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The Finance Act, 2022 has brought about certain amendments to the Income Tax Ordinance, 2001 (the Ordinance, hereafter). Some significant amendments are explained hereunder: -1. Incorporation of Ordinances in Finance Act, 2022  During the financial year 2021-22, two Ordinances were issued. Some changes in the...

 Tax on Deemed Income from Immovable PropertyA new section 7E has been introduced through Finance Act, 2022 whereby for the tax year 2022 and onwards, a resident person is treated to have derived income equal to five percent of the fair market value of the capital assets situated in Pakistan which...