Income Tax

Government of Pakistan, Central Directorate of National Savings, Islamabad has issued Notification on 09-07-2019 in connection with Revised Rates of Withholding Tax on Prize Bonds Prize Money. Detail is as under: The undersigned is directed to refer to the amendments made in Cause 1 of Division VI of Part-III of 1st Schedule of Income Tax … Read more

The Punjab Finance Act 2019 has been notified by Provincial Assembly of the Punjab on 28-06-2019. The same bill has been passed on 26th June 2019 by the Punjab Assembly. Summary is as under: It extends to whole of the Punjab It shall come into force on the 1st day of July 2019 Special thanks … Read more

I am here sharing the Income Tax Collection Amount as Per Annum Basis for the salaried persons. In this chart you will find the following: Taxable Income per month Taxable Income per annum Tax Incidence before Tax Incidence after Change in Tax Incidence in Rupees Change in tax incidence %age Special thanks to Mr. Adnan … Read more

I am here sharing the Complete Income Tax Slabs 2019-20 for Salaried Persons for their information. Tax range is 5% to 35% that has been covered into 11 slabs as given in the table. If an employee gets salary 600,000/- per annaum and average 50,000/- per month or more then he is eligible for the … Read more

According to the Budget Speech 2019-20, I am sharing the New Income Tax Rates 2019-20 for Government Employees for Government Employees. Detail is as under: Minimum taxable income has been fixed Rs. 600,000/- per annum for the salaried persons and for the non-salaried persons it has been fixed Rs. 400,000/-. There will be introduced 11 … Read more

Government of Pakistan, Revenue Division, Federal Board of Revenue Islamabad has issued Notification on 03-06-2019 in connection with Extension in Date Filing Income Tax Returns upto 30th June 2019.                 According to the Notification, the date of filing of returns of Total Income / Statement of final taxation which were due on 31st August 2018 … Read more