Withholding tax on cross cheques

[TechMan]

Guys is there withholding tax on cross cheques? I gave someone cross cheque of Rs. 300000 and bank deducted Rs. 1800 as WHT.
I thought it is only for cash transactiona i.e. if I use cash cheque or take amount from ATM!?

Secondly isnt the tax is only applicable on transactions above Rs.50000? So tax should have been 250000 × 0.6 / 100 = Rs. 1500 correct?

 

[BATMAN]

Guys is there withholding tax on cross cheques? I gave someone cross cheque of Rs. 300000 and bank deducted Rs. 1800 as WHT.
I thought it is only for cash transactiona i.e. if I use cash cheque or take amount from ATM!?

Secondly isnt the tax is only applicable on transactions above Rs.50000? So tax should have been 250000 × 0.6 / 100 = Rs. 1500 correct?

You should know this money is required to pay salaries and expenses of pinky mafia.

 

[Yaseen1]

Bankers are involved in corruption and charge extra fees in the name of taxes

 

[jay89]

Guys is there withholding tax on cross cheques? I gave someone cross cheque of Rs. 300000 and bank deducted Rs. 1800 as WHT.
I thought it is only for cash transactiona i.e. if I use cash cheque or take amount from ATM!?

Secondly isnt the tax is only applicable on transactions above Rs.50000? So tax should have been 250000 × 0.6 / 100 = Rs. 1500 correct?

If you are not a filer then there is a WHTAX on Cash and cross Cheques above 50k.

The whole system is linked with your NIC#. If some tries to be smart for eg opening 10 different accounts in 10 different banks and issues cheques to 10 different people amounting Rs10k each still he will be charged whtax on the remaining 50k which will be 300rs.

Whtax on banking transactuon for non filers is 0.6% above 50k daily. For filers its zero.

 

[Code_Geass]

Guys is there withholding tax on cross cheques? I gave someone cross cheque of Rs. 300000 and bank deducted Rs. 1800 as WHT.
I thought it is only for cash transactiona i.e. if I use cash cheque or take amount from ATM!?

Secondly isnt the tax is only applicable on transactions above Rs.50000? So tax should have been 250000 × 0.6 / 100 = Rs. 1500 correct?

I think if over 50 k all amount is subject ro tax so 300000*.06%

 

[TechMan]

Just confirmed from two banks that yes there is 0.6% tax on all transactions for non filers above Rs. 50000. And the tax rate is applicable on total amount and not just amount which is over Rs.50000.

I want to become tax filer and watched a few tutorials on YouTube but the process is very complicated. Plus I spend most of time abroad. I remember I got NTN some 16, 17 years ago but no idea where it is now. I think that old NTN system has been abolished and now your CNIC is NTN.

 

[Sine Nomine]

Simple don't use banking channels.

Just confirmed from two banks that yes there is 0.6% tax on all transactions for non filers above Rs. 50000. And the tax rate is applicable on total amount and not just amount which is over Rs.50000.

I want to become tax filer and watched a few tutorials on YouTube but the process is very complicated. Plus I spend most of time abroad. I remember I got NTN some 16, 17 years ago but no idea where it is now. I think that old NTN system has been abolished and now your CNIC is NTN.

Go to a lawyer or agent who is sitting for this purpose,give him hefty sum of money and be a filer.

 

[Code_Geass]

No i dont think new ntn is issued and people are charging 3000 rs to file returns no that difficult if you dont have multiple sources of income..

Just confirmed from two banks that yes there is 0.6% tax on all transactions for non filers above Rs. 50000. And the tax rate is applicable on total amount and not just amount which is over Rs.50000.

I want to become tax filer and watched a few tutorials on YouTube but the process is very complicated. Plus I spend most of time abroad. I remember I got NTN some 16, 17 years ago but no idea where it is now. I think that old NTN system has been abolished and now your CNIC is NTN.

 

[Syed1.]

Just confirmed from two banks that yes there is 0.6% tax on all transactions for non filers above Rs. 50000. And the tax rate is applicable on total amount and not just amount which is over Rs.50000.

I want to become tax filer and watched a few tutorials on YouTube but the process is very complicated. Plus I spend most of time abroad. I remember I got NTN some 16, 17 years ago but no idea where it is now. I think that old NTN system has been abolished and now your CNIC is NTN.

Its all online... and not that hard, give it a try. If you cannot do it then hire an agent they will do it for you for a small fees.

 

[ps3linux]

Just confirmed from two banks that yes there is 0.6% tax on all transactions for non filers above Rs. 50000. And the tax rate is applicable on total amount and not just amount which is over Rs.50000.

I want to become tax filer and watched a few tutorials on YouTube but the process is very complicated. Plus I spend most of time abroad. I remember I got NTN some 16, 17 years ago but no idea where it is now. I think that old NTN system has been abolished and now your CNIC is NTN.

Go to this link

https://e.fbr.gov.pk/esbn/Service.aspx?PID=kBBc4O/LzjdDrE0rM5m5Fg==

select CNIC as parameter, if the system is not offline you will get your NTN number provided if you registered for it, give something like 3-6 k to any tax adviser and he will file return on your behalf once the return is filed/accepted you will be included in active tax filers list hence no more WHT on banking transactions. BTW you will have to give proof of VISA/Work permit if you were abroad, they are not the friendliest of the lot but they are not totally jerks as well.

I got my things done in a day, showed them my passport, work permit and RTO gave me exemption for the years I was working abroad.

 

[AZ1]

This is a huge deduction they are discouraging people now to use banking channels for transactions, pathetic policies.

Become filer and pay tax zero how about that?

People dont want to pay tax in any form and then complain. Become filer and pay zero as there is no tax on filer for transactions

 

[AZ1]

That is not going to happen unless they give us a proper system where we know that the Tax we pay is not going into the well of corruption.

Haha tax evaders can only cry and make excuse to not pay tax and complain. Because of ppl like tax evader we are in bad shape. They can do gun firing on wedding and smoke money but cant pay tax because of lame excuse

 

[Code_Geass]

What kind of excuse is this

That is not going to happen unless they give us a proper system where we know that the Tax we pay is not going into the well of corruption.

 

[AZ1]

What kind of excuse is this

Its same excuse for every tax evaders amd keep cry

 

[Syed1.]

What kind of excuse is this

This the excuse why Pakistan is the way it is today.... we have had our share of corrupt, incompetent rulers but the real reason we are a poor, underdeveloped country is because of the awaam majority of them think like the poster you quoted.