S.R.O__(I)/2013 dated 04.10.2013 — Income Tax

Following Amendments have been made in the Second Schedule of the Income Tax Ordinance, 2001 through SRO (I)/ 2013 dated October 2013:

1)      A new clause (14A) has been inserted in Part II of the Second Schedule to the Income Tax Ordinance, 2001. As per new clause, rate of collection of tax in the case of goods transport vehicles has been reduced from five rupees per kilogram of the laden weight to three rupees per kilogram of laden weight. The rate of collection of tax in the case of oil tankers shall remain the same as given in clause (14) of Part II of the Second Schedule i.e. two rupees per kilogram of laden weight.

2)      As per clause (a) of Section 165 of the Income Tax Ordinance, 2001 the person collecting or deducting the tax has to mention, in the monthly statement furnished to the commissioner, the name, CNIC number, NTN and address of each person from whom tax has been collected or deducted.

Through above mentioned SRO, a new clause (80) has been inserted in Part IV of Second Schedule to the Income Tax Ordinance, 2001. As per new clause, the manufacturer, distributor, dealer and wholesaler, required to collect advance tax under Subsection (a) of Section 236H, is not under  obligation to mention the name, CNIC number, NTN and address of the person from whom tax has been collected, in the monthly statement furnished to the  Commissioner.