Income Tax Card Tax Year 2014

01/08/2013

READYINCOMETAXCARDFORTAXYEAR2014
FOR SALARIED PERSONS

TAX RATES FOR BUSINESS INDIVIDUALS & AOPs

Taxable Income (Rupees)

Taxable Income (Rupees)

Rate of Tax

Rate of Tax

0 to 400,000

0%

0 to 400,000

0%

400,001 to 750,000

5%

400,001 to 750,000

10%

750,001 to 1,400,000

Rs. 17,500+ 10%

750,001 to 1,500,000

Rs. 35,000 + 15%

1,400,001 to 1,500,000

Rs. 82,500+ 12.5%

1,500,001 to 2,500,000

Rs. 147,500 + 20%

1,500,001 to 1,800,000

Rs. 95,000+ 15%

2,500,001 to 4,000,000

Rs. 347,500 + 25%

1,800,001 to 2,500,000

Rs. 140,000+ 17.5%

4,000,001 to 6,000,000

Rs. 722,500 + 30%

2,500,001 to 3,000,000

Rs. 262,500 + 20%

Exceeding 6,000,000

Rs. 1,322,500 + 35%

3,000,001 to 3,500,000

Rs. 362,500 + 22.5%

3,500,001 to 4,000,000

Rs. 475,000 + 25%

4,000,001 to 7,000,000

Rs. 600,000 + 27.5%

Exceeding 7,000,000

Rs. 1,425,000 + 30%

A salaried person whose salary income is Rs. 500,000/- or more, will file return of Income electronically and it shall be accompanied
by the proof of tax deduction or payment of tax and wealth statement alongwith its reconciliation.

Reduction of 40% tax for full time teacher or researcher, employed in non profit education or Recognized Research Institutions as
per clause 2 of Part-III of the Second Schedule.

Every resident taxpayer being an individual required to file return of income & member of an AOP, shall also file Wealth Statement &
Wealth Reconciliation Statement.

Holder of Commercial or Industrial connection of electricity where annual amount of bill exceeds Rs. 500,000/- is also required to
furnish return of income.

TAX RATES FOR COMPANIES

All Companies except Banking Companies

34%

Banking Companies

35%

ADVANCE TAX INSTALLMENTS U/S 147

DEDUCTION AT SOURCE AGAINST RENT U/S 155 (INDIVIDUALS / AOPs)

Following persons shall be liable to pay advance tax u/s 147:

Gross Rental (Rupees)

1. Every company,

Rate of Tax

0 to 150,000

0%

Exclusions

150,001 to 1,000,000

10%

Persons whose income is covered under 'Dividend', 'Royalty/FTS of non-residents', 'Shipping/Air transport business of nonresidents', 'Salary' or income from which tax collected/deducted is final discharge of liability i.e. FTR mode.

Exceeding 1,000,000

2. Every individual or AOP whose latest assessed taxable income is Rs.500,000 or more,

Rs. 85,000 + 15%

DEDUCTION AT SOURCE AGAINST RENT U/S 155 (COMPANIES)

MINIMUM TAXES
Narration

15% of the gross amount of rent

Section

Rates

Minimum Tax for companies.

113

1% of the Turnover

Distributors of Cigarettes manufactured in Pakistan, Distributors of

Pharmaceutical products, Distributors of Fertilizers & Distributors of
consumer goods including FMCG, Petroleum agents & distributors who are
registered under the Sales Tax Act, 1990, Flour mills, Rice mills & dealers.

113

0.2% of the Turnover

DEDUCTION / COLLECTION AT SOURCE (ADJUSTABLE)

Narration

Poultry industry including poultry breeding, broiler production, egg production

& poultry feed production.

113

Motorcycle dealers registered under the Sales Tax Act, 1990.

113

Pakistan International Airlines Corporation.

Builders and Land Developers.

Import of edible oil & packing material.

0.5% of the Turnover

113A , 113B

As Federal Government specify

in Official Gazette

148(8)

5%

153(1)(b)

7%

Transport services (except companies).

153(1)(b)

2%

235

* As per Table

DEDUCTION / COLLECTION AT SOURCE (FINAL TAX REGIME)

Rates

148

5.5%

Import of Goods (For Companies except Industrial Undertaking).

148

Dividend.

150

Profit on debt (except companies).

Royalty or fee for Technical services rendered by non residents.

5% & 5.5%

Import of foreign produced films.

148

12%

Profit on debt (In case of companies).

151

10%

Services (In case of companies).

153(1)(b)

6%

Contracts (In case of listed companies).

153(1)(c)

6%

231A

0.3%

Cash withdrawal.
Transactions in Bank.

231AA

0.3%

Registration of new motor vehicle.

231B

* As per Table

Commission earned by member of stock exchange on purchase & sale of

shares.

233A

0.01%

Goods transport vehicle.

234

* As per Table

Electricity Bill in case of companies and in case of Individual & AOP bill
amount more than Rs. 30,000 per month.

235

* As per Table

Telephone and mobile usage.

Section

Import of Goods (Individuals & AOP's).

Rates

148

0.25% of the Turnover

113

Electricity Bill upto 30,000 per month (Individual & AOP).

Section

Import of Goods by Industrial Undertaking.

0.5% of the Turnover

Services (except companies).

Narration

"Income from property" is chargeable to tax under Normal Tax Regime.

236

* As per Table

Goods sold by auction.

236A

10%

Purchase of Air Ticket.

236B

5%

Sale/Transfer of Immovable Property.

236C

0.5%

Functions & Gatherings.

236D

10%

Foreign Produced TV Drama dubbed in Urdu by Landing Rights Channel

(Per Episode).

236E

Rs. 100,000/-

Foreign Produced TV Play dubbed in Urdu by Landing Rights Channel

(Single Episode).

236E

Rs. 100,000/-

5%

7.5% & 10%

151

10%

152(1)

15%

Payment to a non resident on account of contract (construction, assembly or

installation, including supervisory activities) and contract for advertisement
services rendered by TV Satellite Channels.

152(1A)

6%

Insurance premium and re-insurance premium paid to non resident person.

152(1AA)

5%

Sale of Rice, cotton seed & edible oils.

153(1)(a)

1.5%

Supply of Goods (All Companies except manufacturer of such goods & listed
companies).

153(1)(a)

3.5%

Supply of Goods (Individual & AOP).

153(1)(a)

4%

Contracts (All cases of companies except listed companies).

153(1)(c)

6%

Contracts (taxpayers except all cases of companies).

153(1)(c)

6.5%

Cable Television Operator.

236F(1)

* As per Table

IPTV, FM Radio, MMDS, Mobile TV, Mobile Audio, Satellite TV Channel &
Landing Rights.

236F(2)

20%

Manufacturer or commercial importer of electronics, sugar, cement, iron &

steel products, fertilizer, motorcycles, pesticides, cigarettes, glass, textile,
beverages, paint or foam sector, at the time of Sales to Distributor, dealers
and wholesalers shall collect advance tax.

236G

0.1%

Every manufacturer, distributor, dealer, wholesaler or commercial importer of

electronics, sugar, cement, iron & steel products, fertilizer, motorcycles,
pesticides, cigarettes, glass, textile, beverages, paint or foam sector, at the
time of Sales to Retailers shall collect advance tax.

236H

0.5%

Fee paid to Educational institution if it exceeds Rs. 200,000/-.

236I

5%

From Dealers, Commission agents & arhatis:

Amount of Tax (p.a)
Services rendered to Exporter of stitching, dying, printing, embroidery,
washing, sizing and weaving.

Group or Class
153(2)

0.5%

154

1%

154(2)

5%

5,000

Any other category

5,000

10,000
236J

Exports.
Indenting commission.
Sale of goods to an exporter under inland back-to-back LC or any other
arrangement like SPO.

154(3)

1%

Prize on Prize Bond & cross-word puzzle.

156

15%

Winnings from a raffle, lottery, prize on winning a quiz, prize offered by a

company for promotion of sale.

156

20%

Commission on petroleum products.

7,500

The Rate of collection u/s 233AA by NCCPL on Profit earned by the member, margin financer or
securities lender.

10%

TAX REDUCTION ON IMPORT OF HYBRID CARS U/S 148

156A

10%

Brokerage and commission.

233

10%

Commission to Advertising Agents.

233

5%

Upto 1200CC

100%

234A

4%

1201 to 1800CC

50%

1801 to 2500CC

25%

CNG Stations (on amount of Gas bill).

Particulars

RATE OF INITIAL ALLOWANCE U/S 23

Particulars

Rate

Plant & Machinery

25%

Building

25%

* RateshavebeenprescribedinatabularformatintheFirstScheduleoftheIncomeTaxOrdinance,2001.

ANJUMASIMSHAHIDRAHMAN
CHARTEREDACCOUNTANTS

Pak Law Publication

Office # 05, Ground Floor, Arshad Mansion, Near Chowk A.G Office,
Nabha Road Lahore.Ph. 042-37350473 Cell # 0300-8848226

Rate of Reduction