KARACHI: In bid to curb bank transactions by the non-filer without submitting withholding tax, Federal Board of Revenue (FBR) has asked the banks to give information of transactions by the non-taxpayers (both individuals and corporate entities).
The FBR also sought details of aggregate amount (withdrawn or transferred) by the non-filers through their multiple accounts, opened on the same national identity cards or NTNs.
The information sought under Section 231A and 236P Income Tax Ordinance, 2001 through the Finance Act, 2016, which states: “The threshold of Rs50,000 will be aggregate withdrawal or transfers from all the bank accounts in a single day.”
It is pertinent to mention that the non-filers, having multiple accounts in different branches of a bank or having accounts in different banks, are making transactions below Rs50,000 to avoid deduction of the withholding tax.
