Karachi:
The Federal Board of Revenue (FBR) revised the territorial jurisdictions for advance on income tax over real estate transactions in Karachi, the Chief Commissioner’s office said in a press release issued here on Sunday.
According to a notification issued by the FBR headquarters, Islamabad, the territorial jurisdiction of collection of advance tax over real estate transactions in accordance with section 236 c and K of the Income Tax Regulation, 2001, had been changed.
It said that the surveillance and collection of these taxes had been awarded to RTO-1, Karachi. The revised Jurisdiction for RTO-1 brought about Arambagh, civilian lines, Garden, Lyari and Saddar Cities in District South, Baldia, Site, Maripur and Harbor Towns of District Kaemari, Liaqatabad Town of District Central, Jamshed Town of District East, Orangi Town of District West, Clifton Cantonment, Karachi Cantonment and Manora Cantonment.
Chief Commissioner RTO-1 Dr. Faheem Mohammad stated that advance on income tax on the sale and purchase of property under the Income Tax Regulation, 2001, was an important component of the total income collection.
He urged all sub -registers in his territorial jurisdiction to ensure real estate transactions in accordance with FBR’s valuation table, so that correct tax was collected in accordance with section 236 c and K during the sale and purchase of property respectively.
