FBR’s big relief for the taxpayers. Full exemption on withholding tax. The FBR has given a big relief to the taxpayers on holding tax. The FBR has completely abolished the 5% holding income tax imposed on all functions, including marriage. Now you will not have to pay holding tax on booking of wedding halls and lawns, etc., for other functions including the wedding.
Similarly, filer parents who have paid more than Rs 200,000 in educational institutions have also been exempted from income tax. Non-filer parents who pay fees in excess of Rs. 200,000 per annum have not been given exemption from holding tax.
The FBR has completely abolished income tax on market committees in terms of license fees. It has also abolished holding tax on remittance of children abroad and maximum income tax of Rs 9 lakh on the PEMRA license fee.
Extracted from City42 News
