What are different types of income under income tax Ordinance?

What are different types of income under income tax Ordinance?

Under the Income Tax Ordinance, 2001, all Income are broadly divided into following five heads of Income:

• Salary;
• Income from property;
• Income from business;
• Capital gains; and.
• Income from Other Sources.

What is Section 236 of Income Tax Act?

Section 236 of the Income Tax Ordinance, 2001 provides that in the case of users of pre-paid telephone cards and subscribers of mobile telephones, withholding tax @ 10% of the amount of bill or sales price of pre-paid telephone card shall be collected.

What is income tax law in Pakistan?

In Pakistan, as in many jurisdictions, a tax can be levied only by, or under, the authority of an Act of Parliament. While taxation of income (other than agricultural income) is governed by the Income Tax Ordinance 2001 as amended from time to time, the Sales Tax Act 1990 deals with sales tax at Federal level.

What is the minimum salary to pay income tax in Pakistan?

If your income is less than the exemption threshold of PKR 400,000 (whether you are a salaried or non-salaried individual), you don’t have to pay any income tax. The threshold has not changed under the Budget 2017-18.

What is difference between 236C and 236K?

The registration authorities are authorized to collect advance tax under Section 236C from seller of the property and advance tax under section 236K from buyer of the property. Hence capital gain tax on the sale of immovable property is to be paid by the taxpayer himself while filing the income tax return.

What is income tax u/s 235?

235. Electricity consumption.- (1) There shall be collected advance tax at the rates specified in Part-IV of the First Schedule on the amount of electricity bill of a commercial or industrial consumer.

What is income tax Ordinance 1979?

S. 165 of the Income Tax Ordinance, 1979, gives authority to Central Board of Revenue for framing rules and regulations for the implementation of Income Tax Ordinance, 1979. Ordinance does not provide how the tax is computed or calculated. It provides mere rate of deduction as income tax.