Wed. May 29th, 2024
Increase Tax rate on Withdrawals More Then 50,000 form ATM

The federal government has increased the tax rate on non-filers withdrawing more than 50,000.

Finance Minister Ishaq Dar presented the budget for the financial year 2023-24 in the National Assembly after the approval of the Federal Cabinet.

In the budget of the next financial year 2023-24, the tax rate has been increased on non-filers withdrawing more than 50 thousand.

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According to the budget document, taxing bank withdrawals is an important tool to document the economy.

The budget document said that a tax of 0.6% is being levied on withdrawals of more than Rs 50,000 to document bank withdrawals by non-filers and increase their transaction costs.

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For the first time, the holding tax on cash withdrawals was introduced under the Financing Act 2005 and was targeted to tax 25,000 or more at a zero-indexed head rate of five percent.

However, the subsequent amendment increased the limit to Rs 50 thousand. Now the income tax run tax rate is zero-indexed to three percent, and for non-filers, it has been increased to zero and six percent. done

But the non-final is still required to pay a 0.6% indexation on daily cash withdrawals of more than 50 thousand rupees. was given. PRMC believed that revising the text would not only generate tax revenue but also help bring more people into the tax net.

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