Tax Consultancy, Taxation

Reduction in limit for profit on debt under FTR Section 7B

Posted on by Muhammad Waheed Ensari

Reduction in limit for profit on debt under FTR Section 7B

Reduction in limit for profit on debt under FTR Section 7B: Currently, income arising from profit on debt by individual and AOP up to Rs. 36 million is covered under FTR. Now Finance Bill 2021 proposed to reduce the said limit up to Rs. 5 million only.

Now any income arising from POD exceeding Rs. 5 million shall be normal income for Individual and AOP and shall be taxable under the normal slab rates of the individual and AOP.

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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