Deduction / Payment of Tax Chapter- 23
the return, audited accounts or financial statements by the due date of filing of return of income as
provided under section 118 of the Ordinance.Annual statement of tax collected or deducted [Rule 44]
An annual statement required to be furnished u/s 165(1) for a financial year shall be in the form
as set out in Part VIII and Part IX of the Second Schedule to the Income Tax Rules, 2002.
A person responsible for collecting or deducting tax under various sections of this Ordinance
shall furnish a monthly statement within 15 days of the end of each month as set out in Part X
of the Second Schedule to the Income Tax Rules, 2002.
The above statements shall be accompanied by the evidence of deposit of tax collected or
deducted to the credit of the Federal Government.
Wherever required by the CIR, a person shall furnish a reconciliation of the amounts mentioned
in annual and monthly statements with the amounts mentioned in the return of income and
allied documents submitted from time to time.- Furnishing of information by banks (Section 165A)
(1) Notwithstanding anything contained in any law for the time being in force including but not
limited to the Banking Companies Ordinance, 1962, the Protection of Economic Reforms Act,
1992, the Foreign Exchange Regulation Act, 1947 and the regulations made under the State
Bank of Pakistan Act,1956 if any, on the subject, every banking company shall make
arrangements to provide to the Board in the prescribed form and manner,-
(a) a list of persons containing particulars of cash withdrawals exceeding Rs. 50,000 in a day
and tax deductions thereon, aggregating to Rs. 1 million or more during each preceding
calendar month;
(b) a list containing particulars of deposits aggregating Rs. 10 million or more made during
the preceding calendar month;
(c) a list of payments made by any person against bills raised in respect of a credit card
issued to that person, aggregating to Rs. 200,000 or more during the preceding
calendar month;
(d) a list of persons receiving profit on debt and tax deductions thereon during preceding
financial year. and
(e) a list of persons containing particulars of their business accounts opened or re-
designated during each preceding calendar month.
(2) Each banking company shall also make arrangements to nominate a senior officer at
the head office to coordinate with the Board for provision of any information and
documents in addition to those listed in sub-section (1), as may be required by the Board.
(3) The banking companies and their officers shall not be liable to any civil, criminal or disciplinary
proceedings against them for furnishing information required under this Ordinance.
(4) Subject to section 216, all information received under this section shall be used only for tax
purposes and kept confidential.
Banking Companies Reporting Requirements [Rule 39A to 39D]
For the purposes of section 165A of the Ordinance the above rules contain reporting requirements for
banking companies.
Definitions [U/R 39A]
(1) In this Chapter, unless there is anything repugnant in the subject or context,-
(a) “Account Holders Deposits statement” means Account Holders Deposits Statement as
specified in Form ’A,’