Minimum Tax considered as final settlement of Tax

SRO no. 253/AIN/Income Tax/2023

As per section 76 (1) of the Income Tax Act 2023, tax deducted at source (minimum tax) will be considered as final settlement of tax and exemption has been provided from paying additional tax on below:
– Tax deducted at source under section 102 on interest or profit earned on savings deposits and fixed deposits, etc. This is applicable for taxpayers who are exempted from filing a return under section 166 (2).
– Tax deducted at source under section 105 on profits earned from savings bonds. This is applicable for ordinary taxpayers.
– Tax deducted at source under section 112 on cash subsidy received against exports. This is applicable for all taxpayers.