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Income Tax Ordinance, 2001
CHAPTER-XII TRANSITIONAL ADVANCE TAX PROVISIONS
From: 2023-07-01 - To: 0000-00-00 1[***] ____________________________________________________________________ 1-Sections “231AA” omitted by Finance Act, 2021, dated 30-06-2021. Before omission read as: 1[231AA. Advance tax on transactions in bank.- (1) Every banking company shall deduct tax at the rate specified in Division VIA of Part IV of the First Schedule, if the payment for withdrawal is made through any mode of banking transactions including Demand Draft, Payment Order, Online Transfer, Telegraphic Transfer, CDR, STDR, RTC, or any other instrument of bearer nature or non receipt of cash on cancellation of any of these instruments 2[.] 2[***] (2) every banking company, non banking financial institution, exchange company or any authorized dealer of foreign exchange shall collect advance tax at the time of transfer of any sum against cash through online transfer, telegraphic transfer, mail transfer or any other mode of electronic transfer. 3[***] (3) The advance tax under this section shall be collected at the rate specified in Division VIA of part IV of the first schedule, where the sum total of payments for transactions mentioned in sub-section (1) or sub-section (2) as the case may be, exceeds twenty-five thousand rupees in a day.] 1-Section 231AA was inserted vide the Finance Act, 2010 (XVI of 2010) 2-Colon was Substituted with full stop and thereafter proviso was omitted vide Finance Act, 2015. At the time of omission proviso was as under:- “Provided that this sub-section shall not be applicable in case of inter-bank or intra-bank transfer and also where payment is made through a crossed cheque for purchase of a financial instrument as referred to in sub-section (1).” 3-Sub-section (4) was omitted vide Finance Act, 2015. At the time of omission sub-section (4) was as under:- “(4) Advance tax under this section shall not be collected in the case of transactions made by, (a) the Federal Government or a Provincial Government; (b) a foreign diplomat or a diplomatic mission in Pakistan; or (c) a person who produces a certificate from the Commissioner that his income during the tax year is exempt.” From: 2021-07-01 - To: 0000-00-00 1[***]…
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