Benefits for a Tax Filer in Property Dealing
After the announcement of the Federal Budget for the Financial year 2024-25, the Government of Pakistan has made strict rules to make people tax filers in the country.
So, several benefits and penalties for property dealing are associated with the filer and non-filer status of the property buyer and seller. Read this blog to get a comprehensive insight on the topic.
What is the difference between filer, non-filer, and late filer?
Here is the difference between filer, non-filer, and late filer :
Who is the late filer?
Any individual who filed a tax return later than the official deadline to file returns is called a late filer.
For Example, if a person has filed tax returns after 31st October 2023 is considered a late filer in the financial year 2023-24.
Who is the filer?
A filer is an individual who registers in FBR and files an income tax return.
Who is a non-filer?
A non-filer is a person who does not register with FBR or has registered but does not pay tax or file income tax returns.
Benefits for Filers in Property Withholding Tax
A filler pays less taxes on property transactions than a non-filer and late filer. So, according to section 236 c, you can avail reasonable tax incentives in property dealing after filing your annual income tax returns.
Here is a complete property withholding tax schedule for property sellers and buyers.
Withholding Tax Schedule for Property Buyer
|
Value of Property (PKR)
|
Non-Filer Withholding Tax |
Late-Filer Withholding Tax |
Filer Withholding Tax |
|
500,000,00/-
|
12% |
6% |
3% |
|
500,000,00/ — 10,00,000,00/-
|
16% |
7% |
3.5% |
|
10,00,000,00/-and beyond
|
20 % |
8% |
4% |
Withholding tax Schedule for Property Seller
|
Value of Property (PKR)
|
Non-Filer Withholding Tax |
Late-Filer Withholding Tax |
Filer Withholding Tax |
|
500,000,00/-
|
10% |
6% |
3% |
|
500,000,00/ — 10,00,000,00/-
|
10% |
7% |
3.5% |
|
10,00,000,00/-and beyond
|
10 % |
8% |
4% |
How to Become a tax filer in Pakistan?
Follow these simple steps to become a tax filer in Pakistan:
Get your NTN:
Apply for your National Tax Number (NTN) in the Federal Board of Revenue (FBR).
Register as a filer in FBR:
Visit the FBR official website and register as an income tax filer on their online portal.
File your tax returns:
Regularly file your tax returns to maintain your tax filer status.
Contact for more information
For more information and to become a tax filer, you can reach out to us via :
Our Email address: Info@propertynaama.com
Oversees Clients (For Call Only):
UAN: +92 332 7777888
Overseas and Domestic Clients (For WhatsApp):
WhatsApp: 0331 0105531
