Whether or not there will be any tax on property rent of Rs 2 lakh per month

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Whether or not there will be any tax on property rent of Rs 2 lakh per month

Whether or not there will be any tax on property rent of Rs 2 lakh per month|Federal Board of Revenue FBR acquires data of all registered and unregistered users from electricity distribution companies, deciding to take action against commercial meter users who do not benefit from Amnesty Scheme. Release the information of registered and unregistered users of all discos. The number of unregistered domestic meter users in the discus is 25 million to 25 million It is over and the number of unregistered commercial meter users is more than 255 million. The number of industrial and tube well-unregistered meter users is 5,56,000, connections to unregistered commercial meter users will be disconnected and fined. Sources tell the FBR that the commercial meter holders have noticed before the amnesty. Were sent. According to Chairman FBR, the amnesty scheme was the last chance, those who did not use it will not be left out. Under the Income Tax Ordinance 2001, commercial gas and electricity consumers must be on the active tax peer list, while on the other hand, the FBR has issued a descriptive circular on the major amendments made to the Income Tax Ordinance 2001 under the Finance Act. According to the circular issued by the FBR, the annual income tax exemption limit for the salaried class has been fixed at Rs 6 lakh, annually Rs 6 lakh to 12 lakh. There will be a 5% tax on the income of the rupees. According to the FBR Circular, no tax will be levied on the rent of property up to Rs 2 lakh while property rent of Rs 2 lakh to Rs 6 lakh will be charged 5%, 6. 10% on property income of Rs 1 lakh to 10 lakh, 15 percent on property income of Rs 10 to 20 lakh, 20 percent on property income of Rs 20 lakh to Rs 40 lakh, 25 percent on property income of Rs 40 lakh to Rs 60 lakh. Similarly, a property income of Rs 60 lakh to Rs 80 lakh will be taxed at 30 percent and a tax of 35 percent on property income of more than Rs 80 lakh. Apartments will have a capital gain tax of 5%, tax on property worth Rs 50 lakh to Rs 1 crore and 15 percent on property worth Rs 1 crore and Rs 1.5 crore, and 20 percent capital gain tax on property worth more than Rs 1.5 crore. According to the document, 5 percent annual income of Rs 6 lakh to 12 lakh, 10 percent tax on the income of Rs 12 lakh to 18 lakh, 15 percent tax on the income of Rs 18 lakh to Rs 25 lakh, the income of Rs 25 lakh to Rs 35 lakh. On the income of Rs 17 lakh, Rs 35 lakh to Rs 50 lakh, 20 percent tax on the income of Rs 50 lakh and Rs 8 lakh will be taxed at 22 percent. 25%, 27% on income of Rs. 1 million to Rs. 3 crore, 30% on an annual income of Rs. 3 crore to Rs. 5 crores, 32% tax on the income of Rs. 5 crore and Rs. 7 crores and more than Rs. 7 crore. The income tax will be taxed at 35%. According to the FBR Circular, these amendments are applicable from 1st July 2019.