Karachi, January 5, 2024 – The Federal Board of Revenue (FBR) has released the much-anticipated tax rates on rental income for the tax year 2024, outlining a progressive structure aimed at ensuring a fair and equitable taxation system.
Karachi, August 3, 2023 – The Federal Board of Revenue (FBR) has announced the tax rates on immovable property rental income for the fiscal year 2023-24.
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 […]
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.
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 […]
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 […]
The Regional Tax Office (RTO)-II Karachi has reported a remarkable surge in tax collection from property income during the first eight months (July-February) of the current fiscal year, marking a significant increase of 68 percent.
KARACHI: The government has revised tax slabs for rental income from property to eight from five.Experts at Deloitte Pakistan Chartered Accountants said that the Finance Bill 2019, proposed the increase in the number of tax slabs from five to eight.Three new tax slabs are proposed for income exceeding Rs4,000,000 to match the maximum rate with […]