The Federal Board of Revenue (FBR) has made it mandatory for the withholding agents to file 'monthly withholding statement' instead of quarterly statement. The FBR through its income tax circular 7 of 2011 issued here on Tuesday has explained the filing of statement by the withholding agent under section 165 of the Income Tax Ordinance 2001.
The following amendments have been made in respect of withholding statement required to be filed by each withholding agent under this section. The existing requirement of "quarterly" filing of withholding statement has been changed to 'monthly statement' which is required to be furnished or e-filed by the 15th day of the month following the month to which the withholding tax pertains. Along with the existing requirements of the particulars of the taxpayer whose tax is withheld, recording of information regarding CNIC Number and NTN of the taxpayer in the withholding tax statement has also been made mandatory.
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