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IS THERE ANY TAX EXEMPTION FOR SALARIED PERSON? - Printable Version

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IS THERE ANY TAX EXEMPTION FOR SALARIED PERSON? - zeeshanji - 02-15-2012 03:31 PM

DEAR ALL

MY QUESTION IS THIS "IS THERE ANY TAX EMPTION FOR SALARIED PERSON OTHER THAN MEDICAL ALLOWANCE?

KINDLY REPLY.


- mudassir.ali - 02-16-2012 08:54 PM

Yes

1. Employer contb to PF - 10% of basic salary or Rs 100,000/- whichever is less, Amount does not exceeds contb by employee.
2. Approved Gratuity/Superannuation fund ---- 100% exempt.
3. Approved schemes -- upto Rs 200,000/-
4. Pension -- fully exempt
5. Donations to approved institutions paid by employee 20% of Taxable inc (OR) Rs 500,000/- whichever is lower.
6. Investments in shares through IPO / Mutual funds by employee (For three years) Rs 500,000/- OR 10% of taxable income OR Cost of acquisition whichever is lower.
7. Senior Citized Reduction in tax liability Age is above 60 years & annual income is less than Rs 1 million, reduction upto 50% of actual taxliability.
8. Full time teacher & Reasercher 75% reduction in tax liability, if employed with Recog Non-profit inst
9.Zakat paid by employee 100% of amount paid as zakat under zakat & usher Ordinance.
10. Profit on debt on loans for purchase/construction of house Rs 750,000/- OR Actual amount paid OR 50% of taxable income whichever is lower, provided loan is received from Bank, FI, Govt, local authoriy or listed company.


- sharif lakhani - 02-18-2012 04:44 AM

Great Information . Thanks mudassir bhai
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by mudassir.ali</i>
<br />Yes

1. Employer contb to PF - 10% of basic salary or Rs 100,000/- whichever is less, Amount does not exceeds contb by employee.
2. Approved Gratuity/Superannuation fund ---- 100% exempt.
3. Approved schemes -- upto Rs 200,000/-
4. Pension -- fully exempt
5. Donations to approved institutions paid by employee 20% of Taxable inc (OR) Rs 500,000/- whichever is lower.
6. Investments in shares through IPO / Mutual funds by employee (For three years) Rs 500,000/- OR 10% of taxable income OR Cost of acquisition whichever is lower.
7. Senior Citized Reduction in tax liability Age is above 60 years & annual income is less than Rs 1 million, reduction upto 50% of actual taxliability.
8. Full time teacher & Reasercher 75% reduction in tax liability, if employed with Recog Non-profit inst
9.Zakat paid by employee 100% of amount paid as zakat under zakat & usher Ordinance.
10. Profit on debt on loans for purchase/construction of house Rs 750,000/- OR Actual amount paid OR 50% of taxable income whichever is lower, provided loan is received from Bank, FI, Govt, local authoriy or listed company.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


RE: IS THERE ANY TAX EXEMPTION FOR SALARIED PERSON? - amir7500 - 09-05-2014 01:09 PM

I think, under then 4000000 salary person is exempt from tax per year.