Profit on Bank Account - FTR or Normal
Wednesday, March 30, 2011
Query from Labeeb Subhani
"whether tax deducted on profit of an individual by a bank is adjustable or full and final discharge of tax liability."
Section : 151 states that;
Interest income from following shall be taxable under Final Tax Regime (FTR) for a person other than a company
• Bank Profit including profit and loss sharing (PLS) account
• Profit on certificates under national saving scheme including defence saving certificates and post office saving account
• Profit on certificates, debentures including TFCs, COIs issued by a company or a financial institution.
Labels: FTR, Section 151, Withholding Tax
posted @ 5:43 PM,
0 Comments:
Post a Comment