Income Tax Ordinance, 2001

CHAPTER-XII

TRANSITIONAL ADVANCE TAX PROVISIONS

From: 2023-07-01 - To: 0000-00-00 1[***] ________________________________________________________________________ 1-Section “236P” omitted by Finance Act, 2021, dated 30-06-2021. Before omission read as: “236P. Advance tax on banking transactions otherwise than through cash.- (1) Every banking company shall collect advance adjustable tax from a 1[person whose name is not appearing in the active taxpayers’ list] at the time of sale of any instrument, including demand draft, pay order, special deposit receipt, cash deposit receipt, short term deposit receipt, call deposit receipt, rupee traveller’s cheque or any other instrument of such nature. (2) Every banking company shall collect advance adjustable tax from a 2[person whose name is not appearing in the active taxpayers’ list] at the time of transfer of any sum through cheque or clearing, interbank or intra bank transfers through cheques, online transfer, telegraphic transfer, mail transfer, direct debit, payments through internet, payments through mobile phones, account to account funds transfer, third party account to account funds transfers, real time account to account funds transfer, real time third party account to account fund transfer, automated teller machine (ATM) transfers, or any other mode of electronic or paper based funds transfer. (3) The advance tax under this section shall be collected at the rate specified in Division XXI of Part IV of the First Schedule, where the sum total of payments for all transactions mentioned in sub-section (1) or sub-section (2), as the case may be, exceed fifty thousand rupees in a day. 3[Explanation.-For removal of doubt, it is clarified that the said fifty thousand rupees shall be aggregate transfers from all the bank accounts in a single day.] (4) Advance tax under this section shall not be collected in the case of 4[***] payments made for Federal, Provincial or local Government taxes.” 1-Substituted for the word “non-filer” vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019 2-Substituted for the word “non-filer” vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019 3-Added vide the Finance Act, 2016 (XXIX of 2016) 4-The words ‘Pakistan Real…