ISLAMABAD: Federal Board of Revenue (FBR) has announced more individuals who have been given relaxation in filing income tax return by proposing amendment to Income Tax Ordinance, 2001.
Through Finance Act, 2017, it is proposed to amend Sub-Section 1 of Section 115 which allowed certain persons not required to furnish a return of income, who are included:
(a) A widow;
(b) an orphan below the age of twenty-five years;
(c) a disabled person; or
(d) in the case of ownership of immovable property, a non-resident person.
The persons mentioned above are allowed exemption from filing return at present if owns immovable property with a land area of two hundred and fifty square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory.
The Finance Bill 2017 now proposed that these persons are allowed exemption from filing returns, included:
— owns immoveable property with a land area of five hundred square yards or more located in a rating area
— owns a flat having covered area of two thousand square feet or more located in a rating area
— owns a motor vehicle having engine capacity above 1000 CC
