Islamabad
Persons deriving profit less than Rs500,000 on national saving schemes are required to provide a certificate in order to get reduced income tax rate at 10 percent.
Officials at the Central Directorate of National Savings (CDNS) said that at present the rate of income tax on profit from the national savings scheme is 15 percent. However, the rate shall be 10 percent in case annual profit is up to Rs500,000 and the person receiving the profit provides a certificate that his return on saving schemes shall not be above the threshold.
They said that the rate of tax shall be 15 percent in case the annual profit is above Rs500,000 in the said schemes. However, the rate at 15 percent is available only to persons on the Active Taxpayers List (ATL). In other cases where a person is not on the ATL, the tax rate shall be 30 percent. –TLTP
