ISLAMABAD: The president has promulgated Income Tax Amendment Ordinance 2021 for extending the deadline for availing tax amnesty scheme for construction sector.
The Income Tax Amendment Ordinance 2021 has been made effective from January 1, 2021. Under the Income Tax Amendment Ordinance 2021, the income computed and tax payable shall be on project-to-project basis which shall be computed and paid at the specified rates. The estimated project life for tax purposes will not exceed three and a half years.
According to the Income Tax Amendment Ordinance 2021, in case of existing incomplete projects, the estimated project life shall be treated as four years maximum from tax year 2020 through tax year 2023 and the tax payable shall be reduced by the percentage of completion up to the last day of accounting period pertaining to tax year 2019 or tax year 2020 as declared in the registration form.
Provided further that where the benefit of sub-section 3 of section 100D is required to be claimed by builder or developer, the project shall be registered latest by June 30, 2021, Ordinance 2021 said. Under the Ordinance, the last date for seeking immunity by builders and developers from probing their source of funds, and availing fixed tax regime has been extended from December 31, 2020 to June 30, 2021.
Similarly, the last date for builders and developers who want to avail fixed tax regime was extended from December 31, 2020 to December 31, 2021. Under the Income Tax Amendment Ordinance 2021, the last date for completion of projects has been extended from September 30, 2022 to September 30, 2023, and the last date for buyers of housing units and plots has been extended from September 30, 2022 to March 30, 2023. The Income Tax Amendment Ordinance 2021has also amended the registration and filing of returns by the builders and developers. Under the revised procedure, a builder or developer will electronically register a project on IRIS through FBR website on or before December 31, 2021. Where benefit of sub-section 3 of Section 100D is required to be claimed by developer or builder, the project will be registered latest by June 30, 2021, Ordinance added.
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