09-20-2011, 10:38 PM
State bank deducts withholding tax on prize bonds because s.156 of Income Tax Ordinance, 2001 requires it do so. Further s.156(3) says that such tax is final tax. Hence this will appear on page 2 and is not adjustable.
Deduction on profit on fixed deposit & DSCs is not made u/s 156 but u/s 151, which is also final.
Deduction on profit on fixed deposit & DSCs is not made u/s 156 but u/s 151, which is also final.