The Federal Board of Revenue (FBR) on Saturday reported that the rate of retaining tax on the benefit of public reserve funds plans (NSS) will be 15% successful from July 1, 2021. As indicated by a roundabout, the rate will be accessible just to those individuals who are on the Active Taxpayers List (ATL). The rate will be 30pc for the individuals who are not on the ATL.
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A tax official said that right now the retention tax rate was 10pc on benefits of NSS while 5pc tax should be saved at the hour of saving annual tax returns. Under the amendments presented in the Income Tax Ordinance through the Finance Act 2021 now, it will be 15pc and there will be no prerequisite at the hour of recording of tax returns.
The government offers higher benefit rates on investment funds plans including Defense Savings Certificate, Behbood Savings Certificates, Regular Income Certificates, Special Savings Certificate, Pensioners Benefit Accounts, Shuhada Family Welfare Account, and Short Term Savings Certificates.
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