KARACHI: The Federal Board of Revenue (FBR) has updated the Active Taxpayers List for the tax-year 2014 and names appearing on the list will be entitled to all benefits available for filers.
The latest list includes those taxpayers, who have filed their income tax returns for tax year 2014 till January 17, 2016.
Name in the list is mandatory for taxpayers to avail lower rates of withholding tax which have been defined in the tax laws for filers and non-filers.
It may be mentioned here Section 236P of Income Tax Ordinance, 2001 provides withholding tax is imposed only on non-filers on non-cash based banking transactions and banking companies are required to deduct 0.3 percent from non-filers of income tax returns on transaction of Rs50,000 per day.
The FBR recently issued SRO 831(I)/2015 to announce weekly updating active taxpayers list for facilitation of income tax return filers.