The government has made it mandatory for manufacturers/dealers of motor vehicles, registration officials, banks and leasing companies to file statements regarding sale or lease of motor cars, on monthly basis, to the concerned Commissioner of Income Tax (CIT).
The CBR has amended Income Tax Rules, 2002 through SRO 669(I)/2006 issued on Saturday to implement the decision. Monthly statement has also been made compulsory for persons responsible to register or attest the transfer or right to use of immovable property (other than agricultural land), located in urban area.
The decision would be applicable on transfer of immovable property measuring at least 500 square yards or one kanal, whichever is less; a residential flat with covered area measuring 1500 sq feet and above and a commercial property of any size. The statement shall be submitted on or before 10th of each month regarding properties registered or attested during the preceding month.
According to the amendment, every manufacturer, dealer of motor vehicle, registration authority, bank, or leasing company, shall furnish a statement regarding sale or lease of motor vehicles, on monthly basis to the Commissioner or any officer appointed on his behalf.
The statement shall be furnished on or before 10th of each month regarding sale or lease of motor vehicles during the preceding month.
Following is the specimen of statement for sale of motor vehicles. For the month of 20
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S.N. Name NTN/C Registra Motor Year of Date of Regist Ex-
and NIC of tion Vehicle Manu First ered factory
Address Purchaser/ Number Make/M facture Registra Capaci Price
of Lessee of the odel/ tion of ty/ of
Purchaser/ Motor Engine the Laden Motor
Lessee Vehicle Capacity vehicle Weight Vehicle
in of the
Pakistan Vehicle
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(1) (2) (3) (4) (5) (6) (7) (8) (9)
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S. No Name and * National Tax Number of Address of the
address of the buyer Name of the buyer the seller seller
(1) (2) (3) (4) (5)
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* National Tax Full particulars Value of the property Date of
Number; of the seller and location as per deed of Registration
of property registration
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(6) (7) (8) (9)
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