Rule (section) 231 a of income tax ordinance 2001
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Similaire à Rule (section) 231 a of income tax ordinance 2001
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Rule (section) 231 a of income tax ordinance 2001
- 1. WhatsApp 03214409009 Section 231A Explained by Your Tax Dost: Advocate Anthony
- 2. Disclaimer: This is Not Legal Advice Warning ! If You Are Reading This After June 30th, 2021 This Rule May have changed
- 3. Tax Dosti Explains Section 231A Tax on Cash Withdrawal from a Bank
- 4. • Chapter XII • Transitional Advance Tax Provisions • Section 231A • Cash withdrawal from a bank • Subsection 1 • Every banking company • Shall • Deduct tax • At the rate specified in Division VI of Part IV of the First Schedule, • If • The payment for cash withdrawal, • Or • The sum total of the payments for cash withdrawal • In a day, • Exceeds • Fifty (50) Thousand Rupees.
- 5. • Explanation (for 231A) • For removal of doubt, • It is clarified • That the said Fifty (50) thousand rupees • Shall • Be aggregate withdrawal • From all the Bank Accounts • In a single day
- 6. Rate of Tax on Cash withdrawal
- 7. • First Schedule • Part IV • Division VI • Cash withdrawal from a bank • The rate of tax • To be deducted • under section 231A • Shall be • 0.6% (that is less than 1%) • Of the cash amount withdrawn • For the person • Whose name • Is not appearing • In the Active Taxpayers List (ATL)
- 8. Let's Do Some Tax Accounting
- 9. Application of the Law How You are Taxed Because of Section 231A • Example (not part of the law) • If you being a non filer • Withdraw Rs.65,000/ • In a Single Day • From Your Bank Account • You instantly pay • 65,000*0.6% = Rs.390 as tax to the Federal Government of Pakistan
- 10. People Exempt from Tax under section 231A
- 11. Second Schedule Clause 116 of Part 4 • Section 231A • shall not apply • To the • Prime Minister' • COVID-19 Pandemic • Relief Fund 2020
- 12. Second Schedule Clause 61 of Part 4 • Section 231A • shall not apply • To cash withdrawal • Made by • Earthquake Victims • Against compensation • Received from GOP
- 13. WhatsApp: 03214409009 Advocate Anthony Williams Thank you for watching