Iqbal Yasir & Co Chartered Accountants Faisalabad

Intimation for change od office Address

🚀 *Exciting Tax Update! FBR Implements LHC Decision on Deemed Income Under Section 7E of ITO 2001* 🚀

We are thrilled to share a game-changing development in the taxation landscape that will impact property transactions and tax regulations. 🏠💼

🔹 *FBR's Bold Move:* The Federal Board of Revenue (FBR) has embraced the Lahore High Court's decision on Section 7E of the Income Tax Ordinance 2001. This strategic move means that Section 7E will no longer be applicable within the jurisdiction of the Lahore High Court. 📜

🔹 *Exemption Certificates No More!* In a groundbreaking move, the FBR has eliminated the requirement for obtaining exemption certificates from the Commissioner Inland Revenue. This change is applicable to various taxpayer categories, including non-residents, under Section 7E. 📄

🔹 *Punjab Property Transactions Exempt:* Great news for property buyers and sellers in Punjab! Section 7E will no longer apply to immovable property transfers within the province. This exemption covers both income tax filers and non-filers. 🏡

🔹 *Easier Process via Circular No. 3 of 2023:* Thanks to Circular No. 3 of 2023, procedural conditions under Section 7E have been relaxed, making the process smoother for obtaining exemption certificates. ✅

🔹 *LHC Jurisdiction Exception:* Keep in mind, the contents of the circular won't be applicable to cases within the Lahore High Court's jurisdiction, except when there are judicial alterations. 🏛

🔹 *Tax Exemption for Non-Residents:* The FBR's latest update grants tax exemption to non-resident individuals, including non-resident Pakistanis, for immovable properties under Section 7E. 🌐

🔹 *Adaptations and Record-Keeping:* Certain conditions outlined in Circular No. 1 of 2023-24 are being adapted based on valuable feedback. Plus, transferring authorities will be maintaining comprehensive records of seller/transferor data for relevant authorities. 📊

🔹 * *
Stay updated on the latest tax changes and property transaction updates. 📣

This is a significant stride toward creating a more efficient and transparent tax system, while simultaneously streamlining property transactions. Let's continue fostering a collaborative environment by sharing insights and experiences in the comments below. 💬 Your thoughts matter!

🔗 [Link to Circular No. 3 of 2023]https://download1.fbr.gov.pk/Docs/20238151885349774CircularNo03of2023(IncomeTax).pdf
🔗 [Link to Circular No. 1 of 2023]https://download1.fbr.gov.pk/Docs/2023721217646921CircularNo.1of2023-2024.pdf



Feel free to like, share, and comment! Let's spread the word and empower each other with knowledge. 💪🌟

download1.fbr.gov.pk

Annual Dinner

Let give us opportunity to plan your taxes. Get expert insights and customised tax solution with affordable prices.

Email your resume at [email protected]
Or Whats app 0302-7114450

Iqbal yasir & Co Chartered Accountants requires cv's from CA students for Faisalabad office. Interested students send their cv at [email protected] or Whats app on 03027114450

Allhamdulliha by the grace of Allah Almighty and with the support of our partners, IY & co. Is formally listed on panel of auditors of State Bank of Pakistan. Congratulations to Yasir Riaz sb, Ashaer Mehmood sb, Farooq Khan sb, iqbal khan sb and all team members.

Allhamdulliha by the grace of Allah Almighty and with the support of our partners, IY & co. Is formally listed on panel of auditors of State Bank of Pakistan. Congratulations to Yasir Riaz sb, Ashaer Mehmood sb, Farooq Khan sb, iqbal khan sb and all partners and team members.