Tax credits part 2 Flashcards
Eligible person for pension fund 2005 approved by SECP
Person with ntn and nic and overseas nic
Limit of c in pension fund
20 perc of income and can go upto 30 perc if on age basis
100 perc tax credit
Coal mining Sindh and software startup for 3 years if annual returns and withholding and monthly sales tax statements have been filed
Industrial taking tax credit
Application from July 1ownwards for manafacture of equipment items plant machinery for multiple use set by 2023 tax credit of 25 perc for 5 years
Greenfield undertaking
New land no demolish reconstitute revamp modified split up structure new tex approved technology
Eligible person for green field
Formed between 30 June 2019 to 30 June 2024 does manafacturing ship building allowed 25 perc credit
Tax credit for POS Machine
150000 per machine or real amount paid
Tax credit for full time teacher
25 perc if recognized by board not for teachers who earn from medical practice
Foreign income tax credit
Lower of foreign tax paid or Pakistan taxable calculated by tax divided by taxable income multiply by foreign source income allowed if paid within 2 year foreign tax
Women enterprise tax credit date
Formed after 1 July 2021
Tax credit of woman enterprise
25 perc
Order of tax credits
Foreign tax credit
Charitable donations
Advance tax
Foreign tax of more than taxable income
Can’t be carried forward or refunded
