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Adjustable Withholding Tax for Salaried Individual
02-25-2009, 03:24 PM
Post: #1
Adjustable Withholding Tax for Salaried Individual
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
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03-12-2009, 12:03 AM
Post: #2
 
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
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