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+--- Thread: With holding tax on cash deposit (/thread-with-holding-tax-on-cash-deposit)
With holding tax on cash deposit - akbarkhan2 - 10-06-2010
Dear all,
Banks duduct 0.3% tax on cash withdrawal above Rs. 25000/-, Whether this rule is also applied on Cash Deposit.
Kindly let me if there is any ruling of State Bank or FBR.
Thanks and Regards.
Akbar
- olympia - 10-06-2010
no this rule is not applicable on cash deposit.
- nomanejaz2009 - 10-06-2010
nahi bhai kis ne kaha yeh tm se, aisa kara b mt dena.
- faisal_desperado - 10-06-2010
Dear Akbar,
Advance tax on the aforementioned case will be withheld, only against online cash transfer; however the said rule shall not be applicable if the amount is deposited into the same branch where account exists.
Furthermore, some people are still unaware of the said fact, please check Section 231AA, added by finance act 2010.
Best Regards,
Faisal.
- akbarkhan2 - 10-06-2010
Dear All Thank you very much
- awaisaftab - 10-07-2010
Under Section 231-AA of Income Tax Ordiance tax shall be deducted on Pay Orders, Demand Drafts,Online Transfer and other similar instruments. This section is inserted by Federal Governemt through Finance Act 2010. Please keep in mind the federal excise duty has been applicable to many banking services since many years.
Regards,
Awais Aftab
- Farhan2009 - 10-22-2010
Dear All,
Please note that Advance tax under Section 231AA of the Income Tax Ordinance 2001, is not deductible against deposit of cash into a bank account whether ⢠Cash deposited by a customer or any other person in his own account or in the account of another person OR â¢Cash deposited by a customer or any other person in one branch for credit to an account in another branch of the same bank (in the same city or another city.
This clarification has been issued by FBR on our specific request. All big five banks are not deducting this advance tax.
if you need any further clarification , pelase let me know.
Regards,
Farhan Zafar
- faisal_desperado - 10-26-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Farhan2009</i>
<br />Dear All,
Please note that Advance tax under Section 231AA of the Income Tax Ordinance 2001, is not deductible against deposit of cash into a bank account whether ⢠Cash deposited by a customer or any other person in his own account or in the account of another person OR â¢Cash deposited by a customer or any other person in one branch for credit to an account in another branch of the same bank (in the same city or another city.
This clarification has been issued by FBR on our specific request. All big five banks are not deducting this advance tax.
if you need any further clarification , pelase let me know.
Regards,
Farhan Zafar
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear,
The said tax was being deducted after the promulgation of said notification, however, this was ceased to be deducted on FBR's instructions subsequently, but the fact is yet to be updated by some of the banks.
My earlier response was specifically to the members who altogether denied the existence of said taxation.
To the original query, i would further clarify that the tax deducted, before the clarification of FBR to cease the deduction, will be adjustable.
Best Regards,
Faisal.
- ahsan.shahzad - 06-08-2011
Dear Farhan
Can you share that FBR's clarification with us?
Regards
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Farhan2009</i>
<br />Dear All,
Please note that Advance tax under Section 231AA of the Income Tax Ordinance 2001, is not deductible against deposit of cash into a bank account whether ⢠Cash deposited by a customer or any other person in his own account or in the account of another person OR â¢Cash deposited by a customer or any other person in one branch for credit to an account in another branch of the same bank (in the same city or another city.
This clarification has been issued by FBR on our specific request. All big five banks are not deducting this advance tax.
if you need any further clarification , pelase let me know.
Regards,
Farhan Zafar
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">