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Certificate to be provided on bank profits

Certificate to be provided on bank profits

The Finance Act has approved that the bank will deduct tax at the rate of 10% on the payment of profit up to Rs. 500,000/- after obtaining a certificate from the recipient that during the tax year the profit on debt would remain less than Rs. 500,000/-.

For this purpose, the Finance Act has amended the Division IA, in the proviso, after the word “where”, the expression “the taxpayer furnishes a certificate to the payer of profit that during the tax year” shall be inserted.

Waheed Ensari
Waheed Ensari
Waheed focuses on modern techniques in order to management of businesses through finances, learning & development, IT.Its his appetite which draws his attention & energy in helping people (business owners/entrepreneurs) – to get the crystal aspects of the business.

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