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Taxation: March 2009

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With focus on tax education. Last date of Advance Income Tax. Thursday, March 12, 2009. Last Date is 15th March, 2009. Individuals, Association of persons and companies are required to pay quarterly installment of advance income tax. Details are. Individuals and Association of persons:. Are liable to pay advance tax for the current year in 4 installments. Equal to the latest assessed income tax (where their latest assessed taxable income is Rs.200,000/- or more). Companies (other than banking companies):.

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Taxation: Capital Gains - Section 37, 37A and 38

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With focus on tax education. Capital Gains - Section 37, 37A and 38. Saturday, April 20, 2013. Arising on the disposal. Of a capital asset. By a person in a tax year shall be chargeable to tax in that year under the head "Capital Gains". Shall be computed as:. A is the consideration received by the person on disposal of the asset; and. B is the cost of the asset. Where A is the amount of the gain determined as above. A) that is or may be deducted under another provision of this Chapter; or. A) any stock-...

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Taxation: February 2009

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With focus on tax education. Tax Treatment of Salary. Thursday, February 26, 2009. A Non Profit organization not deducted the tax from its' employees salary for several years. Organization, Employee, Or both? What is the panalty under Income Tax ordinance, 2001 and who would bear it. Section 149, Salary, of Division III, Deduction of Tax at Source of the Income Tax Ordinance, 2001 states that;. Every employer paying salary to an employee shall, at the time of payment. According to above provisions of Inc...

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Taxation: November 2009

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With focus on tax education. Taxation of Bonus Paid to Corporate Employees. Thursday, November 5, 2009. A proviso has been inserted in Clause (a)of sub section 2 of section 20 whereby any bonus paid or payable to corporate employees receiving salary income of Rs.One million or more (exculding bonus) shall be chargeable to tax at the rate of 30%. This is a one time levy and payable for the tax year 2010 only, so as to support the Internally Displaced People (IDP)for their rehabilitation. Posted @ 1:32 PM.

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Taxation: Disclosure Policy

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With focus on tax education. Saturday, January 22, 2011. This blog does not contain any content which might present a conflict of interest. Posted @ 11:47 AM. Links to this post:. Enter your email address:. Fine Art of Blogging. Fine Art of Blogging. Witholding Tax On Purchase of Agri Produce. RGST Imposition: Economic Team to Brief Political . Better Option – Keeping Dollars or Investment? Banking Sector and RGST. Reformed General Sales Tax In Pakistan. Extension of Date For Filing of Income Tax Returns.

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Taxation: March 2010

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With focus on tax education. Income Tax Audit In Pakistan. Monday, March 29, 2010. As per recent Amendments of Finance Act, 2009, everyone knows FBR can appoint for outsource of Income Tax Audit to the Chartered Accountants Firm. But number of professional Accountants, Finance professionals and Auditors are not fimaliar or awarness about the tax audit and its procedure due to its different from Financial or Statutory audit. What is an Income Tax Audit? Sometimes, someone's taxes are audited and everythin...

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Taxation: Salary Income - Difference Provisions

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With focus on tax education. Salary Income - Difference Provisions. Friday, April 5, 2013. Remarks / Condition / Limit. Includes water, gas, electricity allowance. 45% of B. Salary or FMV of rent whichever is higher. Salary of domestic servant. Includes house keeper, gardener, etc. Capital Receipt on termination of employment. Tax Paid by the employer - Tax on tax. Amount would be grossed up by tax paid by employer. Interest free / concessional rate Loan. Interest free / concessional rate Loan. Medical b...

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Taxation: October 2009

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With focus on tax education. Last Date to File Income Tax Returns. Saturday, October 10, 2009. Remember - Its 20th October, 2010. Who has to file return? Business individuals and AOPs. Companies where accounts are closed on 30-12-2008. Salaried individuals having income other than salary. Those who availed investment tax scheme 2008. Owners of immovable property (with land area of 250 sq. yards or more) or owner of a flat in specified areas. Non-corporate cases with property income. Posted @ 1:08 PM.

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Taxation: Medical Allowance - Tax Treatment

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With focus on tax education. Medical Allowance - Tax Treatment. Wednesday, April 3, 2013. According to Clause 139 of part 1 (Exemption from total income) of 2nd Schedule of Income Tax Ordinance, 2001. Or reimbursement of actual Medical expenses is provided:. Accordance with terms of employment: The amount provided is fully exempt. If NTN of medical practitioner and employer's attestation are available. In accordance with terms of employment: The amount provided is fully taxable. Posted @ 10:56 AM. What t...