ISLAMABAD: The collection of withholding income tax from cash withdrawal from banks fell by 52 percent during first half of the current fiscal year as the government withdrew the levy on active taxpayers. The collection of withholding income tax fell to Rs8.6 billion during July – December of current fiscal year 2019/2020 as compared with […]

ISLAMABAD: There is no withholding tax on cash withdrawal from banking system by a person, whose name is appeared on Active Taxpayers List (ATL), officials in Federal Board of Revenue (FBR) said on Friday. Under Section 231A of Income Tax Ordinance, 2001 the withholding tax rate is 0.6 percent for a person making cash withdrawal […]

KARACHI: Federal Board of Revenue (FBR) has issued updated up to March 09, 2019 for withholding tax rate on cash withdrawal from banking system. The rate card has been updated after amendment to Income Tax Ordinance, 2001 introduced through Finance Supplementary (Second Amendment) Act, 2019. The financial institutions are required to collect/deduct withholding tax under […]

ISLAMABAD: Federal Board of Revenue (FBR) has said that the government has not revised rates or limits of withholding tax on cash withdrawal from banks. In a statement on Thursday, the FBR said that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and […]