Withholding Tax On Transfer In Pakistan

In this article we will discuss about the withholding tax on Transfer (Banking Transactions) in Pakistan, First of all we need to clear our concept regarding the term of Transfer, In Banking Terminology the word transfer refer to the, Any transaction that is not involved in cash withdrawal. For Example, Bankers Cheque, Demand Draft, Pay Order, Call Deposit, Inter Branch Funds Transfer, And Inter Bank Funds Transfer. All Above comes under the umbrella of Transfer Transaction.

As per our withholding tax Structure their is a benefit of zero percent tax for Filer if he wants to transfer their money from their bank account, and if we talk about for the Non-Filer he will be charged .4% for the transaction Above 50,000/= Rupees in a Single Day.

Now lets take one example of Filer and one for Non-Filer

Filer:

Mr. X is a Filer having an account in Bank AL Habib wants to transfer the funds of rupees 100,000/= to his party who has account in Habib Bank Limited, As per our withholding tax structure Mr. X will be Charged Zero Percent Tax because he is a Filer.

Lets find the amount of withholding tax in case of Mr. X

Tax Rate: 0%
Amount: 100,000/=
Withholding Tax Amount: 0.00/=  

Non-Filer

Mr. Y is a Non-Filer having an account in Meezan Bank wants to transfer the funds of rupees 80,000/= Rupees to his Son  who has an account in Bank AL Habib Karachi Main Branch, As we know that Mr. Y is a Non-Filer so as per our tax structure he will be charged .4% withholding tax. 

Lets find the amount of withholding tax in case of Mr. Y

Tax Rate: .4%
Amount: 80,000/=
Withholding Tax Amount: 80,000*.4% =  320/=

For Latest Updates Regarding Our Withholding Tax Structure Visit FBR Offical Website.

Withholding Tax On Cash Withdrawal In Pakistan

The concept of withholding tax on cash withdrawal (Banking Tranaction) is when ever customer withdraw their money more than 50,000/= Rupees from their account in a single day than he will be charged tax, Now it is depend on whether the customer is Filer or Non-Filer, If he is Filer than he will be charged .3% Tax and if he is Non-filer than he will be Charged .6% Tax.

Lets take an example of both Cases Filer and Non-Filer

Filer

Mr. X is a Filer and he wants to withdraw 175,000/= Rupees from their bank account in single day because he want to purchase goods for their Shop, As we already discussed Mr. X is a Filer and According to our Tax Structure he will be Charged .3%.

Now Lets find the amount of withholding tax in Mr. X case,

Tax Rate: .3%
Amount: 175,000/=
Withholding Tax: 175,000*.3% =  525/=

Non-Filer

Mr. Y is a Non-Filer and he want to purchase laptop for his personal use, the price of that laptop is 80,000/= Rupees, So he wants to withdraw 80,000/= Rupees from his bank account, According to our Tax Structure Mr. Y will be charges .6% because he is a Non-Filer.

Now Lets find the amount of withholding tax in the case of Mr. Y

Tax Rate: .6%
Amount: 80,000/=
Withholding Tax: 80,000*.6%=  480/=

"Keep one thing in mind that Banking Transaction below the amount of 50,000/= Rupees in a single will not be charged any amount of Tax whether the person is Filer or Non-Filer "

For Latest Updates Regarding Withholding Tax visit FBR Official Website.

How To Open A New Bank Account

Technically there are two approaches through which we can open a new bank account. First one is "Top Down Approach" and the Second Approach is "Bottom Up Approach", in both approaches we evaluate the product and take the rational decision that best fit with our needs.

Now lets discus each Approach Separately and understand the logic behind each Approach.

1. Top Down Approach: In Top Down Approach We Select the Bank First, and Evaluate the Products of that bank and take the decision by selecting the product, So we can say that the process starts from Selecting the Bank First, Assessing Your Need, Evaluating the Products and then Take Rational decision. Now lets take an example  For Example, In Our Country Pakistan there are soo many banks but out of all banks you select Bank Al Habib Ltd, after selecting the Bank your start evaluating that what is your need, say suppose you are a business person and you want to run the account on the name of your business, So it means that you need Current Account, Now you will search the products of bank that what sort of current accounts Bank Al Habib currently offering and you come to know that Current Plus account is the only account that matches and full fill my needs.

2. Bottom Up Approach: Bottom Up Approach is the reverse case of Top Down Approach, In this Approach First of all we Assess our needs then evaluate the products of all banks and then select the product and after do the analysis that which bank is offering the same product with low cost, in simple words we do cost benefits analysis. So we can say that the process start from Assessing the Need, Evaluating the Products and then Selecting Bank. For example, You are a Business Person and want to open a bank account, first of all you assess your needs, Like you need free SMS alerts, you needs free bankers cheque facility for your business. So after assessing you need your start search and evaluate the all banking products, After that You come to know that current account can full your needs. Now you do cost benefit analysis that which Bank is offering the same product with minimum cost. You come to know that Bank Al Habib is the bank which is offering all the facilities that you need to run your business with minimum cost.

Vintage Home Décor Ideas

There are some styles which always seem to make a comeback in fashion and these apply to home décor ideas as well. You can call them vintage or antique but they always seem to give a “modern” sophisticated look and vibe to your house which is why we believe at least a certain element of these should definitely be used in your household. Lamudi.pk, a real-estate online portal, which deals in the selling and renting of properties online gives some ideas about vintage home décor ideas which you could use in your home when wanting to give it a sophisticated and chic look.

1) Vintage Bath Tubs: In your bathroom you can install a vintage bath tub which could give a very chic look to your bathroom. These vintage bathtubs not only make your bathroom look good but also give you the opportunity to immerse yourself in a long bubble bath after a hard tiring day at work.

2) Antique Mirrors: Big antique mirrors can give a very bold look to your home if placed at the entrance, your drawing room or your room. Not only will such antique mirrors look good, but will also make a room look big if placed in it.

3) Chest of drawers: An old chest of drawers could give a very unique and antique look to your home with a mirror on top. These can stand out in your room instead of a simple and plain chest of drawers, thus giving not only a chic look to your room but being a good source of storage.

4) Throw over: A simple thing as a throw over can give an entirely new and vintage look to your room by throwing it over either your sofa or your bed. For these vintage throw overs one can simply use an old “dupatta” that was once worn by your mother at weddings and instead it can give a fancy and sophisticated look to your bed or sofa.

5) Cane Chairs: Cane chairs are one way of adding to your home décor that will never grow old. These can either be used in your garden, porch or inside in your lounge. Neither are they comfortable to sit in but simultaneously give an antique look to your home.

How To Protect Facebook Account From Virus Tagging

Every Facebook user have a question on his mind that how to protect my facebook account from virus tagging, in virus tagging there could be a lots of things like unwanted tags of advertisement and now a days the condition is getting worse. Currently most of Facebook users are complaining that they have been tagged by their friends profile in vulgar and in many cases porn videos virus. So my friends after reading this post you will be able to protect to facebook account from all types of virus tagging

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To get rid from virus tagging you have to follow the steps that you can find in bellow pictures. you following these simple steps you can protect your account from virus tagging. Keep on thing in mind that when ever you find any Porn/Vulgar Video on any of you friends profile do not click on that video, because this is a virus..

First of all login to you facebook account. and then follow the bellow steps.

Step 1: Click on facebook menu button, Step 2: Click on settings button

Step 3: Click on Timeline and Tagging Button

Step 4: Click on Edit Button and Step 5: Click on Enabled

Congratulation you are now able to protect your facebook account from unwanted facebook virus tagging.