HIGHLIGHTS

• Personal tax rate for non-salaried individual and association of person proposed to be reduced to range between 0.5% to 25%.
• Personal tax rate for salaried person proposed to be reduced to range between 0.25% to 20%.
• Enhancement of exemption limit from Rs. 100,000 to Rs. 150,000 proposed for salaried person.
• Enhancement of exemption limit proposed up to Rs. 200,000 for salaried women and Rs. 125,000 for business women.
• Increase in limiting factor from Rs. 150,000 to Rs. 200,000 proposed for tax credit relating investment in specified shares.
• Enhance tax rate 0.005% to 0.01% proposed to be collect by Stock Exchange on commission.
• Enhance tax rate from 0.1% to 0.2% on cash withdrawal from banks proposed.
• Income from services rendered shall be subjected to final tax at the rate of 6% of the receipts.
• Income from property sought to be assessed /chargeable under PTR at the rate of 5% of rent receipt.
• 1% of final tax proposed on all retailers being individual and A.O.Ps with turnover exceeding Rs.5,000,000.
• R.C.I.T empowered to revise any order relating to exemption or issue lower rate certificate under section 159.
• C.I.T would only be able to certify maximum reduction of 75% of tax rate levy able at imports stage under section 148.
• Any income tax matter would now be able to be resolved through mechanism of ADR.
• A tax payer may file and upward estimate for payment of advance tax.
• Additional tax would be levy able if estimate for the purpose of section 147 short of 90% of tax liability.
• 2% higher rate would be deductible under section 153 if NTN or CNIC would not be disclosed.
• Indenting commission on export is proposed to be chargeable under PTR.
• Dividend to any resident company would be chargeable to tax at rate of 5%.
• Any brokerage and commission is now sought to be subject to tax at standard rate.

AMENDMENTS

Definition
Income from property
Deductions not allowed
Income From Other Sources
Government Income
Investment in shares
Contribution to a Pension Fund
Resident individual
Tax on certain retailers
Return of income
Furnish a return of income
Revision by the Regional
Alternate Dispute Resolution
Advance tax paid by the taxpayer
Import
Profit on debt
Payments to non-residents
Payments for goods and services
Export
Income from property
Withdrawal under Pension Fund
Statements
Credit for tax collected/deducted
Collected/ deducted as a final tax
Additional tax
Circulars
Cash withdrawal from a bank
Brokerage and commission