Income Tax in Pakistan - An Overview



Law relating to taxation of income in Pakistan is affirmed in the Income Tax Ordinance, 2001 (the Ordinance) and the rules frame there under viz. Income Tax Rules, 2002 (the Rules). The Ordinance is a Central order and is; therefore, applicable to the whole of Pakistan. Under section 4 of the Ordinance, income tax is compulsory for each tax year at specific rates on every person who has taxable income for the year. The tax payable is calculated by apply the rate(s) of tax to the taxable income of the taxpayer for the year and any tax credit permitted to the taxpayer for that year is deduct from that amount.

The following tax credits are acceptable under Chapter 3 Part 10 of the Ordinance:
Charitable donations, investment in shares, retirement annuity scheme and profit on debt.

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View GuidelinesIncome Tax Return Forms Section
Income Tax Return Forms For Tax Year 2012 (New)

1- Income Tax Return (IT-2) for Individuals & AOPs for Tax Year 2012 with Calculation Formula


Income Tax Return Forms For Tax Year 2011

Income Tax Return Forms For Tax Year 2010
Refund Application Form  (Click here to download form)
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1 comment:

  1. Dear Sir,

    Please tell us what should be closing entries at the time of winding up of a company.
    for example: fixed Assets are 2 million, receivables 5 million, equity 9 million (Capital, surplus, retained earning), and other payables is 0.1 million.


    thanks

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