The necessary form for taxpayers to use for paying tax under section 7E of the Income Tax Ordinance of 2001 has been established by the Federal Board of Revenue (FBR). The tax payers have now been informed of this new method of payment or new structure of payment.
On Tuesday, the board issued SRO.1829(I)/2021 in this regard, proposing changes to the 2002 Income Tax Rules that would result in the issuance of a new form.The new form requests information from taxpayers regarding the entire value of capital assets subject to section 7E taxation, as well as presumed income and tax on such income.
The cost/declared value and fair market value of the immovable property are both specified in distinct columns on the form.The above-mentioned form will be a component of the income tax return for the tax year 2022, which must be filed by the postponed deadline of October 31, 2022.
FBR to Extended Deadline for Income Tax Returns
The FBR had promised the Lahore High Court (LHC) that it would grant an extension of time for taxpayers who felt wronged by the contested Section 7E of the Income Tax Ordinance, 2001 to file income tax returns.
The board continued by saying that if the petitioners in this and related petitions, or any other taxpayer, approaches with a written request under the law for an extension of time to file the return and feels wronged by the contested Section 7E of the Income Tax Ordinance, 2001 (“Ordinance of 2001”), the request will be considered and time will be granted.
