Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax rate on rental income of immovable properties, which are applicable from July 01, 2019. The FBR issued withholding tax card for tax year starting July 01, 2019, and said that every prescribed persons (withholding agents) shall collect withholding tax under Section 155 of Income Tax […]
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ISLAMABAD: Federal Board of Revenue (FBR) has removed threshold amount to purchase of immovable properties for collection of withholding tax. The FBR issued Income Tax Circular No. 09 dated July 30, 2019 and said that through the Finance Act, 2019, the rate of tax on purchase of immovable property under Section 236K of Income Tax […]
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ISLAMABAD: Federal Board of Revenue (FBR) has made mandatory the purchase of immovable property of fair market value above Rs5 million through banking channel. The FBR issued explanation to the Finance Act, 2019 on Tuesday regarding purchase of assets through banking channel under Section 75A of Income Tax Ordinance, 2001. The FBR said that a […]
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ISLAMABAD: Federal Board of Revenue (FBR) has revised valuation of immovable properties for various cities of the country in order to boost revenue collection. The FBR announced significant increase in valuation of immovable properties in Karachi. In order to calculate the changes in old and new valuation for the purpose of withholding tax rate following […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued notifications for implementing enhanced valuation of immovable properties in 20 major cities. The new valuations will be applicable from July 24, 2019. Following are the new valuation for 20 cities: (1) Abbottabad SRO 829(I)/2019 (2) Bahawalpur SRO 830(I)/2019 (3) Faisalabad SRO 831(I)/2019 (4) Gujranwala SRO 846(I)/2019 […]
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KARACHI: Federal Board of Revenue (FBR) has notified withholding tax rate for active and non-active taxpayers at the time of sale and purchase of immovable properties as amended through Finance Act, 2019 and applicable from July 01, 2019.
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ISLAMABAD: People purchasing immovable properties are now required to make true declaration as immunity to such investment has been withdrawn. Sources in Federal Board of Revenue (FBR) told PkRevenue.com that an amnesty to undeclared amount was available for making investment in real estate business. The amnesty was granted through Income Tax (Fourth Amendment) Act, 2016 […]
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KARACHI: A person who purchases immovable property having fair market value greater than Rs5 million through cash or bearer cheque then the person is liable to pay five percent of the value of immovable property as penalty. From tax year 2020 starting July 01, 2019 the purchase of immovable property has been prohibited through any […]
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ISLAMABAD: Federal Board of Revenue (FBR) has obtained data of land and immovable property transactions from provincial registrar offices and started proceedings against those who concealed the actual amount to purchase the assets. FBR sources said that the data had been obtained on the basis of withholding tax deduction by the property registrars. The sources […]
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ISLAMABAD: Federal Board of Revenue (FBR) has barred purchase of immovable property by any persons making payment without banking channels. FBR sources told PkRevenue.com that in this regard amendment had been made to Income Tax Ordinance, 2001 in this regard. The sources said that amendment had been made to Income Tax Ordinance, 2001 which explained […]
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