Rules for income tax changes for the upcoming fiscal year have been released by the Federal Board of Revenue (FBR).
The FBR document states that the tax deduction for non-filers taking out bank withdrawals has been raised, and that individuals who are not on the list of active taxpayers would be subject to additional taxes.
The Senate Standing Committee on Finance has suggested imposing 0.8 percent tax on cash withdrawals of Rs 75,000 rather than Rs 50,000, which was the previous rate of 0.6 percent tax on withdrawals above Rs 50,000 per day.
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The document states that all banks will be able to deduct advance adjustable tax from non-filers, that the advance tax rate has been adjusted for the purchase, sale, or transfer of real estate, and that the withholding tax has been lowered by 1.5% to provide relief to the property buyer.
The tax has been raised by 1.5% on each slab for the property’s seller or transferee. This increase is intended to compensate the seller for any capital gains from the sale of the property.
In addition, if a person has owned a property for 15 years, the 236 C withholding tax will not be applicable to him, and income tax returns must include proof of 15 years of ownership; withholding tax will not be charged if the owner has maintained his home for 15 years.