ISLAMABAD: Federal Board of Revenue (FBR) has granted tax concession to the tune of Rs2.42 billion on the income of teachers and researchers.
The tax has been granted during the tax year 2019/2020. Officials at the FBR said that the tax concession was granted under reduction in tax rates.
The officials said that another amount of Rs133 million has been granted as tax concession to employees (persons receiving flying allowances).
The tax credit has been allowed to any amount
Any amount received as flying allowance by flight engineers, navigators of Pakistan Armed Forces, Pakistani Airlines or Civil Aviation Authority, Junior Commissioned Officers or other ranks of Pakistan Armed Forces; and submarine allowance by the officers of the Pakistan Navy, shall be taxed @ 2.5 percent as a separate block of income.
Another amount of Rs430 million has been granted to the employees pilots of Pakistani airlines. The concession has been allowed to the
Total allowances received by pilots of any Pakistani airlines shall be taxed at a rate of 7.5 percent, provided that the reduction under this clause shall be available to so much of the allowances as exceeds an amount equal to the basic pay.