Islamabad, Pakistan: Despite the clear provisions of the Income Tax Ordinance, the Federal Board of Revenue (FBR) Helpline is reportedly providing incorrect information to taxpayers regarding the taxation of capital gains on gold. Many taxpayers are being misled into believing that capital gains from the sale of gold are not subject to income tax.
According to the Income Tax Ordinance, capital gains derived from the sale of assets, including gold, are taxable. TaxationPk
The FBR’s inaccurate guidance from its helpline is causing confusion and potential financial penalties for taxpayers who rely on this misinformation. It is essential for taxpayers to verify information directly from the Income Tax Ordinance or consult with a qualified tax professional to ensure compliance with the law.
TaxationPk urges the FBR to rectify this issue promptly and provide accurate and consistent information to taxpayers through its helpline and other communication channels. Misleading taxpayers can have serious consequences, including fines and penalties.
FBR Helpline is just wastage of taxpayers money. FBR should rename their helpline as “Refer to RTO”.