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FBR seeks details of cash withdrawals exceeding Rs50,000

FBR seeks details of cash withdrawals exceeding Rs50,000

ISLAMABAD: Federal Board of Revenue (FBR) directed banking companies to provide particulars of cash withdrawals exceeding Rs50,000 in a day and tax deductions there upon from filers and non-filers where cash withdrawals aggregate to one million rupees or more during each preceding calendar month, it is learnt here.

According to official sources, prior to the Finance Act, 2018, banking companies were required to provide FBR a list containing particulars of deposits aggregating Rs1 million or more during the preceding calendar month. By virtue of amendments made in Section 165-A of the Income Tax Ordinance, 2001 through the Finance Act, 2018 banks are now required to furnish particulars of deposits aggregating Rs10 million or more during the preceding calendar month.

Before the Finance Act, 2018 banks were required to provide a list of payments made by any person against bills raised in respect of credit card issued to such person, aggregating to Rs100,000 or more during the preceding calendar month.

Sources further added that consequent to the Finance Act, 201 8 banks are required to provide list of persons where payments against bills raised in respect of credit card(s) issued to such person(s) in the preceding calendar month aggregate to Rs200,000 or more.