Section 18 of Income Tax Ordinance, 2001 has explained the incomes derived from various types of transactions including sales of goods shall be taxed under income from business.
(more…)Author: Hamza Shahnawaz
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Non-adjustable amounts received in relation to buildings
Section 16 of Income Tax Ordinance, 2001 explains the non-adjustable amounts received in relation to buildings.
The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001 up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 16 of Income Tax Ordinance, 2001:
Section 16. Non-adjustable amounts received in relation to buildings.— (1) Where the owner of a building receives from a tenant an amount which is not adjustable against the rent payable by the tenant, the amount shall be treated as rent chargeable to tax under the head “Income from Property” in the tax year in which it was received and the following nine tax years in equal proportion.
(2) Where an amount hereinafter referred to as the “earlier amount” referred to in sub-section (1) is refunded by the owner to the tenant on termination of the tenancy before the expiry of ten years, no portion of the amount shall be allocated to the tax year in which it is refunded or to any subsequent tax year except as provided for in sub-section (3).
(3) Where the circumstances specified in sub-section (2) occur and the owner lets out the building or part thereof to another person hereinafter referred to as the “succeeding tenant” and receives from the succeeding tenant any amount hereinafter referred to as the “succeeding amount” which is not adjustable against the rent payable by the succeeding tenant, the succeeding amount as reduced by such portion of the earlier amount as was charged to tax shall be treated as rent chargeable to tax under the head “Income from Property” as specified in sub-section (1).
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Pak Rupee to Saudi Riyal on July 24
KARACHI – As of July 24, 2021, the exchange rates for the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) in the open market are as follows:
• Buying Rate: PKR 42.00 per Saudi Riyal
• Selling Rate: PKR 42.50 per Saudi Riyal
These rates are determined based on real-time trading activity and are subject to fluctuations throughout the day. We continuously update our data on an hourly basis to ensure that buyers and sellers get the most accurate and competitive conversion for Saudi Riyal to Pakistani Rupee. This ensures transparency and better decision-making for those engaged in currency exchange.
The exchange parity between the Saudi Riyal and the PKR is driven primarily by market demand and supply. Open market currency traders play a key role in setting these values, and they are influenced by factors such as remittance inflows from Saudi Arabia, the demand for SAR due to Hajj and Umrah travel, and the overall performance of the Pakistani rupee in the global forex landscape.
The importance of the Saudi Riyal in the Pakistani forex market cannot be understated, given the strong economic and labor ties between Pakistan and Saudi Arabia. A significant number of Pakistani expatriates work in Saudi Arabia and regularly send remittances back home in Riyals, making SAR one of the most traded foreign currencies in Pakistan after the US dollar.
As a result, both individuals and businesses closely monitor SAR to PKR rates. Whether it’s for travel, trade, or remittances, the value of the Saudi Riyal in rupee terms affects millions of people. The PKR’s performance against the Saudi Riyal also reflects broader economic indicators including foreign reserves, inflation, and overall investor confidence.
In summary, the current SAR to PKR exchange reflects a buying rate of PKR 42.00 and a selling rate of PKR 42.50. These rates are constantly shifting in response to the forex market’s dynamics. Those looking to exchange Saudi Riyals for rupees—or vice versa—are encouraged to stay informed with the latest updates to make well-timed financial decisions.
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Pak Rupee to UAE Dirham on July 24
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 24, 2021:
Buying: Rs 43.35 to the UAE Dirham
Selling: Rs 43.85 to the UAE Dirham
We update rates hourly so we can offer you the best AED to PKR.
The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Pak Rupee to Euro on July 24
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 24, 2021:
Buying: Rs 186 to the Euro
Selling: Rs 188 to the Euro
We update rates hourly so we can offer you the best EUR to PKR.
The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Pak Rupee to UK Pound Sterling on July 24
KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on July 24, 2021:
Buying: Rs 219 to the UK Pound Sterling
Selling: Rs 222 to the UK Pound Sterling
We update rates hourly so we can offer you the best GBP to PKR.
The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Pak Rupee to US Dollar on July 24
KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 24, 2021:
Buying: Rs 160.70 to the Dollar
Selling: Rs 161.95 to the Dollar
We update rates hourly so we can offer you the best USD to PKR.
The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Pakistan’s foreign exchange reserves increase to $25.128 billion
KARACHI: Pakistan’s foreign exchange reserves have increased to $25.128 billion by week ended July 16, 2021.
The State Bank of Pakistan (SBP) on Friday said the weekly reserves have increased by $816 million.
The country’s foreign exchange reserves were at $24.312 billion a week ago.
The official reserves of the SBP increased by $845 million to $18.051 billion by week ended July 16, 2021. During the week the SBP received proceeds of $1.041 billion against Pakistan Euro Bonds. The official reserves were at $17.206 billion a week ago.
The reserves held by commercial banks fell by $29 million to $7.077 billion by week ended July 16, 2021. The commercial banks had foreign exchange reserves of $7.106 billion by week ended July 9, 2021.
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Pak Rupee to Saudi Riyal on July 23
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 23, 2021:
Buying: Rs 42.00 to the Saudi Riyal
Selling: Rs 42.50 to the Saudi Riyal
We update rates hourly so we can offer you the best SAR to PKR.
The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Pak Rupee to UAE Dirham on July 23
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 23, 2021:
Buying: Rs 43.35 to the UAE Dirham
Selling: Rs 43.85 to the UAE Dirham
We update rates hourly so we can offer you the best AED to PKR.
The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.