Extension in validity date for builders covered in section 100d
Extension in validity date for builders covered in section 100d: One of the core conditions mentioned in section 100D is related to completion of registered projects where said projects are required to be completed till 30th September 2022. Subsequently, through an Income Tax (Amendment) Ordinance, 2021, the said time lines were extended.
These subsequent amendments in time lines are now being ratified through proposed amendments as part of the Finance Bill. Now Finance Bill prescribes following timelines in line with Income Tax (Amendment) Ordinance, 2021:
- New and existing projects are required to be completed by 30th September 2023.
- Investment in the form of money is required to put into a newly opened bank account on or before 30th June, 2021.
- Person making investment shall submit prescribe form on IRIS on or before 30th June, 2021
- For first purchaser of building shall not be questioned about source of money under section 111 if payment is made to Builder on or before 31st march 2023
- Deadline for purchaser of plot who intends to construct building is extended upto 30Th June, 2021 subject to condition that construction on the said plot is commenced on or before 31st December 2021 and such construction is completed on or before 30 September 2022.
For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/