section 7E Archives - FISCAL UPDATES

Interim Relief By Supreme Court Against Deemed Income Tax under Section 7E

March 24, 2023 by S.Qureshi

Interim relief has been granted by the Supreme Court of Pakistan against deemed income tax in Pakistan on real estate imposed by section 7E of the Income Tax Ordinance 2001. The special bench made the interim decision of the supreme court of Pakistan on Wednesday 22nd of March 2023. The bench allowed the taxpayers payment … Read more

Deemed Income, Section 7E Explained Easy

July 31, 2023November 5, 2022 by S.Qureshi

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