United Nations Secretary-General António Guterres has appointed 25 distinguished tax experts from around the world to serve as members of the United Nations Committee of Experts on International Cooperation in Tax Matters for the term 2021 to 2025.
(more…)Day: July 22, 2021
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Value of perquisites for salary tax computation
Value of perquisites for salary tax computation has been explained under Section 13 of Income Tax Ordinance, 2001. This section is for the purpose of computing the income an employee for a tax year chargeable under the head of salary.
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Salary income explained by tax ordinance
KARACHI: Section 12 of Income Tax Ordinance, 2001 explained the salary income for imposition of tax. Any amount received as salary by employees from employers is chargeable to tax.
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Heads of income for imposition of tax
KARACHI: Section 11 of Income Tax Ordinance, 2001 deals with identifying categories of income. These incomes are chargeable to tax. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.
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Taxable income, total income under statute
In a bid to provide clarity on the computation of taxable income and total income for individuals in Pakistan, Sections 9 and 10 of the Income Tax Ordinance, 2001 play a pivotal role.
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