Good News for Non Filers & Real Estate Sector ||
Section 236k of Income tax ordinance 2001 explains that if any person purchases the property above Rs 4 Million then he is first required to update his filer status in FBR’s active taxpayer list. However if value of property does not exceed Rs 4 Million then buyer of the property has no need to submit his tax return prior to purchase of it.
In the upcoming budget for the financial year 2019-2020 which is expected in the first week of June 2019 a good News is here for those who are non filers and wants purchase of property above Rs 4 Million where they will not be required to submit tax returns and update the status of being filer in FBR and can purchase property of any value.
The proposed initiative of the government will boost the business of property which is in depression now and will also enhance the tax revenue for the government.
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