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Income Tax:

Income tax is a tax paid to government from your Income. In Pakistan taxable income on which tax is payable is on the income which is above 600,000 annually. For a Businessman if annual income is less than 600,000 or equal to 600,000 his/ her income tax will be 0%. Income Tax will be charged on Business Income above than 600,000 annually. The basic formula of calculating Business Income is to minus all expenses from sales or revenue.

 

Income Tax Return Filing:

In case of Businessman Tax will be calculated by owner or accounts department and will be paid/filed or adjusted by a professional lawyer to FBR. Income tax calculator is given at the end of this page.

 

Documents required to file the tax return are:

 

1) NIC Copy

2) 1 year bank statement of Business and Personal Bank Accounts from 1st july – 30th june

3) Tax deduction certificate from mobile companies

4) value of ownership property (if property is under your name)

5) vehicle value only those vehicles which are under your name

 

You can hire a professional tax lawyer to file your income tax return by clicking on Apply Now[/vc_column_text][vc_btn title=”Apply Now” color=”blue” css_animation=”bounceInDown” link=”url:http%3A%2F%2Ffateenterprise.com%2Fincome-tax-businessman-form%2F||target:%20_blank|”][vc_column_text css=”.vc_custom_1578046299892{margin-bottom: 60px !important;}”]Slabs of income tax:

As per Federal Budget 2019-2020 presented by Government of Pakistan, following slabs and income tax rates will be applicable for salaried persons for the year 2019-2020:

 

>Where the taxable salary income does not exceed Rs. 600,000 the rate of income tax is 0%.

 

>Where the taxable salary income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 the rate of income tax is 5% of the amount exceeding Rs. 600,000.

 

>Where the taxable salary income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000 the rate of income tax is Rs. 30,000 + 10% of the amount exceeding Rs. 1,200,000.

 

>Where the taxable salary income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000 the rate of income tax is Rs. 90,000 + 15% of the amount exceeding Rs. 1,800,000.

 

>Where the taxable salary income exceeds Rs. 2,500,000 but does not exceed Rs. 3,500,000 the rate of income tax is Rs. 195,000 + 17.5% of the amount exceeding Rs. 2,500,000.

 

>Where the taxable salary income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000 the rate of income tax is Rs. 370,000 + 20% of the amount exceeding Rs. 3,500,000.

 

>Where the taxable salary income exceeds Rs. 5,000,000 but does not exceed Rs. 8,000,000 the rate of income tax is Rs. 670,000 + 22.5% of the amount exceeding Rs. 5,000,000.

 

>Where the taxable salary income exceeds Rs. 8,000,000 but does not exceed Rs. 12,000,000 the rate of income tax is Rs. 1,345,000 + 25% of the amount exceeding Rs. 8,000,000.

 

>Where the taxable salary income exceeds Rs. 12,000,000 but does not exceed Rs. 30,000,000 the rate of income tax is Rs. 2,345,000 + 27.5% of the amount exceeding Rs. 12,000,000.

 

>Where the taxable salary income exceeds Rs. 30,000,000 but does not exceed Rs. 50,000,000 the rate of income tax is Rs. 7,295,000 + 30% of the amount exceeding Rs. 30,000,000.

 

>Where the taxable salary income exceeds Rs. 50,000,000 but does not exceed Rs. 75,000,000 the rate of income tax is Rs. 13,295,000 + 32.5% of the amount exceeding Rs. 50,000,000.

 

>Where the taxable salary income exceeds Rs. 75,000,000 the rate of income tax is Rs. 21,420,000 + 35% of the amount exceeding Rs. 75,000,000.

TAX CALCULATOR:

Calculate tax on your income[/vc_column_text][vc_btn title=”Calculate” color=”violet” css_animation=”fadeInLeftBig” link=”url:http%3A%2F%2Ftaxcalculator.pk%2F||target:%20_blank|”][/vc_column][/vc_row]