#1
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Income Tax
Hello everyone,
I searched on different sites, but find nothing about income tax rate for year 2016-2017. I think my company is deducting more than the actual amount.How to calculate my tax amount ? and One more thing, They are not giving me my NTN number, Is it possible for comapny to deduct income tax without NTN number of employee ? I also want to know if there is any benefit of being a taxpayer. Regards |
#2
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Tax Rates for Salaried Persons are as follows;
TAX RATES FOR SALARIED PERSONS (Division I, Part I of the First Schedule) 1 Upto Rs. 400,000 0% 2 Rs. 400,001 to Rs. 500,000 2% 3 Rs. 500,001 to Rs. 750,000 Rs. 2,000 + 5% 4 Rs. 750,001 to Rs. 1,400,000 Rs. 14,500 + 10% 5 Rs. 1,400,001 to Rs. 1,500,000 Rs. 79,500 + 12.5% 6 Rs. 1,500,001 to Rs. 1,800,000 Rs. 92,000 + 15% 7 Rs. 1,800.001 to Rs. 2,500,000 Rs. 137,000 + 17.5% 8 Rs. 2,500,001 to Rs. 3,000,000 Rs. 259,500 + 20% 9 Rs. 3,000,001 to Rs. 3,500,000 Rs. 359,500 + 22.5% 10 Rs. 3,500,001 to Rs. 4,000,000 Rs. 472,000 + 25% 11 Rs. 4,000,001 to Rs. 7,000,000 Rs. 597,000 + 27.50% 12 Exceeding Rs. 7,000,000 Rs. 1,422,000 + 30% Yes a company can deduct tax on your CNIC basis, it is your responsibility to obtain NTN. First of all it is our national responsibility to pay taxes and files income tax return cum wealth statement. Secondly, there are low rate of withholding taxes for filers of Income Tax Returns under different sections of the Income Tax Ordinance 2001. |
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Neptune Shadow (Friday, September 30, 2016) |
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