Banks to Limit Cash Withdrawals for Non-Filers Above Specified Amount
Pakistan's Updated Banking Rules: Keep a Gentle Eye on Your Cash, Non-Filers! 🚨💸
(Brace yourself for the new cash-handling guidelines! Ready to dance with the taxman?)
Now, listen up, you clever cat! Here's the gist of what just went down in the halls of power in islamabad town: Those naughty non-filers (you know, the fellows who've avoided their fiscal duties) better start watching their wallets! 📈
Starting July 1, 2025, there's a new sheriff in town – aka the amended Finance Bill (2025-26) – that'll be keeping tabs on y'all! 📊
Why, you ask?
It's simple, mate: Punishing non-filers and making them feel the burn!
Before the makeover, ol' Finance Bill didn't give a damn about non-filers. It allowed banking companies to keep accounts for anyone, except for specific accounts like Asaan Account and Pensioner Accounts. But cash withdrawals? That was fair game as long as the amount wasn't notified by the Board. 💡
But now, m'dear rebels, you've got a new limit to keep an eye on: Rs 75,000! 💸🥳
Yes, you heard me right! After a little tweak in the Finance Bill (2025-26), cash withdrawals beyond that magic number will no longer be allowed from your bank account. Want that extra dough? Prepare to pay a hefty advanced tax of 0.8%! 🤭
"Cash It In, But Mind the Rules!" says the revised section 114C of the Finance Bill. It's all about learning to live with restrictions, dude. 🙅♂️
Wanna know more about pensions? Hold on to your seats, buckaroo! Another juicy amendment they've made involves pension income. If you've got an annuity or pension, you'll be taxed at a rate of (let me check my notes) Ah, yes – the rate provided in the proviso to this Division! 📜
So, remember kids: The government is tightening the financial noose around the necks of non-filers, and it's high time you started stepping in line! 🚔💼
Now, put that in your pipe and smoke it, you clever jackals! 😊
- The new Finance Bill (2025-26) in Pakistan, effective from July 1, 2025, is focused on tightening the financial noose around non-filers, especially with regard to cash withdrawals.
- To curb tax evasion, the revised section 114C of the Finance Bill in Pakistan imposes a limit of Rs 75,000 on cash withdrawals for non-filers, beyond which a hefty advanced tax of 0.8% will apply.
- Moreover, the amended Finance Bill (2025-26) also includes changes in the taxation of pension income for non-filers, with the rate to be determined based on the proviso to the relevant Division.
