PESHAWAR: The Revenue Division of the Federal Board of Revenue (FBR) has notified through SRO 255 (1) 2017 to exercise the powers conferred by sub-section (1) of the Section 237 of the Income Tax Ordinance-2001 (XLIX of 2001) the previous day.
The FBR is pleased to direct further that more amendments shall be made in the Income Tax Rules-2002 as the same has been previously published vide a notification no S.R.O.206(1)/2017 as required by the sub-section (3) of the said section.
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In the said S.R.O it was said that the remittance subjected to be paid to federal government or provincial shall be done with authorized bank within the time period of seven days.
In the aforesaid rules in rules 43 for clause (b), following shall be substituted namely where the tax has been collected or deducted by a person other than the Federal Government or Provincial Government would be deposited into the Government Treasury or authorized branch of the State Bank of Pakistan or National Bank of Pakistan within seven days from the end of each week ending on every Sunday.
The S.R.O was notified that remittance abroad to a non-resident through State Bank or any other banking company, prior to remitting abroad of the amount from which tax, is to be deducted or collected.
