Minister of State for Revenue, Muhammad Hammad Azhar Wednesday said there has been no change in cash limits or tax rates on withdrawal from bank accounts and the Finance Second Supplementary Act 2019 has taken out only income tax return filers from the scope of relevant law.
According to a tweet of Azhar, there has been no change in cash limits or tax rates on withdrawal from bank accounts. Only change which has been made through the Finance Second Supplementary Act 2019 is taking out the tax filers from the scope of relevant law. Now these withholding provisions are applicable only to non-filers, he added.
Meanwhile, the FBR has also announced that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and on issuance of cash denominated bank instruments such as pay orders and demand drafts under section 231AA of Income Tax Ordinance 2001. The FBR spokesperson has strongly refuted such news appearing on some sections of media.
There has been no change in cash limits or tax rates in any of the two provisions of law. The only change which has been made through Finance 2nd Supplementary Act 2019 is taking out the tax filers from the scope of both these provisions. Now these withholding provisions are applicable only to non-filers, the spokesperson has further clarified. The spokesperson added that this huge concessionary step has been taken by the government to encourage commercial activity through banking channels which needs to be appreciated, the FBR added.
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