17th January, 2019
TO WHOM IT MAY CONCERN
LEGAL OPINION
It is to state that no institution/bank will deduct the withholding tax on profits under section 151 of Income Tax Ordinance, 2001 from bank account/deposits which is clearly mention in exemption certificate under code-. Copy of certificate is attached herewith this letter for ready reference.
Recommendation:- It is hereby recommended to do not deduct income tax on profits on deposits of our client. Kindly return the deducted amount in our client account if such tax is deducted because our client has exemption certificate.
This copy is for your record.
Munawar Almas Rana
Advocate High Court