Adjustable Withholding Tax for Salaried Individual - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Tax (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=8) +--- Thread: Adjustable Withholding Tax for Salaried Individual (/showthread.php?tid=5469) |
Adjustable Withholding Tax for Salaried Individual - imrank - 02-25-2009 Hi, Example I am a salaried individual and pay advance tax on salary, telephone bill, motor vehicle registration, etc. Apart from adjusting tax on salary, what other adjustments may I claim. I am not sure whether this has been discussed earlier. Can I calim withholding tax on a private motor vehicle, telephone bill, electricity bill, etc? Is there a income threshold and if there is what is it? Thanks a lot, Imran - LapTop - 03-12-2009 Presently following adjestment and Tax Credits are available to the salaried person. ADJUSTMENT OF TAX DEDUCTED/COLLECTED ON- (a) Motor vehicle U/S 234 in respect of motor vehicle registered employee's own namee (b) Telephone/Mobile phone bill as subscriber of telephon/mobile. © Cash withdrawals from bank. (d) Registration of new Car/Jeep U/S 231-B TAX CREDIT ON (a) Donation to approved NGOS (U/S 61) (b) Investment in Shares (U/S 62) © Contribution to Approved Pension Fund (U/S 63) (d) Intrest paid in respect of housing loan (U/S 64) FORMULA TAX CREDITS ALLOW = CREDIT AMOUNT x TAX BEFORE TAX CREDIT / TAXABLE INCOME |