December 3, 2021

Pkrevenue.com

Pakistan Revenue

Tag: rental income

Non-adjustable amounts received in relation to buildings
Jul 25
Taxation

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 […]

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Tax on income from property under updated ordinance
Jul 24
Taxation

Tax on income from property under updated ordinance

The rent received by a person during a tax year shall be charged under income from property. The tax on income from property shall be charged under Section 15 of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is […]

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FBR updates withholding tax rates for income from property
Aug 8
Taxation

FBR updates withholding tax rates for income from property

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax on rental income from immovable properties for tax year 2021. The FBR updated the withholding tax card 2020-2021 after incorporating amendments to Income Tax Ordinance, 2001 made through Finance Act, 2020. The FBR said that every prescribed persons as per Section 155 of Income Tax […]

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Uniform tax rate suggested on rental income
May 12
Budget 2020-2021, Trade & Industry

Uniform tax rate suggested on rental income

KARACHI: The tax rate on rental income should be made uniform for individual, Association of Persons (AOPs) and company at 15 percent. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its proposals for budget 2020/2021, recommended to bring uniformity in taxing the rental income. The FPCCI said that at present for every person […]

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Tax collection from rental income surges by 68% on better enforcement
Mar 10
Taxation

Tax collection from rental income surges by 68% on better enforcement

KARACHI: The collection of tax from property income surged by 68 percent during first eight months (July-February) 2019/2010 of current fiscal year owing to better enforcement against persons rented out immovable properties. Sources in Regional Tax Office (RTO)-II Karachi said that the collection of the office under this head increased to Rs1,324 million during first […]

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