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Format of Rules For The Computation of Salary Income Rs. Rs. Income From Salary U/S 12
Format of Rules For The Computation of Salary Income Rs. Rs. Income From Salary U/S 12
Note:
i) If the accommodation is provided in a mufasal area/town/not in
a big city then the value of accommodation shall be detemined
@ 30% instead of 45%.
i) Within 12 Months:
Gain xxxx
less: Capital loss xxxx Taxable
ii) After 12 Months:
Gain xxxx
less: 25% of gain xxxx
less:Capital loss xxxx Taxable
4)Gain on sale of immovable property:
3) Less: Tax reduction in case of senior citizen & disabled person @ 50% of tax
payable if:
i) In case of senior citizen: Age of taxpayer is 60 years or above on the first
day of tax year (OR) in case of disabled person: the person should hold CNIC for
disabled person.
ii) Taxable income during the tax year is upto Rs.1,000,000.
Less: Tax reductin @ 40% of tax payable on salary income in case of a teacher or
researcher employed in a non-profit educational or research institution.
Less: Tax credit in case of foreign source income:
7) Less: Tax credit @ 2.5% of tax payble to a registered manufacturer under Sales
Tax Act if he sells 90% of his goods to registered persons.
Add: Tax on separate block income:
i) Capital gain on public/listed company shares or modaraba certificates etc.
a) Holding period less than 12 months @ 15%
b)Holding period 12 months but less than 24 months @ 12.5%
c) Holding period 24 months but less than 48 months @ 7.5%
d) Holding period 48 months or more @ 0%(Exempt)