The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties.
(more…)Tag: withholding tax card 2021-2022
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Tax rates on car registration for 2021-2022
The Federal Board of Revenue (FBR) has issued revised rates for advance tax on the registration or transfer of motor car.
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Withholding tax rates on property income for 2021-2022
The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on income from the property for the year 2021-2022.
The withholding tax shall be collected by every prescribed person from the recipients of rent of the immovable property.
The FBR collects withholding tax on income from property under Section 155 of the Income Tax Ordinance, 2001.
WITHHOLDING TAX CARD 2021/2022
Following are the rates of withholding tax:
Any payment made on account of rent of the immovable property
(A) In case of individual or Association of Person (AOP):
1. Where the gross amount of rent does not exceed Rs, 300,000: There shall be no tax.
2. Where the gross amount of rent exceeds Rs, 300,000 but does not exceed Rs, 600,000: the tax rate shall be 5 per cent of the gross amount exceeding Rs, 300,000.
3. Where the gross amount of rent exceeds Rs. 600,000 but does not exceed Rs. 2,000,000: The tax rate shall be Rs. 15,000 plus 10 per cent of the gross amount exceeding Rs. 600, 000.
4. Where the gross amount of rent exceeds Rs. 2,000,000: the tax rate shall be Rs. 155,000 plus 25 per cent of the gross amount exceeding Rs. 2,000, 000.
B) in case of the company: the tax rate shall be 15 per cent.
The tax deducted under Section 155 of Income Tax Ordinance, 2001 is adjustable.
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Withholding tax rates on interest income for 2021-2022
Withholding tax rates on interest income for 2021-2022 have been notified by the Federal Board of Revenue.
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Withholding tax rates on dividend payment for 2021-2022
In a move to streamline tax collection and enhance transparency, the Federal Board of Revenue (FBR) has issued updated rates of withholding tax on payment of dividends for the fiscal year 2021-2022.
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Withholding tax rates on imports for 2021-2022
Federal Board of Revenue (FBR) has issued updated withholding tax rates on imports for year 2021/2022. The collector of customs collects withholding tax under Section 148 of Income Tax Ordinance, 2001 at the time of consignment clearance.
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