Revolutionary Tax Relief:
Islamabad: The Federal Board of Revenue (FBR) on Friday opened a webpage for taxpayers, which can be used to apply for exemption from payment of tax or pay tax under section 7E of the 2001 Income Tax Ordinance.
As per section 7E of the Income Tax Ordinance, 2001, the new internet system to be known as “IRIS” will be available from 1st September, 2023. (Revolutionary Tax Relief)
Sources told Business Recorder that the new system will run side-by-side with the current system, giving taxpayers the option of using the new online system or the current system to avoid any difficulties. Under the new automated system, a specific dedicated payment challan has also been introduced for non-filers.
IRIS was updated, and the FBR requested that any defects be corrected.
Real estate expert Muhammad Ahsan Malik, who was contacted, told Business Recorder that the new software of FBR has been launched and will now be available for taxpayers with respect to Section 7E starting September 1, 2023. Taxpayers can now pay tax online. Get exemption certificate, and generate challan without going to commissioner.
According to real estate experts, the FBR has made it possible under Revolutionary Tax Relief for all residents to apply for or pay exemption from one per cent tax on immovable properties under section 7E through the “IRIS” update system without having to visit the Inland Commissioner. Revenue (FBR). The IRIS portal of the FBR has taken away the ability of the Inland Revenue Commissioners to decide issues independently under section 7E.
As per Section 7E of the Finance Act, 2022, subject to the exclusion of capital assets specified by law, an amount equal to 5% of the fair market is deemed to be received by every resident individual, for tax years 2022 and thereafter, as income . Malik further said, the value of the capital asset located in Pakistan.
Pakistan Revenue Automation Limited (PRAL) has done automatic update of IRIS system of FBR.
Malik further said, all taxpayers will have access to 7E papers through their IRIS accounts, and if there is any tax payment due as per the IRIS systemn under Revolutionary Tax Relief, they will either make the required payment or the system will automatically exempt them. If tax payment is required under the automated system, taxpayers must visit their relevant withholding agency, which is usually the Register of Properties.