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FBR issues new instructions to banks regarding cash withdrawal

FBR issues new instructions to banks regarding cash withdrawal

ISLAMABAD: Federal Board of Revenue (FBR) issued new instructions to banks regarding providing details of cash withdrawal by filers and non-filers.

The FBR issued SRO 469(I)/2019 dated April 17, 2019 to amend SRO 1165(I)/2018 dated September 28, 2018. The amendment has been made regarding amount deducted on cash withdrawal from banks by filers and non-filers during a month.

Through SRO 1165(I)/2018, the FBR changed the reporting criteria for banks under Income Tax Rules, 2001. Under the revised reporting criteria banks have been required to provide information of persons who have withdrawn cash exceeding Rs50,000 in a day and tax deductions thereon for filers and non-filers, aggregating to Rs 1 million or more during a month.

The banks are required to provide information of cash withdrawal including name of person, CNIC, address, amount withdrawn during a month.

However, through the latest SRO the FBR added a column of amount of tax deducted to the table of information.