KARACHI: Federal Board of Revenue (FBR) amended Income Tax Rules, 2002 through SRO 1165(I)/2018 and notified new format for obtaining details of cash withdrawal.
The banks are now required to provide details of cash withdrawal separately along with statement of deposits and other statutory requirement for monthly withholding statements. As per amendment the banks will provide details of person making cash withdrawals, included: name, CNIC, most recent particulars including address, amount withdrawn during the month etc.
The banks would provide information of persons who have withdrawn cash exceeding Rs50,000 in a day and tax deductions thereon for filers and non-filers, aggregating to Rs1.0 million or more during a month.
The rate of withholding tax for filers on cash withdrawal above Rs50,000 in a day is 0.3 percent and in case of non-filers the rate is 0.6 percent.