Updates on Tax Laws, Economy and Stock Market in Pakistan
Capital Gain Tax is payable on any gain arising from the sale or disposal of a capital asset (immovable property) during a tax year and is taxable under the head “Capital Gains”. The Capital Gain Tax is described in section 37 of the Income Tax Ordinance 2001. Any gain or profit arising from the disposal … Read more
The concept of deemed income on the capital assets held by a resident taxpayer was introduced by the insertion of section 7E in the Income Tax Ordinance 2001 which is effective from the tax year 2022 onwards. A new section 7E has been inserted in the Income Tax Ordinance 2001 by the Finance Act 2022 … Read more
Further extension in the last date for tax return 2022 in Pakistan, for the persons with the normal tax year, has been granted by the FBR up to the 30th of November 2022. Previously the last date for tax returns was the 31st of October 2022 which was fixed by allowing an extension in the … Read more