No Tax on Depositing ₨200000 in Bank Accounts – FBR Clarifies
The Federal Board of Revenue (FBR) has clearly said that no tax will be deducted when you deposit ₨200000 or less into your bank account.
What Happened?
Many people were confused and worried after hearing false news on social media. They believed that FBR was going to deduct tax or block their money if they deposited large amounts in their bank accounts.
This caused panic among small business owners, salaried people, and those who regularly use bank accounts.
To stop the confusion, FBR officially announced on their social media that:
“If you deposit up to ₨200000 in one transaction, no tax will be deducted from your account.”
Why This Clarification Matters
In Pakistan, many people prefer to use cash instead of banks because they are afraid of hidden taxes or government monitoring. This type of false news creates more fear and stops people from using formal banking channels.
The FBR’s latest statement is an effort to:
- Build trust among people
- Encourage banking habits
- Improve the documentation of money in the economy
FBR wants more people to use bank accounts so that the economy becomes more transparent and stronger. When more money flows through banks, it becomes easier to manage national income, expenses, and tax collection fairly.
What Does It Mean for You?
- You can deposit ₨200000 or less into your bank account without any tax.
- Banks will not deduct any money from your deposit.
- You do not need to show tax returns for such deposits.
- This rule applies to all individuals, whether you’re a student, employee, or small business owner.
What About Larger Deposits?
The FBR didn’t mention deposits above ₨200000 in this update. That means if you deposit a larger amount, it may be reviewed, especially if you don’t file tax returns. However, this does not mean your money will be blocked or taxed right away.
To stay safe and avoid problems:
- Try to file your tax returns
- Keep a record of your income
- If you make large deposits, be ready to explain the source of the money (like salary, business income, gift, etc.)
Wrapping Up
There is no tax on deposits of ₨200000 or less, according to FBR. Don’t believe the fake news on social media. You can use your bank account without fear for normal transactions. FBR is trying to make the system easier and friendlier for the people of Pakistan.