Taking a major step to facilitate stock exchanges, the Federal Board of Revenue (FBR) has allowed the investors of stock exchange to make payments of advance tax on capital gain on disposal of securities for the first and second quarters of 2010-2011 by March 25, 2011. In this regard, the FBR has issued an income tax circular 2 of 2011 here on Saturday.
According to the circular, it has been noticed that in certain cases payment of advance tax on capital gain on disposal of securities as required under the provision of sub section (5B) of Section 147 of the Income Tax Ordinance, 2001 for the first and second quarters have not been made even by the extended date ie January 21, 2011. It is clarified that the taxpayers are allowed to make payments of advance tax on capital gain on disposal of securities under sub-section (5B) of Section 147 for the first and second quarters of the current financial year by March 25, 2011, it added.
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