The Federal Board of Revenue (FBR) has decided to allow banks to deposit withholding tax being deducted/collected up to July 19, 2015 on banking transactions of non-filers under Section 236p of the Income Tax Ordinance by July 31, 2015. The FBR has issued SRO 497(l)/2015 to propose amendments in the Income Tax Rules, 2002 to extend the date for depositing tax by banking companies under section 236P, up to 31st July, 2015.
According to the proposed amendment, provided that the tax collected by a banking company up to 19th July, 2015 in respect of advance tax on banking transactions under section 236p of the Ordinance may be deposited into the Government Treasury by 31st July, 2015.
Official sources said that a new law of tax deduction on banking instruments of non-filers has been introduced under section 236p of the Income Tax Ordinance. Therefore, the FBR has given relaxation in time period to the banks for deposit of the deducted tax by them in July 2015.
Following is the text of the notification issued here on Wednesday: SRO 497(l)/2015.- The following draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax ordinance, 2001 (XLIX of 2001), is hereby published for the information of all persons likely to be affected thereby as required by sub-section (3) of said section and notice is hereby given that the draft will be taken into consideration by the Federal Board of Revenue after seven days of its publication in the official Gazette. Any objection or suggestion, which may be received from any person in respect of the said draft before the expiry of the aforesaid period shall be considered by the Federal Board of Revenue.
Draft amendment
In the aforesaid Rules,-
(a) in rule 43, in sub-clause (b), for full stop at the end, a colon shall be substituted and thereafter the following new proviso shall be added, namely: "Provided that the tax collected by a banking company up to 19th July, 2015 in respect of advance tax on banking transactions under section 236p of the Ordinance may be deposited into the Government Treasury by 31st July, 2015."; and
(b) in rule 73, after sub-rule (7), the following new sub-rule shall be added, namely:-
"(8) The Board may direct that the provisions of any of the sub-rules of this rule shall not apply for a tax year.
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