Blogspot - paktaxation.blogspot.com - Taxation
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16 More Sectors to be Taxed - Under Sales Tax Act 3 Jul 2013 | 06:55 pm
The Punjab government has brought as many as 16 more sectors under the ambit of sales tax on services. The newly added sectors include services provided by 1) software or IT-based system developme...
Luxury Tax on Houses 3 Jul 2013 | 04:18 pm
The Punjab Excise and Taxation Department has started issuance of notices to the owners of the big houses for payment of luxury tax on houses for the FY 2013-14, official sources told Business Recorde...
Business Income - Inadmissible Expenses 23 Apr 2013 | 10:15 am
Deductions Not Admissible (Section 21) i) Amount paid or payable on account of any cess, rate or tax levied on profits or gains of business or assessed as percentage or otherwise on the basis of such...
Income From Business - Definition and Admissible Expenses 22 Apr 2013 | 01:19 pm
Business Income The following incomes of a person for a tax year, other than exempt incomes, shall be chargeable to tax under this head of income: Any profit and gain from a business which is carrie...
Income From Property 8 Apr 2013 | 12:04 pm
PROPERTY Property means an immovable property whether improved / constructed or not, other than agricultural land from which the income derived is “agricultural income”. It includes land containing n...
Salary Income - Difference Provisions 5 Apr 2013 | 10:45 am
Sr # Description Taxablity Remarks / Condition / Limit 1 Utility Allowance Taxable Includes water, gas, electricity allowance. 2 House Rent Allowance Taxable 3 Free accommodation Taxable ...
Medical Allowance - Tax Treatment 5 Apr 2013 | 10:21 am
According to Clause 139 of part 1 (Exemption from total income) of 2nd Schedule of Income Tax Ordinance, 2001 a) If Medical Facility or reimbursement of actual Medical expenses is provided: in acco...
Salary - Definition 28 Mar 2013 | 11:05 am
Any amount received by an employee other than an amount exempt from tax, in a tax year from employment, whether the amount is in a capital or revenue nature, including arrears or amount received in ad...
Salary Income - Taxability 26 Mar 2013 | 01:36 pm
Taxability: Salary is taxable on "Receipt" basis. Receipt: means if salary is - actually received or - made available to - apply or contribute on behalf of the employee by any law or regulation Q...
