A seminar was held on tax relating to immovable properties at the Income Tax office the other day. A detailed presentation was organized by the Zone-V, CRTO Lahore on section 236W and its salient features besides a difference in between sections 236C & 236K of Income Tax Amendment Act, 2016.
Commissioner Income Tax Inland Revenue Mehmood Jafri said that the withholding agent who fails to collect tax relating to transfer of immoveable properties is personally liable to pay the amount of tax under section 236W and other provisions of Income Tax Amendment Act, 2016.
In addition to the principal amount as above, he added, the default surcharge @ 12 percent per year is also chargeable under section 205. Penalty for non-filing of monthly withholding statement is @ Rs 2500 for each day's default under section 182, he added. He urged the participants to keep updated ATL, which would be updated 15th of each month. He said the FBR has issued Property valuation through SRO 673 dated August 8, 2016.