Updates on Tax Laws, Economy and Stock Market in Pakistan
A person’s income from business and profession is taxable under the income head “income from business” at the rates as given in Division I of Part 1 of the First Schedule of the Income Tax Ordinance 2001. Business income tax is explained in the section 18 of the Income Tax Ordinance 2001 and includes the … Read more
Perquisites are benefits (cash or non-cash) that are provided by an employer to an employee associated with the employment in addition to salary or wages such as motor car, rent-free accommodation, utilities, etc. For computation of taxable income, the procedure for valuation of perquisites is described in the Income Tax Ordinance 2001. Section 13 of … Read more
Income from salary in Pakistan means any income that is earned/received by a person against services rendered in relation to his employment. Salary Income Tax Slabs are described in the First Schedule, Part I, Division I, clause (ii) of Division I, and clause (ii) of the Ordinance What is Salary Salary received by a person … Read more
Income Tax Rates for Individuals and Association of Persons in Pakistan for Tax Year 2022 Income Tax rates for individuals and Association of persons are defined in the First Schedule, Part I, Division I, clause (i) of the Income Tax Ordinance 2001. The income tax rates for the Tax Year 2022 are given in the … Read more
The last date for tax return in Pakistan for persons having a normal tax year for Tax Year 2022 is the 30th of September 2022. Last Date of Income Tax Return In accordance with the provisions of the Income Tax Ordinance 2001, the last date of filing income tax return in Pakistan for persons having … Read more
A tax year in Pakistan is a period of twelve months for which the income of a person or entity is taken for the purpose of taxation and filing income tax returns. The term Tax Year was introduced in Pakistan in the Income Tax Ordinance 2001. Previously, in the ordinance of 1979, the concept of … Read more