04-14-2011, 08:35 PM
http//www.fbr.gov.pk/dotnet/customs/admin/sroFiles/Direct%20Tax/2011/2011sro288.pdf
Dear you can follow the above link for the complete information.
To explain it (totally in my point of view ), 2nd schedule is about exemptions Part iv for 2nd schedule is general exemption from specific provision. Its mean if there is any prescribed person mentioned in section 153 of income tax ordinance2001, it will not deduct tax @ 3.5/6 % for these 5 categories. Instead tax to deducted @ 1 % before payment to these 5 person categories.
Also provisions of Section 111 do not apply i.e."if person offers no explanation in this respect".
This SRO i think is provided to promote more & more zero rated goods in tax net.
Dear you can follow the above link for the complete information.
To explain it (totally in my point of view ), 2nd schedule is about exemptions Part iv for 2nd schedule is general exemption from specific provision. Its mean if there is any prescribed person mentioned in section 153 of income tax ordinance2001, it will not deduct tax @ 3.5/6 % for these 5 categories. Instead tax to deducted @ 1 % before payment to these 5 person categories.
Also provisions of Section 111 do not apply i.e."if person offers no explanation in this respect".
This SRO i think is provided to promote more & more zero rated goods in tax net.
