Tax Card 2013-14

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.
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
113
Electricity Bill upto 30,000 per month (Individual & AOP).
Section
Import of Goods by Industrial Undertaking.

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
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Income Tax Card Tax Year 2014

TAX RATES FOR BUSINESS INDIVIDUALS & AOPs

Taxable Income (Rupees)

Taxable Income (Rupees)

Rs. 17,500+ 10%

Rs. 35,000 + 15%

Rs. 82,500+ 12.5%

Rs. 147,500 + 20%

Rs. 95,000+ 15%

Rs. 347,500 + 25%

Rs. 140,000+ 17.5%

Rs. 722,500 + 30%

Rs. 262,500 + 20%

Rs. 1,322,500 + 35%

Rs. 362,500 + 22.5%

Rs. 475,000 + 25%

Rs. 600,000 + 27.5%

Rs. 1,425,000 + 30%

TAX RATES FOR COMPANIES

ADVANCE TAX INSTALLMENTS U/S 147

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

Gross Rental (Rupees)

Rs. 85,000 + 15%

15% of the gross amount of rent

Minimum Tax for companies.

Distributors of Cigarettes manufactured in Pakistan, Distributors of

0.2% of the Turnover

DEDUCTION / COLLECTION AT SOURCE (ADJUSTABLE)

Poultry industry including poultry breeding, broiler production, egg production

Motorcycle dealers registered under the Sales Tax Act, 1990.

Pakistan International Airlines Corporation.

Import of edible oil & packing material.

0.5% of the Turnover

As Federal Government specify

Transport services (except companies).

DEDUCTION / COLLECTION AT SOURCE (FINAL TAX REGIME)

Import of Goods (For Companies except Industrial Undertaking).

Profit on debt (except companies).

Import of foreign produced films.

Profit on debt (In case of companies).

Services (In case of companies).

Contracts (In case of listed companies).

Registration of new motor vehicle.

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

Goods transport vehicle.

Telephone and mobile usage.

Import of Goods (Individuals & AOP's).

0.25% of the Turnover

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

Import of Goods by Industrial Undertaking.

Services (except companies).

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

Goods sold by auction.

Purchase of Air Ticket.

Sale/Transfer of Immovable Property.

Functions & Gatherings.

Foreign Produced TV Drama dubbed in Urdu by Landing Rights Channel

Foreign Produced TV Play dubbed in Urdu by Landing Rights Channel

7.5% & 10%