CIRCULAR NO. 01 OF 2012, Islamabad, the June 30, 2012

CLARIFICATION REGARDING SECTION 153A OF THE INCOME TAX ORDINANCE, 2001 INSERTED THROUGH FINANCE ACT, 2012. GOVERNMENT OF PAKISTAN REVENUE DIVISION FEDERAL BOARD OF REVENUE ***** C.No.4(54)ITP/2012 Islamabad, the June 30, 2012. CIRCULAR NO. 01 OF 2012 (INCOME TAX) Subject: CLARIFICATION REGARDING SECTION 153A OF THE INCOME TAX ORDINANCE, 2001 INSERTED THROUGH FINANCE ACT, 2012. CIRCULAR NO. 01 OF 2012, Islamabad, the June 30, 2012:- The Finance Act, 2012 has inserted a new Section 153A of the Income Tax Ordinance, 2001 whereby every manufacturer has to collect withholding tax @ 0.5% at the time of sale, of the gross sales to all distributors, dealers and wholesalers. It is clarified that this adjustable…