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Withdrawal of section regarding collection of advance tax

Withdrawal of section regarding collection of advance tax

Withdrawal of section regarding collection of advance tax: The Finance Bill 2021 proposes to withdraw the responsibility of different persons from collection of advance tax on account of following. Accordingly, relevant tax rates have also been removed from Schedule 1 of the Income Tax ordinance.

Collection of tax on cash Withdrawal from a bank 231A
Advance tax on transaction in bank 231AA
Collection of tax from members by a stock exchange registered in Pakistan- 233A
Collection of tax by NCCPL from members, Margin Financiers, trading Financier on Marginal Financing. 233AA
Collection of tax through gas bill of a Compressed Natural Gas station 234A
Advance tax on purchase of domestic air ticket by Airline 236B
Tax on sale of certain petroleum products 236HA
Advance tax on purchase of international air ticket 236L
Collection of tax on banking transactions other than through cash. 236P
Collection of tax at the time of making payment of Dividend in specie 236S
Collection of tax on extraction of minerals. 236V
Collection of tax from persons remitting amounts abroad through credit or debit or prepaid cards. 236Y

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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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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