Income tax return made mandatory for owners of 500 sq yards property, flats

ISLAMABAD (92 News) – The government has made it mandatory to file the income tax return for the owners of property and flats of 500 square yards. Moreover, the owner of over 1,000CC vehicle will also have to file the tax return. The new law will also be applicable to those paying over Rs500,000 for the industrial and commercial connection. The law will be enforced in the Cantonment, Municipal area and within the limits of Islamabad. Meanwhile, members of a chamber of commerce and industry or trade organization will have to filel the annual tax return. Likewise, members of a market committee or Pakistan Engineering Council (PEC) also will have to file the income tax return. The law will be applcitable to members of the Chartered Accounts, Cost and Management Institute. The section 114 of the Income Tax Ordinance has also been changed. Now each company will have to file the tax returns. A person earning more than the taxable income will have to file the income tax return. The income tax retun has also been mandatory for non-profit and welfare institutions. The tax retun will be applicable to the person showing the loss.