Jan 23, 2026Abdul Qadir Arif
Comprehensive summary of latest withholding tax 2026 under Section 149 covering salary, pension, directorship fees, and surcharge to ensure accurate and compliant tax deductions.
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Jan 23, 2026Abdul Qadir Arif
Section 151 covers withholding tax on profit on debt from savings schemes, bank deposits, securities and bonds, with higher rates for non-filers. Gains on certain debt securities are also taxed under Section 151(1A).
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Jan 23, 2026Abdul Qadir Arif
Section 155 of the Income Tax Ordinance, 2001 mandates prescribed persons to deduct tax at source on rent of immovable property, including furniture and related services. Companies face flat rates, while individuals and AOPs follow a slab system. Rates double for non-filers, ensuring effective tax collection, promoting compliance, and transparent reporting of rental income.
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Jan 23, 2026Abdul Qadir Arif
Section 156 mandates tax deduction at source on prizes and winnings, including prize bonds, lotteries, quizzes, promotions, and crossword puzzles, with non-cash prizes taxed on fair market value. Section 156A applies withholding on commissions or discounts for petroleum sales. Rates double for non-filers, ensuring final tax, compliance, and transparent reporting.
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Jan 23, 2026Abdul Qadir Arif
Sections 231AB and 231B of the Income Tax Ordinance, 2001 require advance tax deduction on cash withdrawals exceeding Rs. 50,000 for non-filers, and on purchase, registration, leasing, sale, and transfer of motor vehicles. These provisions promote documentation, differentiate between filers and non-filers, and encourage voluntary tax compliance.
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