In SRO No. 561(I)/2012 banking company required to payment of advance tax in accordance with sub-rule (I) shall estimate the tax payable by it for relevant tax year at any time before the installment payable on 15th June of the relevant year is due.
SRO 561(I)/2012 is an Income Tax SRO dated 24 May 2012, listed by FBR as "In SRO No. 561(I)/2012 banking company required to payment of advance tax in accordance with sub-rule (I) shall estimate the tax payable by it for relevant tax year at any time before the installment payable on 15th June of the relevant year is due.".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
Government of Pakistan
Revenue Division
Federal Board of Revenue
Islamabad, the 24th May, 2012
NOTIFICATION
(Income Tax)
S.R.O. 561 (I)/2012. - In exercise of the powers conferred by rule 10 of the Seventh Schedule to the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendments shall be made in the Seventh Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in rule 5,-
(i) in sub-rule (1), after the figure "147", occurring for the second time, the words, figures, comma and brackets, "except sub-sections (4A) and (6)," shall be inserted; and
(ii) after sub-rule (1), the following new sub-rule shall be inserted, namely:-
"(1A) A banking company required to make payment of advance tax in accordance with sub-rule (1), shall estimate the tax payable by it for the relevant tax year, at any time before the installment payable on 15th June of the relevant year is due. In case the tax payable is likely to be more than the amount it is required to pay under sub-rule (1), the banking company shall furnish to the Commissioner an estimate of the amount of tax payable by it and thereafter pay in the installment due on 15th June the difference, if any, of fifty percent of such estimate and advance tax already paid upto 15th June of the relevant tax year. The remaining fifty percent of the estimate shall be paid after 15th June in six equal installments payable by 15th of each succeeding month of the relevant tax year.".
[C.No. 4(25)ITP/2011-Pt.I]
( Shahid Hussain Asad )
Member (Inland Revenue)/
Additional Secretary
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