Federal Board of Revenue has implemented Income Tax Revised Act 2016. FBR is expecting to get huge revenue from this scheme.
According to details, Income Tax revised act 2016 has been implemented after its approval from parliament few days ago and now the President has signed this act. After this act, real estate will get amnesty scheme according to which assets can be made legal by paying 3% tax on its sale.
This 3% tax will be taken on assets according to its DC rate and the price fixed by FBR and the cleaned money through this scheme will not be questioned by FBR. FBR is expecting to receive huge revenue from implementation of this scheme. According to this act, the families of martyrs are given compensation once on capital gain tax.
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