KARACHI: The Federal Board of Revenue (FBR) desires that the advance tax collected by banks on all transactions should be deposited into the government treasury by July 31, 2015.
According to a proposed amendment in the Income Tax Rules, 2002, the FBR provides that the tax collected by a banking company up to July 19, 2015 in respect of advance tax on banking transactions may be deposited into the government treasury by July 31, 2015.
Moreover, the FBR also seeks powers to exempt the requirement of furnishing of documents, service of documents, forms and notices in any tax year.