What is the Purpose of 7E Property Tax | How we can save Income Tax | Before & After Comparison |
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- เผยแพร่เมื่อ 24 ส.ค. 2024
- Anyone interested to learn Pakistan taxation including E-Filing of both sale tax and income tax please WhatsApp or call at 03007574731.
Click on below WhatsApp link for further details of Practical Taxation Course
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Income tax Includes
1. Section-149 Income from Salary
2. Section-155 Income from Property
3. Section-153 Payment of goods, service and contract
4. Section-147 Advance income tax
5. Section-148 Import
6. Section-231AA and 236P Advance tax on certain banking transection
7. Section-231B Advance tax at the time of registration of private motor vehicle
8. Section-235A Tax collection from domestic electric bills
9. Section-236 Tax collection from telephone users
10. Section-236B Advance tax on purchase of domestic air ticket
11. Section-236F Advance tax on cable operator and other electronic media
12. Section-236G Advance tax on sale to distributor, dealer and wholesalers
13. Section-236H Advance tax on sale to retailers
14. Section-236I Advance tax by educational institutions
15. Section-236U Advance tax on insurance premium
16. Section-236X Advance tax on Tobacco
17. Section-236Y Advance tax on remittance abroad through credit, debit or prepaid cards
18. Fine and penalties
19. Section-177 Audit
20. Treatment of provision for bad and doubtful debts
Sale Tax Includes
1. What is sale tax or indirect tax and concept of VAT
2. Difference between Input and Output tax
3. Further tax and extra tax
4. Calculation of Sale tax
5. Advance sale tax
6. Withholding Sale tax
7. Debit and credit notes
8. Admissible credit
9. Annexure A, B, C, F,H, J and I with practical example
10. Supply and purchase register
11. Stock or consumption sheet
12. Concept of Punjab Revenue Authority (PRA) and Sindh Revenue Authority (SRB)
E-Filing
1. Monthly sale tax return
2. Withholding Statement
3. Reconciliation of sale tax return
4. Reconciliation of wealth
5. Annual income tax return of Salary Individual
6. Annual income tax return of Company
7. Annual income tax return of Business Individual / Retailer or Trader
8. Annual income tax return of AOP
All above section will be cover with practical example and online filing.
Regards,
Faheem Mehboob
ACCA Member
03007574731
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Sir you explained the 7E very well.
👍
7E is similar to wealth tax where you pay tax on holding a property without using it. If you use it for residential, business or other commercial (rental) purpose, this tax does not apply on you.
Lakin mjy lawyer na kha hohlga
I purchased a flat and gave on rent.
Kia mujhe 7E fill krna he?
FMV kia likhni chahiye?
faheem sb . slowly lecture diya karain. lectur informative butt teezraftar huta he. jese kue cheese kar raha hu.
😔
Very good lecture Faheem bahi
👍
What is the latest decision regarding
7 E tax ,do we have to declare it on fair market value or cost value,what should we do if we want to file return of 2023 now?
in pujab area, on cost, FBR still asking to pay on fair market, value, decision is pending before Supreme court
good explaination
👍
2020 me property purchased ki lekin Return me declared nai kia ab Return 2024 me declared karna hai koi issue tou nai hoga kindly guide me in this regard.Thanks
Thank you sir.
Very nice information.
Kindly guide me.
I purchased a property of 60 lacs.
Book value is 38 lacs.
Tax deducted on 29 lacs.
I showed the property value in asset as book value i.e. 38 lacs.
Now in 7E what is the FMV?
Who will decide FMV ?
"Is the valuation correct for filling out the 7E form? For DHA Rahbar Sector 2, Block 2-J, the price range for 5 Marla plots is between Rs. 62 Lacs and Rs. 85 Lacs, while the purchase price in 2014 was Rs. 10 Lacs. Is 7E and capital gain applicable when the value is less than Rs. 25M? Are both taxes, i.e., 7E and CVT, applicable?"
what's the latest decision on this matter? the which you discussed at the end or there's further development?
Pending before suprume court
Sir 3,4 sawal hn
1- Property constructed aur unconstructed ki FMV diff hogi, lkn FBR ki FMV list ma asi koii bifercation nh hui blky shyd srf unconstructed ki FMV de hui h list ma, tu plot aur constructed property ki FMV ksy pata chly gi
2- Agr cost of property jo return ma show ki h, FMV of property se zyda ho tu phr bh hm FMV hee lien gy ya cost ko lien gy?
3- Installment pe property le rhy hn aur abhi pending hn installments kuch tu kya ye property 7e ma lien gy.
4-under construction property 7e ma lien gy ya nh
Requirement 25million is for one asset or combine value of all?
Combine
I have two rented properties. I pay tax on both rents received during the year. In 7E form I should declare both properties on cost or fair value?
If property is purchased on loan from bank,?than we have to declare it?
Yes both loan and property need to report
مقصد صرف عوام کو ازیت دینا ھے
😔
Sir, How many difference in tax on purchase / sales of goods and services contract (153) as compared to FY 2023-24??
Already replied
Sir,
Tax on deemed income tax us 7e @20(of 5% of FMV) is adjustable?
@@insafschool4616 no
I bought property in 30 million. As per FBR FMV sheet, the value is 23 million. Do i need to pay tax? My 2022 audit is opened. As per FBR i have to pay tax of 3 lacs for year 2022. They also offer me to negotiate the deal and dont pay tax and give 2 lacs in pocket and they pass the order and close the audit.
Plz suggest what should be the best option for me to deal with easiness for future as well
Awaiting the proper clear response..as I just pay 236 tax..do I need to pay 7E tax to FBR or not..
Rishwat do bs
you do not need to pay tax according to 7E section of ITO because it is less than the 25million fmv of capital asset@@muhammadbilalsikandar144
What is the difference b/w cost and fair market value?
Cost buying price FMV, Today price as per new valuation rates,
Thank you sir
👍
Assalamoalaikum sir
Sir I am ACCA student and need some guidance from u regarding a property inherited by a deceased woman to her husband and 2 sons. How this will be entered into 7e form revising the 2022 return. What values should be declared in cost and FMV of each living shareholder.
Also that is there any gift deed required for a father who used his money to purchase a 3 marla house in name of a son in TY 2021 or just itis to be shown as gifted in wealth statement of father instead of showing it as asset in name of other as all payments were in cash only.
Yes revise tax year 2023 return, report as a cost, if have no fair market, value
Perfect ❤❤
👍
what was decision?
Sir is it possible please share opinion about tax on royalty which is 15% and consider under FTR for resident person. Thank you
Let check and revert
Sir just watched a vedio in which a person was telling that 7e tax has been voided by Isb highcourt... Is there such news?
Pls watch previous lecture, I have explained
You are best explainer Sir, stay blessed ❤
👍
Sir jee we have inherited a property through Letter of Administration and we are around 20 heirs. As per court order we have to sale the property and sale proceeds have to be distributed .
May we have to pay tax ? in this cituation.
Yes needed
Sir, inheritace property pe 7e hoga ??
Like house, plot, ahop, agricultural land
Yes
Sir, my property market value is less than 25ML. Do I have to pay 7e?
No
@@faheempracticallearning ok...thanks.
Aoa sir khali plot k uper kitna tax ha ager sell ni kia r 5 mala sy chota gharpy tax ha jazzak Allah
At the time of sale need to pay 3%
What happens when the society and CDA has not delivered physical possessions
same, still needed certificate
Respected sir can we 7E tax adjust against refund stands in the tax return
No, it is expense
Faheem bhai FMV is still way below actual market value at least as far as DHA Lahore is concerned. Eg. 1kanal in phase 6 is easily worth PKR 65 million + but FBR rate is only 28 Mil(1.4mil per marla). Selling at loss is of no concern. Just a point I wanted to clarify.
In this case, we need to consider the amount where we will pay taxes
If we devide property in members then we can get rid of 7E Tax 😊
Yes also need to change the ownership
کیا پراپرٹی پر لگنے والا نیا ٹیکس 7E سالانہ ٹیکس ھے یا پراپرٹی کو فروخت کرتے وقت ادا کرنا ھو گا
Yes annual
AOA, Not relevant question but you can explain me better because I just checked your channel but I could not find any relevant video so I am asking here Please explain.
please explain if I am paying my friends bill through my credit card and later on he or she reimbursing me then what will be the treatment in my tax returns? please explain because Initially I am paying then they are paying me back though cash or bank transfer.
example :
Intitially I paid my self for ammi or friend
Head Debit Credit
My expenses 15,000.00
Friend Expenses 5,000.00
Ammi Expenses 8,000.00
Cash or Bank 28,000.00
Total 28,000.00 28,000.00
Ammi or friend returned to me
Head Debit Credit
Cash or Bank 13,000.00
Friend Expenses 5,000.00
Ammi Expenses 8,000.00
Total 13,000.00 13,000.00
Assalam-o-alikum sir, Kiya 7E property gift ya Hibba krnay py bi apply ho ga?
No,
when there are no earnings, how the tax can be paid.
😔
how can we download 7E challan ? its not showing on FBR website kindly reply
If added, in 7E form then, you can download
Sir I want to take the complete course, what should I do?
Click on below WhatsApp link for further details of Practical Taxation Course
wa.me/message/5BNUTBJFAPHUN1
Are non resident and overseas citizens exempt from 7E ?
Yes
Without password 7E kasie banaty ha
Sir Fair market value ka kha sa pata laga ga
List available on FBR website
What if property/society location is not on fbr list?
@@jnokia2303 still needed
IHC has abolished 7E tax altogether.
Yes, only abolished, at the time of sale, other is pending before supremely court.
@@faheempracticallearningmeans even no certificate available, 7E tax will not be deducted at the time of sale?
@@OwaisRasheedi deducted, watch complete lecture, already explained
@@faheempracticallearning share the link where u explained
@@OwaisRasheedi watch previous lectures
Sir mein nay 7 years pehlay hose khareeda tha Kya mujay gaine tax paray ga agar nehein to mein property dealer ya waqeel ko Kya legally proove dun age wo kehay k ap abi jama kewao
Capital gain not applicable, but 236C need to pay at the time of sale.
@@faheempracticallearning sir mujay kaisay apnay 236 ki value ka pata chalay ga k Kitna banta hay
@@rafaybutt6775 visit land record department, they will share the dc rates, on that rates tax need to pay. 3% for filer 6%, , for non filer
@@faheempracticallearning a bundle of thanx (Jazakallah) Allah ap k lye asanyan paida karay
@@rafaybutt6775 ameen.
یہ قانون ہے یا چوں چوں مربہ۔
بھانت بھانت کی بولٕیاں
پچیس پچیس سال ایک جیسی کتابیں اور پریکٹس کرنے کے باوجود ہر فیصلہ ہر راۓ مختلف
مگر اس پر کوٸی اعتراض نہیں کرتا نہ سوچتا ہے
😄, agreed
بات کرنے کی سپیڈ بہت زیادہ ھے
😔
Ap speed slow kr k sun len Brother
@@zym72 👍