{"id":3161,"date":"2022-09-08T14:31:48","date_gmt":"2022-09-08T09:31:48","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=3161"},"modified":"2022-09-08T14:31:48","modified_gmt":"2022-09-08T09:31:48","slug":"kptba-urges-fbr-to-incorporate-property-valuation-table-into-iris-portal","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/kptba-urges-fbr-to-incorporate-property-valuation-table-into-iris-portal\/","title":{"rendered":"KPTBA Urges FBR to Incorporate &#8216;Property Valuation Table&#8217; into IRIS Portal"},"content":{"rendered":"<p>KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to include a property valuation table in the IRIS portal to automate tax calculation under Section 7E of the Ordinance.<\/p>\n<p>In a letter to the FBR chairman, the KTBA stated that a 20% tax had been imposed on deemed income calculated at 5% of the fair market value of capital assets located in Pakistan.<\/p>\n<p>The fair market value is defined in Section 68 of the Ordinance and is also reported by the FBR via several SROs.<\/p>\n<p>The letter stated that taxpayers and the legal community are concerned about the deletion of a tab previously available in the return to claim adjustment of previous refunds against the current year&#8217;s tax liability.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/fbr-withdraws-minimum-exemption-period-for-immovable-property-taxes\/\" target=\"_blank\" rel=\"dofollow\" class=\"ue0cbbbeddea8984d07115635f9cf3148\"><style> .ue0cbbbeddea8984d07115635f9cf3148 { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#2C3E50; border:0!important; border-left:4px solid #F1C40F!important; text-decoration:none; } .ue0cbbbeddea8984d07115635f9cf3148:active, .ue0cbbbeddea8984d07115635f9cf3148:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .ue0cbbbeddea8984d07115635f9cf3148 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .ue0cbbbeddea8984d07115635f9cf3148 .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .ue0cbbbeddea8984d07115635f9cf3148 .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .ue0cbbbeddea8984d07115635f9cf3148:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">ALSO READ<\/span>&nbsp; <span class=\"postTitle\">FBR Withdraws Minimum Exemption Period for Immovable Property Taxes<\/span><\/div><\/a><\/div>\n<p>The adjustment of a refund against the payable tax is a fundamental right of a taxpayer, according to KTBA, and refund adjustment has always been provided in return forms without any dispute.<\/p>\n<p>The letter further proposed that taxpayers be allowed to compute and attribute their incomes based on the facts of their cases rather than prefixed tabs.<\/p>\n<p>The relevant fields for entering the figures should be relaxed and open, according to the letter.<\/p>\n<p>Currently, IRIS on the web portal is not catering to the initial depreciation allowance of 25% allowed on the purchase of plant and machinery under Section 23, resulting in an incorrect calculation of tax depreciation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to include a property valuation table in the IRIS portal to automate tax calculation under Section 7E of the Ordinance. In a letter to the FBR chairman, the KTBA stated that a 20% tax had been imposed on deemed income calculated at 5% of the fair market value of capital assets located in Pakistan. The\u2026<\/p>\n","protected":false},"author":3,"featured_media":480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"img_urls":{"thumbnail":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false]},"author_name":"Firas Qureshi","categories_name":["News"],"title_text":"KPTBA Urges FBR to Incorporate \u2018Property Valuation Table\u2019 into IRIS Portal","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=3161","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/3161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/comments?post=3161"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/3161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/480"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=3161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=3161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=3161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}