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Withholding tax on bank transactions waived off for filers

Taxpayers received relief from the low budget announced on Tuesday. Finance Minister Asad Umar said that currently the capital gains tax is being deducted from withdrawals when the combined cash withdrawals on all personal bank accounts exceed Rs50,000 per day.

The minister said the tax rate to be deducted was 0.3 percent of the workers’ compensation and 0.6 percent of the deductions. “It is suggested that the income tax deduction is deleted. To facilitate overseas Pakistanis and to encourage foreign payments through bank channels, it is proposed to withhold tax deductions from PKR accounts, funded exclusively in foreign countries,” he said. Files are tax deductible We want to see them. There is a cumulative income tax when purchasing certain instruments in banks compared to cash if a bank instrument including demand, payment order, etc., or online transfers, etc., is made in cash.

Read more:
How to become Filer
How to pay income tax
What is withholding tax 

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