Deemed income on capital assets: Taxpayers required to file new form separately

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