Statements under Section 165

Statements under Section 165

Statements under Section 165: Presently, there is no requirement to file annual statement in addition to quarterly statement of withholding income tax except annual statement for withholding of income tax on salary payments by the business.

However, now the Finance Bill proposes to e-file an annual statement of withholding of income tax for the relevant tax year to the Commissioner within thirty days of the end of tax year in addition to statement to be filed for salary.

Moreover, the Finance Bill also proposes to e-file a reconciliation statement to the Commissioner reconciling the amounts mentioned in annual statement filed annually as required above with the amounts declared in the return, audited accounts or financial statements by the due date of filing of return of income.

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