Auction buyers have to pay 10% TDS

The auction winners who will buy products, assets, liabilities or take a lease from an auction will have to pay 10% advance source tax or tax deducted at source (TDS).

Currently, they are paying 5% TDS.

The proposed national budget for FY22 increased the tax.

Finance Minister AHM Mustafa Kamal on Thursday placed the budget before the parliament.

However, the proposed budget gives a couple of tax facilities for different sectors this year to give taxpayers extra relief amid the Covid-19 situation.