Services
Income Witholding Statements Filing
Documents Required
Withholding Statement
As per the Income Tax Ordinance, applicable in Pakistan Every prescribed person shall furnish a statement (at the end of each quarter) to the commissioner in a prescribed form and the prescribed manner
Eligibility
Following persons are liable to file the withholding statement before commissioner on or before the due date:
- Non-profit Organization
- Payer of making payment under Section 155. (Income of Property).
- Employers deducting tax from employees’ salaries under Section 149.
- Payers of profit on debt (interest income) under Section 151.
- Payer of making payments for goods, services, or contracts under Section 153.
- Payer of making payment for petroleum products under Section 156A.
- Collectors of tax under Section 236C (property sale).
- Collectors of tax under Section 236D (functions and gatherings).
- Collector of tax under Section 152.
Consequences
As per the Income Tax Ordinance, 2001 the penalty for non-filing of the withholding tax statement shall be:
- Rs. 5,000 if the tax deducted or withheld was deposited within due date and withholding tax statement was filed within ninety days of the due date of the filing of such statement.
- In other cases Rs. 2,500 per day from the day of default subject to the minimum penalty of Rs. 10,000
- Where no tax is involved, the minimum penalty shall be Rs.10,000.
Date of Filing
Quarterly Filling
The deadlines for filing of withholding statements on quarterly basis as per the Income Tax Ordinance, 2001 are as follows:
- Quarter ending on 30 September: Due by October 20.
- Quarter ending on 31 December: Due by January 20.
- Quarter ending on 31 March: Due by April 20.
- Quarter ending on 30 June: Due by July 20.
Annual Filling
It is important to note that the in addition to the filing of quarterly statement the withholding agents shall also furnish annual statements before the Commissioner in the prescribed form and manner within thirty days of the end of tax year.
It’s important to note that the FBR has the authority to extend these deadlines under Income Tax Ordinance, 2001.
Disclaimer
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