Threshold amount to purchase immovable properties removed for withholding tax collection: FBR

Jul 31

2019-2020, Budget, Taxation

Threshold amount to purchase immovable properties removed for withholding tax collection: FBR

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 […]

by Mrs. Anjum Shahnawaz

FBR makes mandatory purchase of immovable property through banking channel

Jul 30

2019-2020, Budget, Taxation

FBR makes mandatory purchase of immovable property through banking channel

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 […]

by Mrs. Anjum Shahnawaz

Comparison of new and old FBR valuations of immovable properties in Karachi

Jul 24

Taxation

Comparison of new and old FBR valuations of immovable properties in Karachi

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 […]

by Mrs. Anjum Shahnawaz

FBR issues revised valuation of immovable properties for 20 cities

Jul 23

Taxation

FBR issues revised valuation of immovable properties for 20 cities

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 […]

by Mrs. Anjum Shahnawaz

FBR issues withholding tax rates for sale, purchase of immovable properties

Jul 21

Exclusive, Taxation

FBR issues withholding tax rates for sale, purchase of immovable properties

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. The FBR said that every person registering, recording or attesting or transfer including local authorities, housing authorities, […]

by Mrs. Anjum Shahnawaz

No immunity to concealed income invested in immovable properties

Jul 14

Taxation

No immunity to concealed income invested in immovable properties

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 […]

by Mrs. Anjum Shahnawaz

Cash payment above Rs5 million for immovable property to attract penalty of 5pc of total value

Jul 12

Taxation

Cash payment above Rs5 million for immovable property to attract penalty of 5pc of total value

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 […]

by Mrs. Anjum Shahnawaz

FBR probes concealment in land, immovable property purchases

Jul 11

Exclusive, Taxation

FBR probes concealment in land, immovable property purchases

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 […]

by Mrs. Anjum Shahnawaz

Immovable property cannot be purchased without bank account: FBR

Jul 7

Exclusive, Taxation

Immovable property cannot be purchased without bank account: FBR

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 […]

by Mrs. Anjum Shahnawaz

FBR postpones implementation of new immovable property valuations

Jul 7

Taxation

FBR postpones implementation of new immovable property valuations

ISLAMABAD: Federal Board of Revenue (FBR) has postponed the implementation of new valuation of immovable properties for major cities of the country for calculation of tax.

by Mrs. Anjum Shahnawaz