The Federal Board of Revenue (FBR) has started stock inventory of all withholding agents to verify whether agents have accurately deducted and deposited the due amount of tax on 40 different kinds of areas/sectors where withholding tax is applicable in 2015-16. The FBR has issued instructions to the field formations here Wednesday.
According to the FBR, the FBR will verify tax deduction details on imports (name of section 148; section 149 tax on salary income; 150 dividend income; 151 profit on debt; 152 payments to non-residents; 153 payment for goods & services; 154 exports; 155 income from property; 156 prizes and winnings; 156A petroleum products; 156B withdrawal of balance under pension fund; 231A cash withdrawal from a bank; 231AA advance tax on transaction in bank; 231B advance tax on private motor vehicles; 233A collection of tax by stock exchange; 233AA advance tax on margin financing through stock; 234 tax on motor vehicle; 235 electricity; 235A electricity on domestic consumer; 235Btax on steel melters, re-rollers etc; 236 telephone; 236A sale by auction; 236B advance tax on purchase of air ticket; 236C immovable property; 236D advance tax on function & gatherings; 236E advance tax on foreign produced tv plays & serials; 236F advance tax on cable operators & other electronics; 236G advance tax on sales to distributors, dealers &; 236H advance tax on sales to retailers; 236I collection of advance tax by educational institution; 236J advance tax on dealers, commission agents and Aarhate; 236K advance tax on purchase of immovable property; 236L advance tax on purchase of international air ticket; 236M bonus shares issued by companies quoted on stock; 236N Bonus shares issued by companies not quoted on stock; 236P advance tax on banking transaction other than through; 236Q payment to resident for use of machinery & equipment; 236R education related expenses remitted aboard; 236S divined in specie and section 236T deals with the collection of tax by Pakistan mercantile exchange limited.
The FBR further stated that it has been observed during the Commissioner Withholding Zone Conference that the stock inventory of the withholding agent maintained by our field formations is not satisfactory as the number of withholding agent does not commensurate with the territorial jurisdiction of the RTOs. A dire need has been felt to re-visit the stock inventory of the withholding agent. For this purpose a stock inventory Performa has been devised which is attached with this letter. It is desired that stock inventory of your RTO be prepared on this format. A separate presentation will be made by the Commissioner Withholding Zone on stock inventory of the withholding agent in the forthcoming Commissioner Withholding Zone Conference scheduled to take place on 17th May, 2016. The performance of the withholding zone will be judged on the maintenance of the stock inventory and action taken thereof. Chief Commissioners are requested to direct the Commissioner Withholding Zone to take up the exercise on priority, the FBR added.