First Glance Consultants

First Glance Consultants Tax, Corporate & Finance Professionals
Filing Income Tax, Sales Tax Returns
NTN, STN

03/08/2023

Over Rs 50,000 cash withdrawals by non-filers, in a single day, through credit cards/ATMs would also be subjected to 0.6 percent withholding tax.

Through the Income Tax Circular 2 of 2023, the Federal Board of Revenue (FBR) has explained important amendments made in the Income Tax Ordinance, 2001 (the Ordinance) through Finance Act 2023.

The Finance Act 2023 has reintroduced tax collection on cash withdrawals from Non-ATL persons by banks. A new section 231AB has been introduced, requiring every banking company to deduct advance adjustable tax @ 0.6 percent from a person whose name is not appearing in Active Taxpayer List, at the time of making payment for sum total of cash withdrawal (aggregate cash withdrawal) in a single day exceeding Rs.50,000. Cash withdrawals made on credit cards or from ATMs shall also be covered by this provision, the FBR clarified.

01/08/2023

All citizens of Pakistan have to go through the process of section 7E of the Income Tax Ordinance whether filer or non-filer of income tax returns. Those filers who are exempted from section 7E would also be required to go to the concerned commissioner to obtain proof of exemption.

According to the FBR, the withholding tax rates on the sale and purchase of immovable properties have been increased fro...
01/08/2023

According to the FBR, the withholding tax rates on the sale and purchase of immovable properties have been increased from the previous 2% to 3% under sections 236C and 236K of the Income Tax Ordinance, 2001, respectively.

Under the new rates, any individual or entity responsible for registering, recording, or attesting the transfer of any immovable property at the time of registration, recording, or attestation will now be required to collect a 3% tax on the gross amount of the consideration received. This applies to transactions where the seller is on the Active Taxpayers List (ATL). However, for transactions where the seller is not on the ATL, the withholding tax rate has been increased to 6% under section 236C.

01/08/2023

The Federal Board of Revenue (FBR) has recently put into effect new tax rates on the sales and purchase of immovable properties across the country.

This move comes as part of the amendments made to the Income Tax Ordinance, 2001, under the Finance Act, 2023, and the revised rates have been applicable since July 1, 2023.

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Office 38-A, Alam Sher Center, Nishtar Road
Multan
60000

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