KARACHI: Chief Commissioner RTO-1 Karachi Dr Faheem Mohammad has stated that advance income tax on the sale and purchase of property under the Income Tax Ordinance 2001 is a key component of overall revenue collection.
According to a statement, he has urged all sub-registrars within his territorial jurisdiction to ensure property transactions comply with the Federal Board of Revenue’s (FBR) valuation table so that the correct tax is collected under Sections 236C and 236K during property sales and purchases, respectively. He further stated that a comprehensive audit of withholding agents and sub-registrars will be conducted to identify and recover revenue losses resulting from the incorrect application of withholding tax rates.
In a notification issued by the FBR Headquarters in Islamabad, the territorial jurisdiction for the collection of advance income tax on property transactions under Sections 236C and 236K of the Income Tax Ordinance 2001 has been revised. The monitoring and collection of these taxes have now been assigned to RTO-1 Karachi for areas including Arambagh, Civil Lines, Garden, Lyari, and Saddar towns from District South; Baldia, SITE, Maripur, and Harbour towns from District Keamari; Liaquatabad Town from District Central; Jamshed Town from District East; and Orangi Town from District West. The jurisdiction also covers Clifton Cantonment, Karachi Cantonment, and Manora Cantonment.