Karachi:
The Federal Income Board (FBR) reviewed the territorial jurisdictions for the Advance Income Tax on Property Transactions in Karachi, said the Chief Commissioner’s Office in a press release issued here on Sunday.
According to a notification issued by the FBR headquarters, Islamabad, the territorial jurisdiction for the collection of the advance income tax on the transactions of the property under section 236 C and K of the Income Tax Ordinance, 2001, it had been Modified.
He said that the monitoring and collection of these taxes had been assigned to RTO-1, Karachi. The revised jurisdiction of RTO-1 involved Arambagh, civil lines, garden, cities of Lyari and Saddar of the Southern District, Baldia, Site, Maripur City and Puerto of the Kaemari district, Liaqatabad City of the Central District, Jamshed District East, Orangi Town. From District West, Clifton Cantonment, Karachi Cantonment and Manora Cantonment.
The Chief Commissioner RTO-1, Dr. Faheem Mohammad, declared that the anticipated income tax on the sale and purchase of properties under the Ordinance of Income Tax, 2001, was an important component of the general revenue of income .
He urged all subregistros, in their territorial jurisdiction to guarantee property transactions according to the FBR valuation table to be collected by the appropriate tax according to section 236 C and K during the sale and purchase of properties, respectively.
