Start a free trial now to save yourself time and money. I think it will serve its purpose to the reader ably of this overview of income tax. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Super tax for rehabilitation of temporary displaced persons. Income tax slab rates for fy 201617 ay 201718 budget. Where the income of an individual chargeable under the head. For salaries tax, the ceiling is applied each individual taxpayer. Were going to demystify the tax exemption options that were introduced or extended in fy 201617 ay 201718, so you can plan your taxes better this year. It has been prepared by taking aide from income tax ordinance1984, nbr website and publications, various sros, taxationii icab manual and open tax resources of big 4 firms. Net chargeable income income deductions allowances. The inland revenue act provides the legal authority to charge, levy and collect income tax on the gains and profits of every person, which arose or is arising to such person for every year of assessment commencing after 1 st of april, 2018.
These comments represent our interpretation of the legislation. The provisions of the finance act, 2016 are generally applicable from 01 july 2016, unless otherwise specified. Furthermore, tax credit should also be extended to those companies 90% of whose. Nbr form fill out and sign printable pdf template signnow. After the download is complete, close or minimize your browser and open the file directly from the folder you saved it in. Income tax rate for domestic companies reduced to 22%.
Ordinance to override other laws 25 chapter ii charge of tax 4. Nonresident individualhuf net income range incometax rates health and education cess up to rs. If you dont have a clue about the income tax laws in our country and youre worried about your taxes, then this is just the article for you. City of pontiac, michigan proposed budgets 201617 fiscal. Inheritance tax calendar 201718 201617 2017 2017 2017. Income tax it income tax is charged on the basis of the provisions under the inland revenue act, no. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Ordinance to override other laws 24 chapter ii charge of tax 4. The taxation and other laws relaxation of certain provisions ordinance, 2020. Budget ordinance fiscal year 201617 be it ordained by the board of commissioners of the town of oriental, north carolina. General this note covers the comments on matters contained in the income tax amendment ordinance, 2016 amendment ordinance dated july 31, 2016. A rate of 100% applies to cars with co 2 emissions of 75gkm or less.
Where the income of an individual chargeable under the head salary exceeds fifty per cent of his taxable income, the rates of tax to be applied are as follows. The most secure digital platform to get legally binding, electronically signed documents in just a few seconds. Subordination and control of income tax authorities. Taxation proposals 2016 2017 5 p a g e credit under section us 65a of the income tax ordinance should be increased to 5% and should be available to all tax payers. Income tax slabs 201617 salaried persons finance act 2016. Icma pakistans budget 201617 commentary preface on behalf of the institute of cost and management accountants of pakistan icma pakistan, i am delighted to present the budget commentary for the year 201617. The federal board of revenue fbr has exempted tax from provisions of section 7b tax on profit on debt of the income tax ordinance 2001 for recipients of profit on debt from behbood saving certificates or pensioners benefit accounts. Income tax ordinance, 2001 21 tax collection and withholding guide 48 sales tax act, 1990 63 federal excise act, 2005 73 customs act, 1969 76. Condonation of delay under section 1192b of the incometax act, 1961 in filing of form no.
Income tax ordinance 2001 federal board of revenue. The amount of rebate is 100 per cent of incometax or rs. In order to attract fresh investment in manufacturing and thereby provide boost to makeinindia initiative of the government, another new provision has been inserted in the incometax act with effect from fy 201920 which allows any new domestic company incorporated on or after 1st october 2019 making fresh investment in manufacturing, an option to pay incometax at the rate of 15%. The inland revenue ordinance charges income from an office, an employment or a pension to salaries tax, profits from a trade or business to. Fbr income tax ordinance 2001, amended up to june 30, 2016. The more a taxpayer earns the more he should pay is the basic principle of charging income tax.
Sale tax and income tax system in pakistan duration. Affs tax memorandum on federal budget 2019 pwc pakistan. It is further reduced by the tax reduction, subject to a maximum. Surcharge on total income in fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Salaries tax certified public accountant appellant receiving honorarium from professional institution whether honorarium chargeable to salaries tax whether appellant an employee of institution sections 81, 91a, 14 and 684 8 andof the inland revenue ordinance chapter 112 iro. Below are the income tax slab rates for fy 201617 or ay 2017 18. In the sales tax act, 1990, amended bill 201617 new inserted deletion or omitted substituted 2 the provisions of section 216 of income tax ordinance, 2001 xlix of 2001, shall, mutatis mutandis, apply to. Home taxation income tax ordinance, 2001 amended upto 30. Fill out, securely sign, print or email your form of return of income under the income tax ordinance 1984 instantly with signnow. Condonation of delay under section 1192b of the incometax act, 1961 in filing of return of income for a. For profits tax, the ceiling of the tax reduction is applied to each business.
The emphasis should be on the practical application of such changes in. The limits of 75g km and gkm are to be reduced to 50gkm and 110gkm from 1 april 2018. It is deductible from incometax before calculating education cess. Under the provisions of section 11 of the incometax act, 1961 hereafter act the primary condition for grant of exemption to trust or institution in respect of income derived from property held under such trust is that the income derived from property held.
Condonation of delay under section 1192b of the income. Page 1 of 46 city of pontiac, michigan proposed budgets 201617 fiscal year 201718 fiscal year. Income tax tax expenditure in respect of direct taxes during fy2017 has been reflected in table1. The purpose of preparing this commentary is to provide a deep insight on the federal budget 201617 and enable the. Cras primary revenue source is tax increment financing tif, which is generated through the incremental growth of ad valorem taxes beyond an established base year, as defined in section 163. Income tax is imposed on the basis of ability to pay. Kolkata 700001 edition based on provisions applicable for ay 201617 references 1. The finance act 2018 and statutory changes in the income.
Act, 1961 market rate of gold and silver as on 32011. In bangladesh income tax is being administered under the tax legislations named. Existing thirty sections and two schedules of the incometax ordinance 1984 ito have been amended or deleted and two new sections have been inserted to the ito through the finance act 2018 and. Through the amendment ordinance, certain fundamental changes have been made in the income tax ordinance, 2001 2001 ordinance on the subject of tax incidence on disposal of immovable properties and source of investments in such. Budget 201718 audit, consulting, advisory, and tax services. Fiscal year 201617, which covered the period from october 1, 2016 through september 30, 2017.
513 164 1533 1039 807 431 743 1168 568 73 238 1244 1266 1249 1028 1497 306 17 361 102 98 625 103 1336 1173 95 1443 391 1345 93 346