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, […]
ISLAMABAD: A person deriving income salary is required to retain salary certificate indicating amount of salary and tax deducted for six years, sources said on Friday. The sources said that the requirement of retaining record for six years is mandatory under income tax laws. Similarly taxpayers deriving income from property are required to retain following […]
ISLAMABAD: Tax collection from salary increase has sharply increased by 75 percent during first half (July – December) of current fiscal year 2019/2020 owing to changes brought in tax rates through Finance Act, 2019. According to official data, the Federal Board of Revenue (FBR) collected Rs57.5 billion from salary income during July – December 2019/2020 […]
KARACHI: The collection of income tax has registered sharp growth of 85 percent on salary received by executives/directors of companies. The unprecedented growth has been witnessed due to changes in salary tax slabs introduced through Finance Act, 2019. The collection of income tax has increased to Rs3.1 billion during first seven months (July – January) […]
KARACHI: The tax collection from salary income of companies’ directors has increased by 93 percent during first six months of current fiscal year. According to Large Taxpayers Unit (LTU) Karachi, the major revenue arm of Federal Board of Revenue (FBR), the tax collection increased to Rs2.7 billion during first half (July – December) of current […]
KARACHI: Federal Board of Revenue (FBR) has said that for determination of tax the salary income shall include the value of all perquisites, allowances and benefits received by employees. FBR officials said on Tuesday that the salaried persons should include all such income while filing their annual income tax returns, if their employers had not […]
KARACHI: The income tax collection from salary income has witnessed sharp decline of 43 percent during fiscal year 2018/2019 due to significant concession granted in the budget of election year. State Bank of Pakistan (SBP) in its annual report on State of Pakistan Economy 2018/2019, revealed that withholding income tax fell 43 percent to Rs76.4 […]
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 effective from July 01, 2019 under which every employer paying salary to employees above threshold income shall deduct withholding tax. According to official documents made available to PkRevenue.com, the FBR said that every person responsible for paying salary to an […]
KARACHI: Tax collection from salary income declined by 44 percent due to changes in income tax rates for all income slabs, according to a report issued by State Bank of Pakistan (SBP). The SBP said that during first nine-months of fiscal year 2018/2019 the tax collection on salaries remained much lower than in the same […]
ISLAMABAD: The Parliament has approved the Finance Bill 2019 to implement rate of income tax on salary income. The statutory exempt income has been enhanced to Rs600,000 for tax year 2020 through Finance Act, 2019. S.No Taxable Income Rate of Tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. […]