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zeeshanji
Unregistered Trainee
Pakistan
6 Posts |
 Posted - Feb 15 2012 : 10:31:07 AM
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DEAR ALL
MY QUESTION IS THIS "IS THERE ANY TAX EMPTION FOR SALARIED PERSON OTHER THAN MEDICAL ALLOWANCE?
KINDLY REPLY. |
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mudassir.ali
Unregistered Trainee
Pakistan
4 Posts |
Posted - Feb 16 2012 : 3:54:02 PM
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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. |
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sharif lakhani
Unregistered Trainee
Pakistan
27 Posts |
Posted - Feb 17 2012 : 11:44:59 PM
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Great Information . Thanks mudassir bhai
quote:
Originally posted by mudassir.ali
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.
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FAQ
IS THERE ANY TAX EXEMPTION FOR SALARIED PERSON?
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