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A tax official said that currently the withholding tax rate was 10pc on profits of NSS while 5pc tax will have to be deposited at the time of depositing income tax returns. Dawn/File
ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday announced that the rate of withholding tax on profit of national savings schemes (NSS) will be 15 per cent effective from July 1, 2021.
According to a circular, the rate will be available only to those people who are on the Active Taxpayers List (ATL). The rate will be 30pc for those who are not on the ATL.
Originally published in Military Spouse Magazine
I was chatting with a colleague the other day about a big challenge in our work as financial planners. Frankly, there s not a lot of new stuff out there when it comes to giving guidance about helping people manage their money. It s more about packaging the principles in a way that helps make the fundamentals take root and grow into sound family financial practices.
Then I had a chat with Debi, a military spouse who is part of the Accredited Financial Counselor program. She told me about a class she was presenting on her installation. At the core of her presentation was the idea of creating a spending pie a guideline to assess if your spending habits are a help or hindrance as you strive for personal financial freedom. Voila an idea for this month s column! Thanks Debi.