Section 231AB: Advance tax on cash withdrawal — Income Tax Ordinance, 2001

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7[231AB. Advance tax on cash withdrawal. — (1) Every banking company shall deduct advance adjustable tax at the rate of 8[0.8%] of the cash withdrawal from a person whose name is not appearing in the active taxpayers’ list on the sum total of the payments for cash withdrawal in a day, exceeding fifty thousand rupees. Explanation. – For removal of doubt, it is clarified that the said fifty thousand rupees shall be aggregate cash withdrawals in a single day.]

Effective date: 2001-09-13

Related sections

Section 231AA: Omitted by the Finance Act, 2021 Section 231B: Advance tax on private motor vehicles Section 231A: Omitted by the Finance Act, 2021 Section 231C: Advance tax on foreign domestic workers Section 231: Omitted by Finance Act, 2005 Section 232: Omitted by the Finance Ordinance, 2002

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