Pakistan Revenue
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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KARACHI: Following are tax slabs for the taxable income and rate of tax applicable on salaried persons for the tax year 2022 (July 01, 2021 to June 30, 2022). 1. Where taxable income does not exceed Rs. 600,000: the tax shall be zero per cent 2. Where taxable income exceeds Rs. 600,000 but does not […]
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ISLAMABAD: Any fixed amount paid to the employees on monthly basis shall be treated as salary for the purpose of income tax collection. Through Finance Act, 2021 an amendment has been made to Section 12 of the Income Tax Ordinance, 2001. The Section 12 of the Income Tax Ordinance, 2001 is read as: Salary.— (1) […]
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ISLAMABAD: The Finance Bill 2021 has not proposed changes to tax rates and slabs for salaried persons for tax year 2022, sources in the Federal Board of Revenue (FBR) said. Therefore tax rate and slabs will remain unchanged for tax year starting from July 01, 2021. Following is the table for tax rates on taxable […]
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KARACHI: The Finance Bill, 2021 has proposed certain amendments in Income Tax Ordinance, 2001 related to income of salaried persons and business individuals. According to a presentation made at post budget 2021/2022 webinar of Karachi Tax Bar Association (KTBA) the major changes proposed through the Finance Bill 2021, are: — Interest income above Rs5 million […]
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ISLAMABAD: The federal government on Friday presented budget 2021/2022 and announce an increase of 10 percent in basic salary and pension of the government employees. While delivering the budget speech for the year 2021-22, Minister for Finance Shaukat Tarin announced that the increase in salaries and pensions of the federal government employees would be applicable […]
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KARACHI: The Karachi Tax Bar Association (KTBA) has presented income tax proposals for salary income for incorporating in the Finance Bill 2021. In its proposals for budget 2021/2022, the tax bar highlighted the issue related to taxation of notional income. It said that the difference between the benchmark rate and the actual rate of interest […]
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ISLAMABAD: The Federal Board of Revenue (FBR) witnessed a substantial increase in tax collection from salary income during tax year 2020, marking a sharp growth of 69 percent compared to the previous year. This significant rise is largely attributed to revisions in the income tax slabs for salaried individuals introduced under fiscal reforms.
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KARACHI: The government is working on reducing the brackets of salary income tax to five from existing 11 besides reducing the income slabs, according to country report on Pakistan issued by International Monetary Fund (IMF) on Thursday. Pakistan has assured the IMF to take major initiatives in the upcoming budget 2021/2022. According to the report […]
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Income Tax Ordinance, 2001 has defined the meaning of salary for the purpose of determining income of a paid employee. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) defined the salary as : (1) Any salary received by an employee in a tax year, […]
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