Updates on Tax Laws, Economy and Stock Market in Pakistan
Rental Income Tax Rates in Pakistan for Tax Year 2024 Income generated from renting out properties, such as land or buildings, is subject to taxation by the guidelines outlined in sections 15 and 16 of the Income Tax Ordinance 2001. The rental income tax rates for income during the fiscal year 2023-24 are specified in … 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