State Minister for Revenue, Hammad Azhar, has cleared that there is no change in the cash limits or tax rates on withdrawal from bank accounts.
He added that the only change brought by the government is that income tax return filers have been removed from the scope of the relevant law under the Finance 2nd Supplementary Act 2019.
“There has been no change in cash limits or tax rates on withdrawal from bank accounts. The only change which has been made through Finance 2nd Supp Act 19 is taking out the tax filers from the scope of relevant law. Now these withholding provisions are applicable only to non-filers,” stated Azhar in a tweet.
There has been no change in cash limits or tax rates on withdrawl from bank accounts. Only change which has been made through Finance 2nd Supp Act 19 is taking out the tax filers from the scope of relevant law. Now these withholding provisions are applicable only to non-filers.
— Hammad Azhar (@Hammad_Azhar) March 27, 2019
The Federal Board of Revenue also refuted the news circulating on media regarding the revised rates and limits for tax on cash withdrawal from bank accounts under Section 231A and on the issuance of bank instruments like pay orders and demand drafts under section 231AA of the Income Tax Ordinance 2001.
An FBR spokesperson said that the government has taken a concessionary step to encourage commercial activity through banking channels that deserves appreciation.
It needs to be mentioned here that rumors started making rounds across a section of media that a new tax has been implemented on cash withdrawals from bank for non-filers for transaction exceeding Rs. 25000.
According to the rumors, the government had reduced the amount of money transfer from Rs. 50 thousand to 25 thousand. These reports raised concerns among the public as salaried individuals and even students were to be affected by the decision.
Thank God for Clarification :
And what about ATM withdrawal charges which is imposed silently from Rs 18 to Rs 22 ….?
Ask your bank. Those charges have nothing to do with the government. I’m charged Rs. 15 by my bank.
I’m charged 0 from my bank.
It is about chrges of Atm of bank A’s widrawl from bank B’s AtmMachine my dear.
What u say about that.
When you withdraw using bank A’s card on Bank B’s machine, then the bank B’s charge you service charges
If you perform transaction from some other bank’s ATM, then you are charged about Rs. 15. otherwise there are no charges in ATM cash withdrawal from the same bank as of card.
Changed your Bank :
Big Name Like SCB HBL UBL Etc Charged 20 to 25 on ATM & 100 to 150 for SMS :
I Pay 15 on ATM & 50 on SMS
Confirm my news from other source
SBP has instructed banks to make SMS service FREE in order to inform the account holder about the un-infomed/secret debit credit instantly
Ap g ty ho ee thanaydaar msla ty greeb awam da ay jnab….
According to SCB HBL UBL FBL etc they all charge no more than Rs.15 from other bank card holders
But All private banks are charging sms fee on December of every year separate from Annual Atm Renewal fee.