Amendment in Part-II-V of the Second Schedule to the Income Tax Rules, 2002
SRO 1891(I)/2022 is an Income Tax SRO dated 13 October 2022, listed by FBR as "Amendment in Part-II-V of the Second Schedule to the Income Tax Rules, 2002".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
Government of Pakistan
Revenue Division
Federal Board of Revenue
Notification
(Income Tax)
Islamabad, the 13th October, 2022.
S.R.O. 1891(I)/2022.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O. 1829(I)/2022, dated the 3rd day of October, 2022 as required by sub-section (3) of section 237 of the said Ordinance, namely: -
In the aforesaid Rules, in the Second Schedule, in Part-II-V, under the heading "Tax Chargeable/Payments", the following form shall be inserted, namely:-
"[Form image: screen of the return form "114(1) (Return of Income filed voluntarily for complete year)", Tax Year 2022, section "Capital Assets u/s 7E". Its table has the columns Description, Code, Cost / Declared Value, Fair Market Value, Action, with these rows:]
| Description | Code | Cost / Declared Value | Fair Market Value |
|---|---|---|---|
| Agriculture Property excluding Farmhouse | 7100 | ||
| Farmhouse | 7101 | ||
| Residential Property | 7102 | ||
| Commercial Property | 7103 | ||
| Industrial Property | 7104 | ||
| Any other immovable capital asset | 7105 | ||
| Total Value of capital assets | 7106 | ||
| Total value of capital assets taxable under section 7E | 7107 | 0 | 0 |
| Deemed Income under section 7E | 7108 | ||
| Tax on deemed income under section 7E | 923183 |
".
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- This Notification shall be applicable for the tax year 2022.
[F. No. 1(17)R&S/2022]
(Bilal Hassan)
Secretary (Rules & SROs)
Related Income Tax SROs on rules and amendments to rules
- SRO 2052(I)/202222 November 2022Amendment in Rule 34 of Income Tax Rules, 2002
- SRO 1956(I)/202224 October 2022Amendment in Income Tax Rules 2002 Rule13P(q), Rule 13L(d), Rule 13P(L), Rule 13N(5A)
- SRO 1955(I)/202224 October 2022Amendments in rules 37(2), 38(2) and Second Schedule to the Income Tax Rules, 2002
- SRO 1892(I)/202213 October 2022Amendments in rules 37(2), 38(2) and Second Schedule to the Income Tax Rules, 2002
- SRO 1797(I)/202229 September 2022Capital Value Tax Rules, 2022
- SRO 1768(I)/202227 September 2022Draft Amendments in Income Tax Rules 2002 - Rule13P(q), Rule 13L(d), Rule 13P(L), Rule 13N(5A)