About TRC

Tahseen Rehman & Co. is firm of Chartered Accountants providing high quality audit, accounting, taxation and consultancy services to small and medium size businesses across Pakistan.

TRC philosophy is based upon investing in a tradition of trust, understanding and solid studied solution provision. We at TRC stand firm in our belief that we are a family comprised of our clients and our personnel. By placing the clients’ interests first, they prosper. It is when our clients prosper that TRC prospers.

The team is led by Mr. Tahseen Bukhari who gels the entire spectrum of national and international experience in the domains of Finance, Audit, ERP Implementation, Management, Organization Development, Business Process Outsourcing and Systems Development. He holds Chartered Accountancy certification from the Institute of Chartered Accountants of Pakistan.

News & Updates


Banks to provide details of all the persons to the FBR receiving Profit on Debt

An amendment has been made through the finance bill 2020. As per this amendment, the Federal Board of Revenue Pakistan (FBR) may ask the banks to provide information of all the persons receiving profit on debt from July 1, 2020.

As per the explanation of finance bill 2020, the Finance Act, 2013, introduced a separate section requiring banking companies to furnish information about the banking transactions of their customers to the tax authorities.

An overriding effect is being provided by the law to the protection of the Economic Reforms Act, 1992, the Banking Companies Ordinance, 1962, the Foreign Exchange Regulation Act, 1947, and the regulations made under the State Bank of Pakistan Act, 1956.

In addition to asking about particulars of deposits and card transactions, another requirement has also been introduced by the law through Finance Supplementary (Amendment) Act, 2019. As per this, banks shall provide a list of persons who received profit on debt in excess of Rs.500000 during the preceding financial year.

A proposal to eliminate the limit of Rs.500000 has been made in the Finance Bill 2020, thus it is now mandatory for all the banking companies to furnish a list of all the persons receiving profit on debt.

Senate recommends the key changes in Finance Bill 2020

Senate has made recommendations about key changes in the Finance Bill 2020.

  • One of those recommendations is that all kinds of withholding tax chargeable on cash transactions from banks should be abolished by the Government.
  • As per the recommendations, instead of the proposed amendment in clause 3A and 3B of the Income Tax Ordinance, 2001, the capital gain should be done away with on the sale and purchase of a house or a plot.
  • Further, as per the recommendations of Senate, amendments in 5th Schedule of Customs Act and 6th Schedule of Sales Tax Act may be made for import of goods including vehicles and other equipment for the sole use of the IPC to propagate its objectives subject to the certification of by the chair that such items are a bonafide requirement of the International Parliamentarians’ Congress (IPC) and shall not be disposed of without permission of the Federal Board of Revenue (FBR) and without payment of duty and taxes as may be ascertained by the Board.
  • Also, the government shall withdraw its proposal in the finance bill 2020 regarding disallowing of expenditure on utility bills from January 1, 2021, if the actual user name is not mentioned on the bills.
  • The FBR must consider withdrawal of reduction of normal tax depreciation slashed by 50 percent for first year.
  • The provision regarding the amendment in the assessment under section 122(5) of income tax ordinance, 2001 on the basis of the audit should be withdrawn, whether the definitive information is present or not.
  • The government has been recommended that matter for filing of appeal before the tribunal with the payment of 10 percent of the tax, the commissioner of Inland Revenue must convey in his order that amount of tax upheld by the tribunal so that the deposit may be made accordingly.
  • The Senate has also recommended that the government, for the purpose of boosting the confidence of business on revenue authority, should withdraw the proposed addition of new sub-section 5 in section 7 of the Income Tax Ordinance, wherein board [FBR] may impose a restriction on wastage of material for which taxpayer may claim input tax.
  • The Senate of Pakistan advised that before penalizing any passenger or member of the crew who attempts to bring into or take out of Pakistan, currency, gold, precious metals, or stone in any form through concealment in baggage, the awareness campaign be made for the information of the passengers.
  • Senate recommends that before filing the appeal before the appellate tribunal Inland Revenue, 10 percent of the demand upheld by the commissioner Inland Revenue (appeals) will be required to be deposited by the taxpayer before the filing of the appeal proposed in the Finance Bill 2020 should be withdrawn.
  • Senate also recommends the reduction of sales tax to 4% for the textile sector.
  • Senate also recommended that the global business shrinkage and the challenges faced by the local textile industry on account of lockdowns should be kept in view by the government and thus, Zero-rating facility shall be restored or general sales tax shall be slashed from 17% to 4% for the textile export sector.
  • Senate also recommends the abolishment of advance tax on cars and vehicles up to 700 CC.


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