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FBR amends SRO 978(I)/2016 of Income Tax Ordinace-2001

FBR amends SRO 978(I)/2016 of Income Tax Ordinace-2001

KARACHI: The Federal Board of Revenue (FBR), Revenue Division, Government of Pakistan has amended the SRO 978(I)/2016.

According to details, the FBR is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002 in exercise of the powers conferred by the Sub-Section (I) of the Section 237 of the Income Tax Ordinance-2001.

In the aforesaid rules, in the Rule-228 in Sub-Rule(I) for Clauses(a), (b) and (c), the following shall be substituted, namely:

The fair market value of immovable property shall be the value notified by the board under Sub-Section (4) of Section 68, in respect of area or areas specified in the said notification.

“If the fair market value of any immovable property of any area or areas has not been determined by the board in the notification referred to in Sub-Section (4) of Section 68, the fair market value of such immovable property shall be deemed to be that value fixed by the District Officer (DO) Revenue and the provincial authorities”, SRO stated.

The SRO further stated that in case of agricultural land, the value shall be equal to the average sale price of the Sales recorded in the revenue record of the estate.

It further stated that if in a case, the sale price recorded in the instrument of sale of any property is higher than the fair market value as determined under Clauses (a), (b) and (c).