Updated tax provisions for property rental income in budget 2021-22 (Finance Act 2021)
History of changes in Income Tax Ordinance, 2001
Finance Act, 2013 shifted the property income (Property rental income) from fixed tax regime to normal tax regime for Individuals, AOPs and Companies.
Finance Act, 2016 shifted it from normal tax regime to fixed tax regime for Individuals & AOPs. Simultaneously, the deductions in computing income chargeable under the head “Income from Property” for individuals and AOPs were withdrawn.