Requirement of all Registered Persons to file monthly statement U/S 165 of the Income Tax Ordinance, 2001
Federal Government vide Finance Act, 2013 included all persons registered under the Sales Tax Act, 1990 in the list of ‘Prescribed person’ for the purposes of section 153 of the Income Tax Ordinance, 2001. Due to this amendment all sales tax registered persons are required to deduct Income tax at the prescribed rates w.e.f 01.07.2013. Registered persons are also required to file monthly statement of the same under section 165 of the Ordinance. In case of non-filing of statement u/s 165, a penalty under section 182 of the Ordinance will be imposed. All taxpayers are advised to ensure compliance.