TAX GROWTH IN FIRST SIX MONTHSOctober 26, 2020
How to Register a Company in PakistanJanuary 4, 2021
ISLAMABAD- FBR (Federal Board of Revenue) has guided banks to collect advance income tax on non-cash bank transactions from those who are not appearing on the ATL (Active Taxpayer List). Hearing from the sources that financial institutions are required for the collection of advance tax at 0.6% on transactions of above Rs50K non-cash banking transactions.
A person is deprived to include a name on the Active Taxpayer List if the person has not filed tax returns by the due date stated by Income Tax authorities was introduced through Finance Act, 2018. For instance, to be a part of the ATL-Active Taxpayer List published on 1st March 2020, a person must have filed a tax return for the tax year 2019. Though a person’s name can be part of ATL, even if a Tax return has been filed after the due date stated by Income Tax authorities was introduced through Finance Act, 2019.
Moreover, extra charges would be paid by the person to get his name enrolled in the ATL. The advance Tax on non-cash bank transactions is only for those who are not appearing on the ATL, this had helped the FBR to obtain an all-time high number of returns of 3 million for the tax year 2019 by December 21, 2020.
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