision to allocate our
donation towards their cause due to our familiarity with their work. Consequently,
Donation the RITBA Executive Body redirected Rs. 2 million, originally intended for the
Palestine embassy, to Al-Khidmat Foundation through the Embassy, with the
collection Ambassador's full consent
Palestine RITBA Donation cheque amounting to Rs.2M presented to
President Alkhidmat Foundation Mr. Haroon Rasheed sb by
Cause - Mr. Faraz Fazal Sheikh President RITBA, Executive Body,
Donation Doners and Respected Sr. Member Adv Supreme Court Mr.
Hafiz Muhammad Idrees.
collection
THANK YOU