Introduction Advance tax is a type of tax that individuals, businesses, and corporations must pay. Certain categories of taxpayers are required to pay advance tax, and non-compliance can result in penalties and legal consequences.” This is Part II of our article, where we will talk more about advance tax on new motor vehicle registration, transfer …
Introduction Advance tax is a form of taxation that requires individuals, businesses, and corporations to pay a portion of their estimated tax liability in advance. It is mandatory for certain categories of taxpayers to pay advance tax, and failure to comply with the requirements can result in penalties and legal consequences. School Supplies In this …
Introduction Withholding Tax is the tax under which tax deducted or collected at source is treated as a minimum tax for such transaction. This tax becomes final tax when withholding tax is higher than normal tax, otherwise, adjustable in normal tax. Withholding Tax on Supply of goods by a resident person – Section 153, Division …
Introduction Withholding is the tax under which tax deducted or collected at source is treated as a minimum tax for such transaction. This tax becomes final tax when withholding tax is higher than normal tax, otherwise, adjustable in normal tax. Withholding Tax deducted on services – Section 153 Division III (2) Part III 1st Schedule …
Final Tax Definition The final tax regime (FTR) is the method of taxation where tax deducted is considered as a full and final discharge of the tax liability. Income from the final tax regime is not reduced by any deductions or allowances nor any tax credit is given or losses are adjusted. School Supplies Final …
Final Tax Definition The final tax regime (FTR) is a method of taxation where the taxpayer considers the tax deducted as a full and final discharge of their tax liability. Income from the final tax regime is not subject to any deductions, allowances, tax credits, or adjustments for losses. Final Tax Regime Part I Final …
Final Tax Regime (FTR) Definition The final tax regime (FTR) is the method of taxation where tax deducted is considered as a full and final discharge of the tax liability. Income from the final tax regime is not reduced by any deductions or allowances nor any tax credit is given or losses are adjusted. The …
Introduction: Tax under section 7 E and Division VIII C Part I of 1st Schedule @ 20% shall be imposed on the 5% Fair Market Value of the CAPITAL ASSET. It is considered as Deemed Income on immovable property. This income is deemed to have been earned on that CAPITAL ASSET by a …
7E Capital Gain – Deemed Income on Immovable Property Read More »
Introduction Rent chargeable on an accrual basis is taxable under the head [mkd_highlight background_color=”” color=”green” padding=”” line_height=”” font_size=”17″]income from property[/mkd_highlight]. Rent means the sum of money either received or receivable by the owner of any land or building for the use or occupation. (Section 15-16). Chargeable rent consists of the following; Higher of actual rent …
Income from Property – Income Tax Ordinance 2001 Read More »
