*Clarification regarding Payment of surcharge at 15% under section 4A of the
Income Tax Ordinance 2011—levied vide Income Tax (Amendment) Ordinance 2011*
The Federal Board of Revenue has announced that the 15@ surcharge under
section 4A of the Income Tax Ordinance 2011 is payable by all tax payers of
their tax liability for the Tax year 2011, irrespective of whether their tax
year ends on 31st December 2010 or 30th June 2011 or any other date.
In a circular issued here today, the FBR has made certain clarifications to
the 15% Surcharge under section 4A of the ordinance in view to address the
queries being received by the Board suggesting multiple interpretations of
this Section and to streamline the implementation of this time bound
provision.
The circular further clarifies that the Tax Liability for the entire Tax
Year 2011 may not be subjected to the imposition of surcharge and the same
be levied on the proportionate liability for a period of three and a half
month.
It may hence be noted again that the surcharge is to be computed @ 15% of
the Income Tax payable for three months and a half on pro-rata basis and the
tax liability inclusive of 15% surcharge so calculated is to be set off
against the taxes withheld or collected in the tax year.
best regards
--
Mohammad Shahzad
Secretary PR
Federal Board of Revenue (FBR)
Islamabad
+92 051 920 8407
+92 333 5201233
http://www.fbr.gov.pk/
Tariq Khattak, Islamabad, Pakistan.
GSM = 0300-9599007 and 0333-9599007
Email: Tariqgulkhattak@gmail.com
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