I-16 is one of Islamabad's youngest sectors, on the city's south-western edge, where development is still under way and most activity revolves around plots and construction. Our I-16 clients are allottees, investors and construction contractors.
Allottees and Investors
I-16 plots are mostly held for future development. Payments for allotment, development and possession build up the plot's cost. Investors who buy from allottees should keep the transfer letter and payment records.
Construction Contractors
Contractors building homes and infrastructure in the new sectors receive payments from developers, authorities and households. Developers and government bodies deduct tax on payments. A contract register with amounts received and tax deducted is the foundation of the contractor's return.
Suppliers of Building Materials
Brick, sand, steel and cement suppliers serving the new sectors deal in large volumes. Sales to companies may have tax deducted; purchase invoices and delivery records support profit.
Getting Started
Allottees and investors should share allotment and payment papers; contractors their contracts and payment advices; suppliers their purchase and sales records. We prepare the returns and keep a running property or contract schedule.
Labour Payments on Construction Sites
Contractors in I-16 pay masons, labourers and electricians weekly, often in cash. A simple wage sheet with names, CNIC numbers where possible and amounts paid supports these costs. Without such records, labour costs are the first expense FBR questions in a contractor's return.
Early Residents
The first families to move into a developing sector usually travel to other sectors for services, and their returns stay simple: salary or business income and the new house.
Part of our Islamabad tax consultant guide. Nearby: I-10, I-14, I-8.
Frequently Asked Questions
Is tax deducted from contractor payments in new sectors adjustable?
For most contractors it is adjustable against their final liability, depending on the contract and the year's rules.
What records should a building materials supplier keep?
Purchase invoices, delivery records and sales invoices, especially for sales to companies.
When do I declare an I-16 plot?
From the first payment, as an asset at the amount paid, increasing as further charges are paid.
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