Professional Documents
Culture Documents
1) Computation of income tax payable 2) Tax credited for AOP 3) Tax on property 4) Concession for senior citizen 5) Concession for teacher 6) Tax credited for foreign business income 7) Average relief/ rebate 8) Net tax 9) Tax deducted at source 10) Separate block of income (Income covered under FTR)
Taxable income 0 to RS. 400,000 400,000 to RS. 750,000 750,000 to 15,00,000 15,00,000 to 20,00,000 20,00,000 to 25,00,000 25,00,000 and above
Property tax rates Nil 5% of the amount exceeding RS. 1,50,000 RS. 12,500 + 7.5% of the amount exceeding RS.4,00,000 RS. 57,500 + 10% of the amount exceeding RS. 10,00,000
Gross tax Foreign business income Actual taxable income+ property income (if it is taxable)
2
Particulars
1- Donation to approved institutions, education boards, relief funds, govt. hospitals, govt. universities etc 2- Shares of listed companies, shares of private company purchased through privatization commission of Pakistan
for
Amount of donation 30%of actual taxable income (whichever is less) Amount of shares 20%of %of actual taxable income RS. 10,00,000 (whichever is less) Amount of pension fund 20%of actual taxable income (whichever is less) Amount of premium 20% % of actual taxable income RS. 10,00,000 (whichever is less) Amount of mark up 50% of actual taxable income RS. 7,50,000 (whichever is less)
(When AOP is not given) Gross tax Amount claimed for average relief
Step no. 10) ) Separate block of income OR Income covered under FTR Particulars
1- Dividend or yield received from public/listed/private company 2- Prize on prize bond 3- Winning of cross word puzzle 4- Income from a raffle or lottery 5- Profit on debt or security 6- Profit on security issued by banking company Tax rate 10% 10% 10% 20% 10% 10%
4
7- Profit on special deposit certificates 8- Profit on national saving certificate 9- Interest/profit on PLS account 10- Profit on government security 11- Profit on defense saving certificates
The things which are not entitled for average relief OR having no treatment
1- Payment of loan installment 2- Telephone paid by employee himself 3- Purchase of domestic air ticket 4- Donation to bait-ul-mal fund 5- Bonus shares received 6- Personally paid zakat 7- Personal legal expenditure 8- Defense saving certificates purchased 9- Life insurance premium paid by employee for his wife 10- Employee contribution towards recognized provident fund 11- Professional books purchased 12- Charity paid 13- Shares of private company purchased as original allottee 14- Loss from speculation of shares 15- Purchase shares from stock exchange 16- Loss sustained on disposal of security 17- Amount paid to practitioner for legal services 18- Children education expenditures 19- Property expenses, water charges, white wash and repair charges 20- Leasing rent paid 21- Investment in DSC, special saving certificates and khas deposit certificates 22- Capital loss
Prepared by: Muhammad Ahmad (M.phil Finance) (Please join for more suggestions) 0306-6922217 m.ahmadlhr m.ahmadlhr3@gmail.com