Tax Exemption "Software Export"

[Aikkhilari]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by student_of_law</i>
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Regarding, time of conversion of value of currency, section 71 is relevant. It says, ".... the amounts shall be converted to the rupee at the SBP rate..... on the date amount is taken into account for the purpose of this Ordinance.
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Thanks a lot for your reply, it is very helpful

On conversion part, I still have some doubts. The amount which I have received in my GBP account have not been actually converted into Rupees, I am just reporting the Rupee Equivalent of the amount (with deposit date Open Market FX Rate).

I believe to avail the "Software Export" exemption you don’t have to actually convert the proceeds into Rupees. The maintenance of the funds can still be in GBP. Is this assumption correct?

Coming back to claiming the "Income Expemtion", if I do not enter anything on Row#16 to 21 and put the whole income on Row#29, assuming there is no other income, does it mean that I dont have to file Wealth Statement as my income will not touch the threshold.


Thanks again