No Change in Rates for Tax on Cash Withdrawal – Research Snipers

No Change in Rates for Tax on Cash Withdrawal

tax on cash withdrawal

The federal government has neither limited tax on cash withdrawal from the bank accounts nor it has revised the rates under section 231A. it also has not taken any action or amendment on the issuance of cash denominated bank instruments, like pay orders and demand drafts, under section 231AA of the Income Tax Ordinance 2001.

The FBR spokesperson strongly denied the news which is coming on some sections of media and said that there have been no changes in the cash limits or tax rates in any of the 2 provisions of law.

He informed that the only change which has been made via the Finance (2nd Supplementary) Act 2019 is on taking out the tax filers from the scope of both of these provisions. He added that these withholding provisions are applied only on the non-filers.

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The spokesperson said that this big concessionary measure has been taken by the government for boosting commercial activity via banking channels.

In a recent development the government of Sindh has apporved the new summer uniforms for the Sindh Police.

Sindh Police took the decision of introducing the new uniforms for providing both comfort to the police officials and for imporving their image amongst general public.

The new uniform has been designed keeping in mind the international standards and the weather conditions.

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