Islamabad: The Federal Board of Revenue (FBR) on Friday (September 1) introduced an online facility to help citizens obtain exemption certificates or pay taxes on the transfer of immovable properties under Section 7E, according to news sources.
Taxpayers can now pay their taxes or obtain exemption certificates under Section 7E of the Income Tax Ordinance, 2001, by utilizing this online feature integrated into the ‘IRIS’ system. Transactions falling under Section 7E can now be completed without the need to visit the Commissioners Inland Revenue. Furthermore, the newly automated system includes a dedicated payment challan for non-filers.
Under the provisions of the Finance Act of 2022, a new section, namely Section 7E, was introduced. Effective from the tax year 2022 and onwards, this section stipulates that every individual residing in Pakistan shall be deemed to have earned income equivalent to five percent of the fair market value of their capital assets located within Pakistan. However, it’s important to note that there are specific exclusions and exceptions for certain capital assets as prescribed by the applicable tax laws.
To facilitate the implementation of this new provision, the Pakistan Revenue Automation Limited (PRAL) has undertaken automated modifications within the Integrated Revenue Information System (IRIS) of the Federal Board of Revenue (FBR). These changes are geared towards streamlining the assessment and reporting processes in compliance with the updated tax regulations.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
