The withholding tax agents have to submit the details of 'exemption certificate' for not charging the levy. In the new monthly statement, a separate column has been added to give reasons for 'non-collection or non-deduction' of withholding tax.
The agent has to refer to the relevant provision of law or give the issue date and number of exemption certificate. The Board on Friday notified monthly return for collection or deduction of withholding tax amending the Income Tax Rules 2002 through SRO 790(I)/2006 after obtaining comments from all stakeholders.
Even if exemption certificate is produced the WHT agent has to specify the name, address and National Tax Number (NTN) of the person. Where NTN is not available, the CNIC or electricity bill details, telephone or vehicle registration number has to be given.
The Board has asked the agents to file new monthly statement for deduction of withholding tax.
The statement for collection of withholding tax under section 165 of the Income Tax Ordinance 2001 carried details of transactions including particulars of the withholding tax agents.
The information required on the new form includes name, address and National Tax Number (NTN) of the person from whom tax was collected, or deducted; nature of payment; section under which tax was collected or deducted; value/amount on which tax collectible or deductible during the year; amount of tax collected or deducted during the month; rate of tax collected or deducted (percentage); amount of tax deposited and date of deposit.
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