Non-filer purchaser of immovable property to pay 4pc advance tax

fbr

KARACHI: Every purchaser, a non-filer of income tax return, of immovable property having worth above Rs4 million is required to pay 4 percent advance tax of the total value.
According to Withholding Tax Card 2017/2018 issued by Federal Board of Revenue (FBR), under Section 236K of Income Tax Ordinance, 2001 ever person registering, recording or attesting or transfer including local authorities, housing authorities, housing society, cooperative society and registrar of properties are required to collect advance tax from the purchaser of immovable property at the time of registering, recording or attesting the transfer.
However, in case of filer of income tax return, the purchaser is required to pay 2 percent advance tax.
The tax adjustable for filer and in case filing for return the non-filer can also adjust the advance tax.
Where the value of immovable property is up to Rs4 million there will be no advance tax.

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