Taxable Income - Taxation Query - 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: Taxable Income - Taxation Query (/showthread.php?tid=3600) |
Taxable Income - Taxation Query - shukla - 07-23-2006 Rule{6c(a)} motor vehicle is owned by employer and maintained by employer and motor vehicle is used for personal and business use, then the amount to be included in taxable salary income is lessor of the followings amount Rs 3,600 or 50% of the running and maintainance costs Note; this was the situation before finance bill 2006, what is the new situation now Rule{6c©}motor vehicle is owned by employer and maintained by employee and motor vehicle is use for personal and business use,then conveyance allowance less the higher of the followings shall be included in the taxable salary income Rs 2,400 or 7.5%of the basic salary what iss the changed situation after finance bill? Rule[6c(e)] motor vehicle is owned by employee and maintained by employer and it is used for personal as well as for private use then conveyance allowance less the higher of the followings shall be taxable; Rs 1,200 or 2.5%of the basic salary what is the changed situation after finance bill2006? dear members am in deep trouble, as our tax teacher have left the college becoz of some problems with the management,and now we do not find any solutions to our problems,so i and our class mates have decided to put our problem to this forum for solution regards shukla - Abdur.Rehman - 07-29-2006 All the exemptions except 10% medical allowance have been withdrawn and the limit for slab application is increased..I will give u a detailed answer in a day or two.. - shukla - 07-29-2006 okh mr abdur i will wait for yr reply, but do favour me as quickly as possible,becoz i find no other way but to consult this forum,as u would be aware of the fact the no book is available in the market , i mean the updated version since the last finance act. regards shukla - Abdur.Rehman - 07-29-2006 But if u r preparing for Autumn 2006 attempt u shudnt worry. as the bill 2006 has not been passed and formed into act. and i dont think ICAP will test it... anyways make sure that they r applicable. u can send a mail to ICAP in this regard - shukla - 07-31-2006 come on abdur.let me give the details plz.and if u know the website from where i can surf singnificant sRO, plz also mention that site. regards shukla - FarhanScorpion - 08-01-2006 Dear Shukla! Please go to website www.ey.com/pk and download BUDGET BRIEF 2006.Well in case of co maintained car with 50050, you should take 5% of car cost per year as a taxable amount and for 100 % personal use, u should take 10%. Regards Farhan - Mahtab - 08-01-2006 further detail please click on Please Visit www.cbr.gov.pk/newdt/circulars/2006/2006circular3.zip Thanks Mahtab - Abdur.Rehman - 08-02-2006 Yes it is the case. All exemptions regarding allowances except 10% medical allowance have been withdrawn. and farhan is right in case of motor vehicle. - FarhanScorpion - 08-02-2006 Thanks Abdul Bhai.Itz me pri_farhan@hotmail.com Regards Farhan - Abdur.Rehman - 08-03-2006 nice to see u here.... hoping for some real positive contributions.... - shukla - 08-03-2006 ok members let me put it in another way; Mushtaq recieved RS 50000 as conveyance allowance. he has been provided with a car which is used both for personal and business use,and the employee spent Rs 30000 on running of the car. Now my question is that how much amount will be included in the taxable income of Mushtaq. regards shukla - Abdur.Rehman - 08-05-2006 Amount to be included in salary = conveyance allowance i.e 50000 + 5% of cost of vehicle if purchased or fair value if leased - shukla - 08-05-2006 yes abdur i agree with u, that is the case. But this in the question of pac past papers,n the difficulty am facing here is that no such leasing or acquisation cost is given, just it says that running and maintainance cost is RS 30000 to employee. Now what should i do regards shukla - Asadullah - 08-11-2006 I`m a ICMAP student and would like to know wether the post 2006 bill rules are required from us while sitting November exams of ICMAP? I`d be really appreciated.. |