Restriction on #nonfilers on the purchase of cars and land is being reinstated.

By -

FinanceMinister AsadUmar has announced that the restriction on nonfilers on the purchase of cars and land is being reinstated.

Overseas #Pakistanis, buyers of motorcycles and rickshaws of up to 200cc engine capacity, and widows will be exempted; the latter, however, only on inherited properties.

The deadline to file taxes has been extended till November 30, 2018.

Comments

  1. Rashid AK6 October 2018 at 03:56

    I have a question.
    what are the tax implications If a company give its main product like mobile phone company give mobile phone as a gift to its employees or customers.

    ReplyDelete

Post a Comment

Live Stream

Legal Advise

Legal Advise

Taxation Training

Taxation Training

Popular posts from this blog

ASSESSMENT PROCEDURES UNDER THE INCOME TAX ORDINANCE, 2001

By -
Image
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 ...
Read more

Taxability of Income From Property

By -
Image
NOTE: The following discussion is under the provisions of Income Tax Ordinance, 2001 only. Provisions of Provincial Sales Tax on services will be updated over a period of time. The 'rent' received or receivable by a person for a tax year is taxable under the head 'Income from Property'. However, any rent which is exempt from tax under any provision of the Income Tax Ordinance, 2001 shall be ignored while computing the "Rent Chargeable to Tax" (RCT) under this head. [15(1 )]  RENT [2(49), 15(2) to (5), 16]  "Rent" means any amount received or receivable by the owner of the land or the building for its use or occupation by some other person. Generally, the amount received or receivable is taken as rent. However, where the 'fair market rent' (FMR) is more than the actual rent, then the fair market rent shall be taken as rent. [15(4)]  For the purposes of the Income Tax, following amounts are also included in "Rent Cha...
Read more

Taxation of Gratuity in Pakistan

By -
Image
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)     ...
Read more