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ISLAMABAD: All taxpayers who have furnished their annual Income Tax Returns and wealth statements before the enforcement of provision of Deemed Income on Capital Assets, under section 7E of the Income Tax Ordinance 2001, have to file newly-introduced Form separately on or before December 31, 2022.

The FBR has issued S.R.O. 2068(l)12022 late Thursday night to amend the Income Tax Rules, 2002.

This Notification shall be applicable for the tax year 2022.

FBR has amended Income Tax Rules, 2002 and in rule 34, in sub-rule (2) following a new proviso has been added, which states “Provided that where return has been furnished prior to coming into force of Notification No. SRO.1891 (l)2022, dated October 13, 2022, the form specified in the said Notification shall be furnished separately by December 31, 2022.”

Tax on immovable properties: FBR prescribes relevant form for taxpayers

Following is the text of the S.R.O. 2068(l)12022 issued on Thursday: In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vIde Notification No. S.R.O. 2052(I)12022, dated November 22, 2022, as required by sub-section (3) of the said section 237, namely in he said Rules. in rule 34, in sub-rule (2), for the full stop at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely:- “Provided that where return has been furnished prior to coming into force of Notification No. S.R.O.1891(I)12022, dated October 13, 2022, the form specified in the said Notification shall be furnished separately by December 31, 2022.”

Copyright Business Recorder, 2022

Comments

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Azhar Dec 02, 2022 07:42am
Govt can not tax taxes from influencials but keep sucking the blood of common citizen Corrupt Buearocracy
thumb_up Recommended (0)
Abubaker Usmaan Dec 02, 2022 09:01am
All is surprising! Such policies will definitely loose confidence of Tax Payer.
thumb_up Recommended (0)
Muhammad Yahya Yahya Wasi Dec 02, 2022 10:16am
What a nuisance FBR and current ministry is causing! They have made common citizen a practice board whereas totally ignoring the bunch enjoying lucrative tax benefits since years. The cot of inefficiency is so easily passed on to the common citizen who primarily earn hard money in this testing time.
thumb_up Recommended (0)
Dr Javwad Malik Dec 02, 2022 01:01pm
You file, you pay. You write down all the assets, you pay. You do nothing, you don't pay. You file a "nil" return not revealing anything, you don't pay. I feel like an idiot. Why did I reveal everything? What was the point!? The plot I bought at 8 lacs is now 80 as per FBR. The plot I bought at 35 is 50, but FBR says it is 75. (Ref to Fda City actual prices in Block D vs FBR rates)
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Qwerty Dec 02, 2022 01:51pm
@Muhammad Yahya Yahya Wasi, yes it burden on people better people go to supreme court
thumb_up Recommended (0)
NASIR Dec 05, 2022 09:55am
All for corruption not for tax
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NASIR Dec 05, 2022 09:56am
All for corruption not for gaining tax
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