Nadeem Ahmed Subedar

بڑا غضب کا نظارہ ہے،
اس عجب سی دنیا کا،
لوگ سب بٹورنے میں لگے ہیں،
خالی ہاتھ جانے کیلئے.

The Federal Board of Revenue (FBR) will not extend the September 30, 2024, deadline for filing tax returns, FBR spokesperson Bakhtiar Muhammad said while speaking to a private news channel on Saturday.

Last year, the deadline was pushed to October 31, but this time, the FBR is taking a stricter approach in light of the government's efforts to expand the tax net and tackle economic challenges.

HOW TO GET A 7E CERTIFICATE FOR PROPERTY SALE IN PAKISTAN.

March 3, 2024
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This article explains the importance of obtaining a 7E certificate in Pakistan when selling property.

WHAT IS A 7E CERTIFICATE?

A 7E certificate is a document issued by the Federal Board of Revenue (FBR) that verifies a property owner has paid their taxes. It’s mandatory for selling a property in Pakistan.

WHO NEEDS A 7E CERTIFICATE?

All property sellers, regardless of the property value. Even if the property value is below 25 million rupees, a certificate is needed to prove this to the Land Record Department.

CONSEQUENCES OF NOT HAVING A 7E CERTIFICATE:

The Land Record Department won’t process the sale without the certificate.You’ll have to pay additional tax based on the fair market value, potentially a significant amount.You might face penalties for not filing tax returns on time.

HOW TO OBTAIN A 7E CERTIFICATE:

Declare The Property In Your Tax Return:

Ensure the property is declared in your income tax return under the “Capital Assets” section.
If you haven’t filed your return yet, do so as soon as possible. You can revise a return filed within next 60 days.

APPLY FOR THE CERTIFICATE (if not declared earlier):

Even if you haven’t declared the property or filed a return, you can still apply for the certificate

ADDITIONAL POINTS:

The Lahore High Court recently ruled that a 7E certificate is mandatory for all property sales, including those previously under court orders.

The FBR provides a computerized document number to verify property tax payment for properties below 25 million rupees.
Conclusion:

Obtaining a 7E certificate is crucial for a smooth property sale in Pakistan. Ensure you declare your property in your tax return and apply for the certificate if needed.

Embrace the extended tax deadline and save big with us!

SBP has rolled back the restrictions on machinery, cars, mobile phones, and some other imports which were imposed in May 2022. The restrictions were imposed to lower the import bill of non-essentials by 50 percent due to the growing shortage of dollars in the interbank market. Now the dollar situation is much worse than what it was in May, and SBP is still opening all imports of chapters 84, 85, and 87. This does not make sense. There is more to it than what meets the eye.

“Personally, I foresee more chaos as SBP has transferred the dirty job of restricting imports to the banks”, lamented an importer. “They may also be just transferring their own headache to us banks now. We don't have any dollars, but now we would become the villains rather than SBP”, noted a banker. And SBP officials privately are not denying such claims of importers and bankers.

Easing imports? Not really! SBP has rolled back the restrictions on machinery, cars, mobile phones, and some other imports which were imposed in...

https://pkrevenue.com/taxpayers-can-file-annual-returns-after-due-date-to-avoid-harsh-action/ Taxpayers can file annual returns after due date to avoid harsh action

Taxpayers can file annual returns after due date to avoid harsh action - Pkrevenue.com Taxpayers still can file annual tax return for tax year 2022 after expiry of last date in order to avoid harsh action, including imprisonment,