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New Ordinance Increases Estimated Project Life of Construction Projects


New Ordinance Increases Estimated Project Life of Construction Projects
The Income Tax (Amendment) Ordinance, 2021 has extended the maximum estimated project life from 2.5 years to 3.5 years for new construction projects and from 3 years to 4 years maximum for existing projects of developers and builders.
According to the salient features of the Ordinance shared by Asif S Kasbati, Karachi based leading tax expert and ICAP Fiscal Laws Committee Member, the FBR has amended the Special Procedures relating to builders and developers (Section 100D). The Tax Year 2020 income, profits, and gains of a builder or developer of an incomplete existing project, the Amnesty will not be applicable. ....

Asifs Kasbati , Fiscal Laws Committee Member , Income Tax , Laws Committee Member , Special Procedures , Tax Year , Eleventh Schedule , அசிபிஸ் கஸ்பதி , நிதி சட்டங்கள் குழு உறுப்பினர் , வருமானம் வரி , சட்டங்கள் குழு உறுப்பினர் , சிறப்பு ப்ரொஸீஜர்ஸ் , வரி ஆண்டு , பதினொன்றாவது அட்டவணை ,