06-27-2006, 04:13 AM
s-155
Every (words "Subject to sub-section (2), every" substituted by Finance Bill 2006) <b>prescribed person</b> making a payment in full or part (including a payment by way of advance) to any person on account of <b>rent of immovable property</b> (including rent of furniture and fixtures, and amounts for services relating to such property) shall deduct tax from the gross amount of rent paid at the rate specified in Division V of Part III of the First Schedule.(5%)(3) In this section, âprescribed personâ means â
(i) the Federal Government;
(ii) a Provincial Government;
(iii) local authority;
(iv) a company;
(v) a non-profit organization;
(vi) a diplomatic mission of a foreign state; or
(vii) any other person notified by the Central Board of Revenue for the purpose of this section
<u>so only the prescribed person are required to deduct tax
on rent of immovable property</u>
+
liablity for person receiving rent may arise in case of failure of tax deduction at source
refer section 160,161,162
updated income tax ordinance is available at
http//www.taxonline.com.pk/incometax/itaxord2001/sections/itord2001.html
Every (words "Subject to sub-section (2), every" substituted by Finance Bill 2006) <b>prescribed person</b> making a payment in full or part (including a payment by way of advance) to any person on account of <b>rent of immovable property</b> (including rent of furniture and fixtures, and amounts for services relating to such property) shall deduct tax from the gross amount of rent paid at the rate specified in Division V of Part III of the First Schedule.(5%)(3) In this section, âprescribed personâ means â
(i) the Federal Government;
(ii) a Provincial Government;
(iii) local authority;
(iv) a company;
(v) a non-profit organization;
(vi) a diplomatic mission of a foreign state; or
(vii) any other person notified by the Central Board of Revenue for the purpose of this section
<u>so only the prescribed person are required to deduct tax
on rent of immovable property</u>
+
liablity for person receiving rent may arise in case of failure of tax deduction at source
refer section 160,161,162
updated income tax ordinance is available at
http//www.taxonline.com.pk/incometax/itaxord2001/sections/itord2001.html