{"id":88619,"date":"2022-09-12T16:49:23","date_gmt":"2022-09-12T11:49:23","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=88619"},"modified":"2022-09-12T16:49:29","modified_gmt":"2022-09-12T11:49:29","slug":"income-tax-immovable-properties-challenged","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/income-tax-immovable-properties-challenged.html","title":{"rendered":"Tax payment on deemed income on immovable properties challenged in court"},"content":{"rendered":"\n<p>Islamabad: The tax payment on deemed income on immovable properties by the Federal Board of Revenue (FBR) has been challenged in court, according to news published on September 12.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-notice-tier-1-retailers-pos-system.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR issues notice to Tier-1 retailers to integrate POS system<\/a><\/p>\n\n\n\n<p>As per the details, a citizen has filed a petition requesting the court to allow the filing of income tax returns without the tax on deemed income basis on immovable properties. The court has directed the FBR to reply latest by September 13, since the taxpayer has to file income tax returns by September 30.<\/p>\n\n\n\n<p>Moreover, another petitioner has questioned the constitutionality of Section 7E introduced through the Finance Act 2022. The citizen raised questions based on the legislative incompetence of the Parliament to approve law outside the scope of Entry 50 of the Federal Legislative List, Fourth Schedule of the 1973 constitution. It was highlighted that the Parliament is not competent to make laws and only the provincial legislature is eligible to tax immovable property.&nbsp;<\/p>\n\n\n\n<p>Reportedly, the tax was imposed instead of the holding\/owning of immovable property, equal to 5% of the fair market value of capital assets, by declaration as deemed income, which is perceived as an attempt to hoodwink the mandate of Entry 50. The court has requested an interpretation of Entry 50 in the context of Section 7E in order to resolve this issue.\u00a0<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/advance-tax-immovable-properties-applicable.html\" target=\"_blank\" rel=\"noreferrer noopener\">Revised advance tax on immovable properties applicable from July 1: FBR<\/a><\/p>\n\n\n\n<p>It is pertinent to note that the FBR has mandated the citizens to pay tax on deemed income basis on <a href=\"https:\/\/www.zameen.com\/news\/immovable-property-tax-fbr-exemption.html\" target=\"_blank\" rel=\"noreferrer noopener\">immovable properties <\/a>in their income tax return and wealth statement by September 30. As per the details, the owners of properties including builders, developers, investors, and real estate agents are bound to pay tax on immovable properties, under Section 7E of the Income Tax Ordinance 2001.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The tax payment on deemed income on immovable properties by the Federal Board of Revenue (FBR) has been challenged in court, according to news published on September 12.\u00a0 Read: FBR issues notice to Tier-1 retailers to integrate POS system As per the details, a citizen has filed a petition requesting the court to allow the filing of income tax returns without the tax on deemed income basis on immovable properties. The court has directed the FBR to reply latest by September 13, since the taxpayer has to file income tax returns by September 30. Moreover, another petitioner has questioned the constitutionality of Section 7E introduced through the Finance Act 2022. The citizen raised questions based on the legislative incompetence of the Parliament to approve law outside the scope of Entry 50 of the Federal Legislative List, Fourth Schedule of the 1973 constitution. It was highlighted that the Parliament is not competent to make laws and only the provincial legislature is eligible to tax immovable property.&nbsp; Reportedly, the tax was imposed instead of the holding\/owning of immovable property, equal to 5% of the fair market value of capital assets, by declaration as deemed income, which is perceived as an attempt&hellip;<\/p>\n","protected":false},"author":83,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[19230,54010],"persona":[],"class_list":{"0":"post-88619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-federal-board-of-revenue-fbr","9":"tag-tax-payment-on-deemed-income-on-immovable-properties-challenged-in-court","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income tax payment on immovable properties challenged- Zameen News<\/title>\n<meta name=\"description\" content=\"The tax payment on deemed income on immovable properties by the Federal Board of Revenue (FBR) has been challenged in court....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/income-tax-immovable-properties-challenged.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income tax payment on immovable properties challenged- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The tax payment on deemed income on immovable properties by the Federal Board of Revenue (FBR) has been challenged in court....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/income-tax-immovable-properties-challenged.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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