Benefits of filing your Income Tax

There are many benefits of filing income taxes in Pakistan but most of the salaried persons don’t know them or are too much afraid of Tax Returns and FBR. Most of the salaried persons are engaged in multinational industries or factories that deduct the income tax at source (They get their salary after tax deduction) yet they don’t have NTN and don’t file taxes. These people can enjoy the maximum benefit of filing taxes as they are already paying their taxes.

FBR has made it mandatory for all salaried employees (government and private) having taxable income to file their income tax returns. They have also started sending random letters to people to register for NTN and file income statement as well as wealth statement. Since people are reluctant to get NTN and file taxes in Pakistan, government has made new rules so that filers enjoy the benefits while non-filers have to pay extra charges. This is just the beginning. The charges will keep on increasing for non-filers. So, a wise decision will be to get registered with FBR as soon as possible and enjoy the benefits.

Following table throws light on the benefits of becoming a filer:

source url S.#

جميع الاسهم السعوديه Activity

التاريخ خيار ثنائي Tax Applicable

http://asect.org.uk/?ilyminaciya=%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-%D8%AD%D8%B3%D8%A7%D8%A8-%D8%AA%D8%AC%D8%B1%D9%8A%D8%A8%D9%8A-%D8%A3%D8%B3%D8%AA%D8%B1%D8%A7%D9%84%D9%8A%D8%A7&9f8=70 Non-Filers

http://theiu.org/?alisa=%D9%83%D9%8A%D9%81-%D9%8A%D9%85%D9%83%D9%86-%D8%B1%D8%A8%D8%AD-%D8%A7%D9%84%D9%85%D8%A7%D9%84-%D9%85%D8%AC%D8%A7%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A5%D9%86%D8%AA%D8%B1%D9%86%D8%AA&925=90 Filers

go here 1

source url Banking Transactions
a  Withholding on Cash Withdrawal over Rs.50,000

0.6%

0.3%

b  Withholding on Bank Transfer, Cheque, Demand

Draft, Purchase Order exceeding Rs.50,000

0.4%

0%

http://parts.powercut.co.uk/?risep=%D9%88%D8%B3%D8%B7%D8%A7%D8%A1-%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9-%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1-%D8%A8%D8%A7%D8%B3%D8%AA%D8%AE%D8%AF%D8%A7%D9%85-%D8%A8%D8%A7%D9%8A-%D8%A8%D8%A7%D9%84&22f=2c 2

follow url Purchase of Vehicles
a  Under 851CC

Rs 10,000

Rs 10,000

b  851CC – 1000CC

Rs 25,000

Rs 20,000

c  1001CC – 1300CC

Rs 40,000

Rs 30,000

d  1301CC – 1600CC

Rs 100,000

Rs 50,000

الخيار ثنائي التحكيم 3

طريقة تداول الاسهم عن البنك الاهلي Registration of Vehicles
a  Under 851CC

Rs 10,000

Rs 10,000

b  851CC – 1000CC

Rs 25,000

Rs 20,000

c  1001CC – 1300CC

Rs 40,000

Rs 30,000

d  1301CC – 1600CC

Rs 100,000

Rs 50,000

http://jesspetrie.com/?amilto=2012-%D8%B3%D8%B9%D8%B1-%D8%A8%D9%8A%D8%B9-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D8%A7%D9%84%D9%8A%D9%88%D9%85 4

go here Transfer of Registration of Vehicles
a  Under 851 CC

Rs 5,000

Rs 0

b  851CC – 1000CC

Rs 15,000

Rs 5,000

c  1001CC – 1300CC

Rs 25,000

Rs 7,500

d  1301CC – 1600CC

Rs 65,000

Rs 12,500

follow url 5

source Transfer of Property

2%

1%

Want to become a filer and enjoy benefits? Contact us or file this form: Registration Form

Want to Calculate income tax on your salary? Use our Tax Calculator: PTM Income Tax Calculator

Income Tax for Salaried Persons

According to التداول الاسهم السعوديه Income Tax Ordinance, 2001 updated as on http://parts.powercut.co.uk/?risep=%D8%AD%D8%B3%D8%A7%D8%A8-%D8%A7%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%A8%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9&df1=49 July 01, 2016, the current applicable tax rate for salaried workers and self-employed workers are as follows:

اسعار الاسهم الامارات S. No. Annual Income Income Tax Rate
1 PKR 1 – PKR 400,000 0%
2 PKR 400,000 – PKR 500,000 2% of the amount exceeding PKR 400,000
3 PKR 500,000 – PKR 750,000 PKR 2,000 + 5% of the amount exceeding PKR 500,000
4 PKR 750,000 – PKR 1,400,000 PKR 14,500 + 10% of the amount exceeding PKR 750,000
5 PKR 1,400,000 – PKR 1,500,000 PKR 79,500 + 12.5% of the amount exceeding PKR 1,400,000
6 PKR 1,500,000 – PKR 1,800,000 PKR 92,000 + 15% of the amount exceeding PKR 1,500,000
7 PKR 1,800,000 – PKR 2,500,000 PKR 137,000 + 17.5% of the amount exceeding PKR 1,800,000
8 PKR 2,500,000 – PKR 3,000,000 PKR 259,500 + 20% of the amount exceeding PKR 2,500,000
9 PKR 3,000,000 – PKR 3,500,000 PKR 359,500 + 22.5% of the amount exceeding PKR 3,000,000
10 PKR 3,500,000 – PKR 4,000,000 PKR 472,000 + 25% of the amount exceeding PKR 3,500,000
11 PKR 4,000,000 – PKR 7,000,000 PKR 597,000 + 27.5% of the amount exceeding PKR 4,000,000
12 > PKR 7,000,000 PKR 1,422,000 + 30% of the amount exceeding PKR 7,000,000

Liability to Sales Tax

Previously, Sales Tax was charged at the manufacturing & import stages but now its scope has been extended to all the remaining sectors.

 

Following sectors are liable to get registration for sales tax and charge sales tax on their supplies/ services:

  • Manufacturing
  • Import
  • Services
  • Distribution
  • Wholesale
  • Retail

 

Sales Tax is chargeable on all locally produced and imported goods except:

  1. Computer software
  2. Poultry feeds
  3. Medicines and unprocessed agricultural products produced locally.
  4. Other goods specified in Sixth Schedule to The Sales Tax Act, 1990 (Please see below PDF file for details)

6th Schedule