Withholding tax on cross cheques

[Samlee]

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

That 0.6% Was Imposed By Ishaq Dar.Do Some Research Before Taking Cheap Shots

 

[Code_Geass]

This was the idea by dar sb to get more people to file return, early on some people i. e brokers lamented this but got use to it Because it was so nominal now this govt is also trying to get more people to file so people will initially react but will get use to it

That 0.6% Was Imposed By Ishaq Dar.Do Some Research Before Taking Cheap Shots

 

[AZ1]

That 0.6% Was Imposed By Ishaq Dar.Do Some Research Before Taking Cheap Shots

He worried about economy so much that he don't pay the taxes himself.

 

[The Accountant]

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

Not all but for non filers only

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

Can you please cut the crap and stop useless trolling. This penalty is on non.filers

Thanks we have a financial penalty ... in west you can end up in jail for such offences

 

[BATMAN]

He worried about economy so much that he don't pay the taxes himself.

You are a liar.

I was always a salaried person in Pakistan, my taxes are automatically deducted from salary, along side pension fund.

My taxes were higher than those of Imran Khan.

 

[Skyliner]

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 exceed 50k limit, whole amount is being taxed.

 

[The Accountant]

You are a liar.

I was always a salaried person in Pakistan, my taxes are automatically deducted from salary, along side pension fund.

My taxes were higher than those of Imran Khan.

Then why you have issues demanding tax from non payers ?

 

[BATMAN]

Then why you have issues demanding tax from non payers ?

There are overseas Pakistanis, who already pay taxes on their earnings abroad, according to local regulations.
Imran Khan's pinky mafia have no right to deduct tax on the remittance which expats. send to their mothers, wives and children.
Imran Khan better control open money laundering going on at Taftan border!

 

[The Accountant]

Not all but for non filers only


Can you please cut the crap and stop useless trolling. This penalty is on non.filers

Thanks we have a financial penalty ... in west you can end up in jail for such offences

There are overseas Pakistanis, who already pay taxes on their earnings abroad, according to local regulations.
Imran Khan's pinky mafia have no right to deduct tax on the remittance which expats. send to their mothers, wives and children.
Imran Khan better control open money laundering going on at Taftan border!

First of all this law was not introduced by IK but your beloved Ishaq Dar. Although following changes were brought by Imran Khan in this scheme:

1. No deduction for filler since PTI came into powr. So if you have such transactions then file your annual return which will cost negligible.
2. This provision was being used for tax collection only. PTI made it mandatory for submission of this info to FBR so that they can reconcile cash withdrawal with declared income and actually this provision for tax avoiders.

Money laundering is the biggest issue and he has taken multiple actions against them.

But is it the issue created just now ? Or was this being run ooenly from decades? I never see your posts on this during previous regimes.

 

[BATMAN]

Money laundering is the biggest issue and he has taken multiple actions against them.

Just stand at the border of Taftan and count $ /Iranian currency hand carried by people and than ask them about the source and than keep record of it. Any objections?

I have recently quoted example of out come of Imran Khan's measures... i have a friend who use to remitted forex to his mother inlaw, so that she could pay fees and expenses of my friend's daughter, same women happens to have receive remittances from her own sons abroad.
The moment Shabbar Zaidi took over, she start to receive phone calls and subjected to deductions on transactions +++ matters were resolved how they usually got resolved in Pak. Now my friend stop sending money to her account in legal way but send it through hundi, which is basically promoting money laundering.
Tell us why is that Imran Khan's measures are actually promoting money laundering? Is Shabbar Zaidi so baby that he's not aware of hundi business ?

 

[The Accountant]

Just stand at the border of Taftan and count $ /Iranian currency hand carried by people and than ask them about the source and than keep record of it. Any objections?

I have recently quoted example of out come of Imran Khan's measures... i have a friend who use to remitted forex to his mother inlaw, so that she could pay fees and expenses of my friend's daughter, same women happens to have receive remittances from her own sons abroad.
The moment Shabbar Zaidi took over, she start to receive phone calls and subjected to deductions on transactions +++ matters were resolved how they usually got resolved in Pak. Now my friend stop sending money to her account in legal way but send it through hundi, which is basically promoting money laundering.
Tell us why is that Imran Khan's measures are actually promoting money laundering? Is Shabbar Zaidi so baby that he's not aware of hundi business ?

Are you such a baby that you know how this is being done ? Dont you know that this is being done with the full permission of government officers with their own cutt hired by a process full of corruption under complete support of PMLN and PPP since 80s (last 4 decades) ...

Ok tell me how would have you done it given that all the officers posted on these borders including rangers are part of this and no honest officer wants to go there as he know the moment he starts resisting he will be killed along with his family ...

Are you such naive that you dont know these harsh realities ?

The only way Imran Khan day is to do step by step. He can focus on one battle at a time.

With 95% politicians and 95% government officers being corrupt he cant launch offensive against all of them at once. He has to pick fight one by one.

He started with Nawaz Sharief than included Zardari... he brought few technocrats in governement but they are facing full on resistance...

Remember Shabbar Zaidi announced transfer postings of all FBR officers but he had to back down as the officers denied to work for him ...

Accountibility of government offixers is also overdue but how he can do this when the person responsible for accountibility FIA, NAB and judiciary all are corrupt by themselves ...

He is fighting our fight for our good with resistance from all the benficary of this corrupt system and rather than helping and appreciating we are questioning him ...

Most of thise questioning these things are the beneficiary of this corrupt system ... are you one of them ? Atleast be honest to yourself ...

 

[Bouncer]

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?

WHT is applied on total amount i.e. 300k in your case. Also please note that you can reduce your income tax liability or claim back this amount from FBR when you file your returns. Go to your bank and get a tax certificate.

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.

It is very simple. There are a few things you need to know; 1) income earned from outside Pakistan is not taxable in Pakistan, but you still have to declare it in your return. 2) if you are a salaried person in Pakistan, FBR has a new and very simple form for you. It is pretty much self explanatory.

Any decent tax consultant will charge somewhere between 5k and 10k to complete this for you. If you want to do it yourself and need any help please feel free to drop me a message here and I'll do it for you.

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

Please post a source of your claim that bankers charge extra fees in the name of taxes.

 

[TechMan]

2) if you are a salaried person in Pakistan, FBR has a new and very simple form for you. It is pretty much self explanatory.

Is this form online? Can you send me its link?

 

[fatman17]

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?

all transactions

 

[AZADPAKISTAN2009]

Tax choori and not filing is now not hidable

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.

Well world wide , people go to accountant to do their yearly taxes if they find tax process hard to understand

Thank you for helping your country become stronger by paying taxes