202025 Nov
Jurisdiction of Islamabad: FBR launches physical survey of business community
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ISLAMABAD: Tax officials of the Federal Board of Revenue (FBR) have launched a physical survey of business community working within the jurisdiction of Islamabad to check whether withholding tax has been deducted and deposited by the businesses operating in rental buildings. Under Section 155 (income from property), every prescribed person making a payment in full or part (including a payment by way of advance) to any person on account of rent of immovable property (including rent of furniture and fixtures, and amounts for services relating to such property) shall deduct tax from the gross amount of rent paid at the rate specified in Division V of Part III of the First Schedule of the Income Tax Ordinance. The survey would also verify the timely and accurate deduction and payment of withholding tax to the national exchequer. Under the penal provision, any person who fails to furnish the information required or to comply with any other term of the notice served under Section 1765 [or 108] of the Income Tax Ordinance 2001. The concerned inspector having the said CNIC has been deputed to gather information after taking due permission of the Commissioner Inland Revenue, the notice adds.

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