Islamabad: FBR has launched an online system to help people get exemption certificates on real estate or pay/transfer immovable properties under section 7E.
According to the details, the online system will be helpful to taxpayers who can now get tax exemption certificates under Income Tax Ordinance 2001, Section 7E. It can be used as a feature integrated into the IRIS system.
Therefore, the transactions under the category will now be completed without visiting the Commissioners Inland Revenue. Moreover, the system also includes a section for payment Challan for non-filers.
According to the Finance Act of 2022 provisions, Section 7E was introduced effective from tax year 2022. This section establishes that all individuals living in Pakistan will be considered to have generated income equal to five percent of the fair market value of their capital assets situated within Pakistan.
It is pertinent to note here that there are few expectations and exclusions for assets as mentioned in applicable tax laws. To facilitate the law’s implementation, PRAL – Pakistan Revenue Automation Limited has undergone a few changes within IRIS. The changes aim to improve the system and ensure compliance with tax regulations.
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