ISLAMABAD: Federal Board of Revenue (FBR) has granted reduced rate of income tax on profit derived against investments made in Shuhada Family Welfare Account.
The FBR issued SRO 1280(I)/2017 on Tuesday to make amendment in Second Schedule of Income Tax Ordinance, 2001 in pursuance to decision taken by the Economic Coordination Committee of the Cabinet in its meeting held on November 01, 2017.
The SRO amended clause 6, Part III of the Schedule under which the yield or profit on investment in Shuhada Family Welfare Account shall not exceed 10 percent of such profit.
Another amendment made to clause 36A, Part IV of the schedule to allow exemption from deduction of withholding tax under Section 151 of the Ordinance.
