Time of payment made under tax law

Time of payment made under tax law

Section 158 of Income Tax Ordinance, 2001 tells about the time of payment under tax law.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 158 of Income Tax Ordinance, 2001:

158.Time of deduction of tax.— A person required to deduct tax from an amount paid by the person shall deduct tax —

(a) in the case of deduction under section 151, at the time the amount is paid or credited to the account of recipient 4, whichever is earlier; and

(b) in other cases, at the time the amount is actually paid 5; and

“(c) amount actually paid shall have the meaning as may be prescribed.”;

(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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