What is 2001 tax ordinance salary?
What is 2001 tax ordinance salary?
What is 2001 tax ordinance salary?
Salary.- (1) Any salary received by an employee in a tax year, other than salary that is exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head “Salary”. (2) Salary means any amount received by an employee from any employment, whether of a revenue or capital nature, including –
What is Section 151 of income tax Ordinance 2001?
Under a section 151 of Income Tax Ordinance 2001, the rate of withholding tax on profit on debt is 10 percent in case total profit does not exceed Rs500,000. However, if the profit exceeds the benchmark, the rate of withholding tax is 15 percent.
Is Gratuity Fund taxable in Pakistan?
Gratuity paid by the government to government employees is fully exempt from tax.
What is Section 154 of Income Tax Act?
As per section 154, any mistake apparent from the record can be rectified by the Income Tax Authorities in following cases: a) Any order passed under any provisions of the Income-tax Act. b) Any intimation or deemed intimation sent under section 143(1).
What is search and seizure in Income Tax Act?
Search & seizure-from income tax perspective: Seizure implies taking possession of assets, which have not been disclosed to the Income-tax Department and of accounts/documents, papers which contain details of unaccounted wealth/income not disclosed to the income tax authorities.
What is ordinance in income tax?
An Ordinance to provide relaxation in the provisions of certain Acts and for matters connected therewith or incidental thereto.
What is tax exemption in salary?
Income Tax Rebate for Salaried Person According to the Union Budget 2019, salaried individuals can avail an income tax rebate under Section 87A of the Income Tax Act, 1961. This rebate allows you to pay a marginally lower tax amount to individuals earning an income below Rs. 5 Lakh.
Is salary account taxable?
Yes. You need to mention interest income earned from your savings accounts and if it is more than Rs10,000, then pay tax as well.