Updates on Tax Laws, Economy and Stock Market in Pakistan
Further extension in the last date of the income tax return for the tax year 2022 has been announced by FBR up to the 15th of December 2022. The FBR has issued the notification for an extension in the tax return’s last date in Pakistan on the 30th of November 2022. The last date was … Read more
Capital Gain Tax is payable on any gain arising from the sale or disposal of a capital asset (immovable property) during a tax year and is taxable under the head “Capital Gains”. The Capital Gain Tax is described in section 37 of the Income Tax Ordinance 2001. Any gain or profit arising from the disposal … Read more
The concept of deemed income on the capital assets held by a resident taxpayer was introduced by the insertion of section 7E in the Income Tax Ordinance 2001 which is effective from the tax year 2022 onwards. A new section 7E has been inserted in the Income Tax Ordinance 2001 by the Finance Act 2022 … Read more
Further extension in the last date for tax return 2022 in Pakistan, for the persons with the normal tax year, has been granted by the FBR up to the 30th of November 2022. Previously the last date for tax returns was the 31st of October 2022 which was fixed by allowing an extension in the … Read more
Rental income from property i.e land or building is taxable as per the provisions described in sections 15 and 16 at the tax rates for rental income 2022-23 given in the First Schedule of the Income Tax Ordinance 2001. The taxable rental income is calculated after making certain deductions as allowed in the ordinance. … Read more
Income derived as rent from letting out of property i.e. land or building for use or occupation in a tax year is taxable under the head of income “Income from Property”. Tax on property income is described in sections 15 and 16 of the Income Tax Ordinance 2001. Rented property may be land or a … Read more
The last date of tax return 2022 in Pakistan for persons with a normal tax year has been extended by FBR up to the 31st of October 2022. Previously the last date for tax returns was the 30th of September 2022. The extension in the date of the tax return for the tax year 2022 … Read more
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