B.Tax (I.T-Computation of Tax Liability) Flashcards
Income Tax Ordinance 2001, Income Tax Rules 2002--- Pakistan Tax Year 2025
Draft the format for computing Total and Taxable Income.
COMPUTATION OF TOTAL AND TAXABLE INCOME
Heads of Income
(A) Salary
(B) Income from property
(C) Capital gain
(D) Income from business
(E) Income from other sources
Sum of five heads of income
Add. Exempt income
Total income
Less. Exempt income
Less. Deduction under Part 1 of 2nd Schedule
Less. Deductible allowance
Taxable income
Less. Separate block of income
Other taxable income
Draft the format for computing Tax Liability.
COMPUTATION OF TAX LIABILTY
(A) Tax on separate block of income
(B) Tax on other taxable income
Tax Liability under NTR - Gross
Less. Reduction under Part III of 2nd Sch.
Less. Tax Credits:
(a) Foreign tax credit (Sec. 103)
(b) Group of Tax Credit
Tax Liability under NTR - Net
Add. Tax Liability under FTR
Total tax liability
Less. WHT tax / Advance tax
Tax payable/ (refundable)
NTR: Normal Tax Regime
FTR: Final Tax Regime