FBR Issues New Income Tax Rules for Non-Filers

The Federal Board of Revenue (FBR) has issued new amendments to income tax rules for the current financial year, focusing on increased taxation for non-filers.

According to the notification, individuals not listed in the Active Taxpayers List (ATL) will face higher deductions when withdrawing cash from bank accounts. A revised tax rate of 0.8% will now apply on daily withdrawals exceeding Rs. 50,000 by non-filers.

Previously, the tax rate on such withdrawals was 0.6%, but it has now been increased by 0.2% as per the new amendments.

These measures aim to encourage tax filing and expand the tax net. The FBR has formally notified all banks and financial institutions to implement the updated rules with immediate effect.