Govt to decide property rates as per new income tax laws
Income tax commissioner, bankers and chartered accountants will assist government in this regard
ISLAMABAD (Dunya News) – Government on Wednesday has proposed new income tax laws according to which the government will decide property rates, reported Dunya News.
In the light of new income tax, the government has imposed new laws to catch tax evaders depicting different unofficial property rates. Federal Bureau of Revenue in this regard had been assigned to unveil black money spent in the business.
The amendments in income tax ordinance section 68 will be implemented from Friday. Moreover, the very tax will not be functional on those owning one residential property.
The amendment stated that assessment of sales value will be decided by the federal, income tax commissioner, bankers and chartered accountants will assist the government in this regard.
The board had also been authorised to call for third-party or State Bank experts assistance for property evaluation.
Experts stated that tax will be imposed in accordance if the property rate came out to be more than the value decided by deputy commissioner or prescribed by the board.
