ISLAMABAD: The Federal Board of Revenue has issued rules for collection and recovery of the income support levy.

A notification SRO904 issued here on Tuesday said that the rules will effective immediately for collection of 0.5 per cent levy introduced in the budget 2013-14.

A person liable to pay the levy under the act shall pay the levy on the basis of the wealth statement on or before the due date of filing of tax return.

However, a person who is not required to file return, the levy shall be paid along with wealth statement.

Last date for filing of return is October 31, 2013.

The levy shall be payable in respect of net movable assets, exceeding Rs1 million held by a person on the last date of the tax year.

In case a person is required to file return electronically, computation and payment form shall be furnished electronically. Where a person is not required to file return electronically, computation and payment form shall be furnished in the manner in which return is to be filed.