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This clause has been omitted by Finance Ordinance 2000 dated 19th June 2000.
(7BB) (a) At the time of
approving any building plan for construction in respect of any building, not being a
residential house, the person 'responsible for such approval, shall collect advance tax
from the owner of such property on the estimated cost of construction of such building at
one-half of the rates specified in the First Schedule, and the credit for the tax so
collected in any financial year shall, subject to the provisions of section 53, be given
in computing the tax payable by such owner for the assessment year commencing on the first
day of July next following such financial year, or in the case of an assessee to whom
section 72 or section 81 applies, the assessment year in which the "said date"
as referred to therein, falls, whichever is the later; and
(b) at the time of issuing completion certificate for the building referred to in clause
(a), the person responsible for issuance of such certificate shall collect advance tax
from the owner of such property on the estimated cost of construction of such building at
one half of the rates specified in the First Schedule, and the credit for the tax so
collected in any financial year shall, subject to the provisions of section 53, be given
in computing the tax payable by the owner of the building for the assessment year
commencing on the first day of July next following such financial year, or in the case of
an assessee to whom section 72 or section 81 applies, the assessment year in which the
"said date" as referred to therein, falls, whichever is the later:
Provided that the Central Board of Revenue may, by notification in the official Gazette,
specify,-
[ ]
(ii) the method for the determination of the "estimated cost of construction.
Sub-section (7BB) inserted by Finance Act, 1993 w.e.f. July 1, 1993.
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