The Federal Board of Revenue (FBR) has issued new income tax statement for deduction of tax at source under section 165 (2) of the Income Tax Ordinance 2001. The board on Wednesday amended Income Tax Rules 2002 through SRO 946 (I)/2007 to revise the monthly statement.
The monthly statement for deduction of tax includes particulars of the withholding agents/payers/collector. Part-I relates to the details of payment etc, where tax has been collected or deducted at source. The statement also includes details of payment where tax has been collected or deducted at source. The name, address and National Tax Number (NTN) of the person from whom tax deducted has to be specified on the statement.
Where NTN is not available, the computerised national identity card (CNIC) number or electricity/CNG consumer or telephone number or vehicle registration number has to be specified on the statement. Part-II specifies details of payment etc where no tax has been collected or deducted, owing to provision of law or having exemption certificate etc.
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