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Taxation of Gratuity in Pakistan

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Following are the procedures of taxation of gratuity laid down in the Income Tax Ordinance,  2001. We have summarized all the provisions of Income Tax Ordinance, 2001 relating to Gratuity in one place for the ease of our readers. Taxation of gratuity under the head Income From Business In the head “Income from Business” if contribution is made to an unapproved Gratuity than no deduction will be allowed for the same- Section 21(e) of the Income Tax Ordinance, 2001 Taxation of gratuity for Salaried Individuals Gratuity is part of salary as specified under section 12(2)(a) and Six Schedule Part III Clause 4 of the Income Tax Ordinance, 2001.  Exemption criteria under Second Schedule Part I Clause 13 Any Gratuity received on retirement of employee by employee himself or by his legal heirs after death of employee shall be exempt from levy of income tax subject to the following limits not exceeding:  1)     ...
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How to obtain exemptions under various provsions of Income Tax Ordinance, 2001 - Sample Letters included

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1. INTRODUCTION 1.1 The exemptions provided under the Income Ordinance, 2001 are spread all over the said statute under various provisions and in order to have an in depth understanding of the same it is very important to analyse all the relevant provisions and to arrange them in a single meaningful way. 1.2 In this blog all efforts have been made to arrange the provisions regarding the exemptions under the Income Tax Ordinance in one place for an easy understanding of its valuable readers. 2. OVERVIEW OF EXEMPTIONS PROVIDED UNDER INCOME TAX ORDINANCE, 2001 2.1 The provisions of exemptions provided under the Income Tax Ordinance, 2001 can be divided into following three broad categories which will be discussed in detail later in this blog: Exemptions and Tax Concessions provided under Part VII of Chapter III of the Income Tax Ordinance, 2001; Exemptions under the ambit of Section 159 of the Income Tax Ordinance, 2001; and  Exemptions and Reduction ...
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ASSESSMENT PROCEDURES UNDER THE INCOME TAX ORDINANCE, 2001

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If  you are searching for various types of notices sent by FBR please click here 1. Original Assessment Order - Filing of Return of Income Section 120 of the Income Tax Ordinance, 2001 A return of income once filed by the taxpayer instantly becomes an assessment order under section 120 of the Income Tax Ordinance, 2001. Where a taxpayer has furnished a complete return of income (other than a revised return under sub-section (6) of section 114) for a tax year ending on or after the 1st day of July, 2002,— (a) the Commissioner shall be taken to have made an assessment of taxable income for that tax year, and the tax due thereon, equal to those respective amounts specified in the return; and (b) the return shall be taken for all purposes of this Ordinance to be an assessment order issued to the taxpayer by the Commissioner on the day the return was furnished. Section 114 of the Income Tax Ordinance, 2001 Please click here to see the complete list of ...
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