Currently, advance tax
at the rate of 0.6% (reduced to 0.4% through SROs) has been imposed on all Non-Filers, including those in the vulnerable groups (like widows, pensioners, students, etc.) who are not liable to pay tax where their income falls below the taxable threshold.
3.18 lakh crore has been received as advance tax
up to December, 2017, reflecting a growth of 12.7 percent over the advance tax
payments of the corresponding period last year.
While the government is charging 37 percent taxes from consumers, all cellular operators have proposed five-point demands list by asking the government to reduce the advance tax
from 14 to 10 percent, reduce federal excise duty (FED) and bring it on a par with other sectors, abolition of FED/GST on data services, elimination of taxes on imported mobile sets and doing away with SIM issuance tax in the upcoming budget 2017-18.
BANKS and financial institutions, including LIC and ICICI Bank, posted a healthy rise in advance tax
payments for the last quarter, Income Tax Department officials said on Friday.
receipts for the April-June quarter rose 19 per cent compared with 33 per cent growth in the same period last year, indicating a sharp impact on corporate bottom lines.
Small investors of the stock market have been exempted from quarterly payment of adjustable advance tax
on capital gains from sale of securities.
ISLAMABAD -- Khyber Pakhtunkhwa's growers are divided over the imposition of Rs300 per kg advance tax
on green tobacco as one of the groups representing the growers has claimed that the additional tax will increase farmer's burden whereas the other pointed out that the tax has not been imposed on the growers.
ISLAMABAD -- Following the immense pressure from various quarters, the Federal Board of Revenue (FBR) is likely to abolish advance tax
on tobacco in the budget (2019-20) through Finance Bill 2019, sources said on Sunday.
He remarked that advance tax
was income tax according to the definition and how could a consumer pay tax who did not fall in the category of taxpayers.
In a statement issued on Thursday, FBR has termed the news report as misconceived and misguiding as the collection of Advance Tax
depicts real time quarterly collection and the regime of Advance Tax
collection is available in all developed countries' tax systems.
On Monday, the investors' sentiment was buoyant on news on minibudget being focused on ease of doing business as well as government intention to abolish advance tax
of 0.2 percent on brokers.
The senior lawyer said everything had been done by the FBR for not paying 'advance tax
' of more than Rs10 million, adding the revenue authority took the step with the consent of top brass of the government.