One more year extension in the construction sector aid package
The federal government has extended for another one year the Prime Minister's aid package announced for the construction sector through a presidential ordinance.
The federal government yesterday issued a presidential ordinance amending the Income Tax Act stating that the fixed tax period has been extended till December 31, 2021, while providing sources of income for those who invest in the construction sector. The period of exemption has also been extended till June 30, 2021.
Key Highlights of the Package
- Under construction Projects which were to be completed by September 30, 2023 have been extended by one year till December 30, 2024
- Exemption from providing income details at the time of purchase of property has been extended till March 31, 2023.
- Exemption from asking for sources of income has been extended till June 30, 2021
- Fixed tax regime has been extended till December 2021,
- Sources of income will not be asked from home buyers till March 2023
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