The Federal Board of Revenue (FBR) has allowed banks to deposit withholding tax being deducted/collected up to July 19, 2015 on banking transactions of non-filers by July 31, 2015 under Section 236p of the Income Tax Ordinance. The FBR has issued SRO 498(I)/2015 to amend Income Tax Rules, 2002 to extend the date for depositing tax by banking companies under section 236P, up to July 31, 2015.
According to the amendment, provided that the tax collected by a banking company up to July 19, 2015 in respect of advance tax on banking transactions under section 236p of the Ordinance may be deposited into the government treasury by July 31, 2015. Following is the text of the S.R.O.498(1)12015 issued here on Tuesday.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same havin9 been previously published vide Notification No SRO 497(1)/2015, dated the 15th July, 2015, as required by subsection (3) of the said section, namely:
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.", it added.
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