Income Tax Rate Chart for AY 2015-16 _ FY 2014-15

12/30/2014 IncomeTaxRateChartforAY201516/FY201415

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IncomeTaxRateChartforAY201516/FY201415

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CASandeepKanoi

Individual, Hindu undivided family, association ofpersons,bodyofindividuals,artificialjuridicalperson.

(i) The rates of incometax as applicable forAssessmentYear 201516 in the case of every individual below theAge of Sixty Years or Hindu undivided family or everyassociation of persons or body of individuals, whetherincorporatedornot,orartificialjuridicalperson

IncomeSlabs TaxRates

i. WherethetotalincomedoesnotexceedRs.2,50,000/. NIL

ii.WherethetotalincomeexceedsRs.2,50,000/butdoesnotexceedRs. 10%ofamountbywhichthetotalincomeexceedsRs.2,50,000/



5,00,000/.

iii.WherethetotalincomeexceedsRs.5,00,000/butdoesnotexceedRs.10,00,000/.

Rs.25,000/+20%oftheamountbywhichthetotalincomeexceedsRs.5,00,000/.

iv. WherethetotalincomeexceedsRs.10,00,000/.

Rs.1,25,000/+30%oftheamountbywhichthetotalincomeexceedsRs.10,00,000/.

(ii)Inthecaseofeveryindividual,beingaresidentinIndia,whoisoftheageofsixtyyearsormorebutlessthaneightyyearsatanytimeduringthepreviousyear,



ii.WherethetotalincomeexceedsRs.3,00,000/butdoesnotexceedRs.5,00,000/

10%oftheamountbywhichthetotalincomeexceedsRs.3,00,000/

iii.WherethetotalincomeexceedsRs.5,00,000/butdoesnotexceedRs.10,00,000/


iv. WherethetotalincomeexceedsRs.10,00,000/


(iii) inthecaseofeveryindividual,beingaresidentinIndia,whoisoftheageofeightyyearsormoreatanytimeduringthepreviousyear,



ii.WherethetotalincomeexceedsRs.5,00,000/butdoesnotexceedRs.10,00,000/

20%oftheamountbywhichthetotalincomeexceedsRs.5,00,000/.

iii. WherethetotalincomeexceedsRs.10,00,000/


The amount of incometax computed in accordancewith the preceding provisions of this Paragraph shall beincreasedbyasurchargeattherateoftenpercentofsuchincometaxincaseofapersonhavingatotalincomeexceedingonecrorerupees.

However, the totalamountpayableas incometaxandsurchargeon totalincomeexceedingone crore rupeesshallnotexceedthetotalamountpayableasincometaxonatotalincomeofonecrorerupeesbymorethantheamountofincomethatexceedsonecrorerupees.

CooperativeSocieties

Inthecaseofcooperativesocieties,theratesofincometaxhavebeenspecifiedinParagraphBofPartIIIoftheFirstScheduletotheBill.Theserateswillcontinuetobethesameasthosespecifiedforfinancialyear201314.

Theamountof incometaxshallbe increasedbyasurchargeat therateof tenpercent.ofsuchincometaxincaseofacooperativesocietyhavingatotalincomeexceedingonecrorerupees.

However, the totalamountpayableas incometaxandsurchargeon totalincomeexceedingone crore rupees



shallnotexceedthetotalamountpayableasincometaxonatotalincomeofonecrorerupeesbymorethantheamountofincomethatexceedsonecrorerupees.

Firms

Inthecaseoffirms,therateofincometaxhasbeenspecifiedinParagraphCofPartIIIoftheFirstScheduletotheBill.Thisratewillcontinuetobethesameasthatspecifiedforfinancialyear20132014.

Theamountof incometaxshallbe increasedbyasurchargeat therateof tenpercent.ofsuchincometaxincaseofafirmhavingatotalincomeexceedingonecrorerupees.


Localauthorities

Therateof incometaxinthecaseofeverylocalauthorityisspecifiedinParagraphDofPartIIIof theFirstScheduletotheBill.Thisratewillcontinuetobethesameasthatspecifiedforthefinancialyear20132014.

Theamountof incometaxshallbe increasedbyasurchargeat therateof tenpercent.ofsuchincometaxincaseofalocalauthorityhavingatotalincomeexceedingonecrorerupees.


Companies

TheratesofincometaxinthecaseofcompaniesarespecifiedinParagraphEofPartIIIoftheFirstScheduletotheBill.Theseratesarethesameasthosespecifiedforthefinancialyear20132014.

Theexistingsurchargeoffivepercent incaseofadomesticcompanyshallcontinuetobe leviedif the totalincomeofthedomesticcompanyexceedsonecrorerupeesbutdoesnotexceedtencrorerupees.Thesurchargeattherateoftenpercentshallcontinuetobeleviedif thetotalincomeof thedomesticcompanyexceeds tencrorerupees.Incaseofcompaniesotherthandomesticcompanies,theexistingsurchargeoftwopercent.shallcontinuetobe leviedif the totalincomeexceedsonecrore rupeesbutdoesnotexceed tencrore rupees.Thesurchargeat therateoffivepercentshallcontinuetobeleviedif thetotalincomeofthecompanyotherthandomesticcompanyexceedstencrorerupees.

However,thetotalamountpayableasincometaxandsurchargeontotalincomeexceedingonecrorerupeesbutnotexceedingtencrorerupees,shallnotexceedthetotalamountpayableas incometaxonatotalincomeofonecrorerupees,bymorethantheamountofincomethatexceedsonecrorerupees.Thetotalamountpayableas incometax and surcharge on total income exceeding ten crore rupees, shall not exceed the total amountpayableasincometaxandsurchargeonatotalincomeoftencrorerupees,bymorethantheamountofincomethatexceedstencrorerupees.

Inothercases(includingsections115O,115QA,115Ror115TA)thesurchargeshallcontinuetobeleviedattherateoftenpercent.

Forfinancialyear20142015,additionalsurchargecalledtheEducationCessonincometaxandSecondaryandHigherEducationCessonincometaxshallcontinuetobeleviedattherateoftwopercentandonepercentrespectively,ontheamountoftaxcomputed,inclusiveofsurcharge(whereverapplicable),inallcases.NomarginalreliefshallbeavailableinrespectofsuchCess.

INCOMETAXRATESINDIVIDUAL/HUF

NilUptoRs.250000Below60yearsUptoRs.300000Above60yearsUptoRs500000Above80Years



10%+3%EC Rs.250000toRs.50000020%+3%EC Rs.500000toRs.100000030%+3%EC Above1000000FIRMS/COMPANIES Incometax/MAT Surcharge EduCessUptoRs.1Crore 30%/18.5% 3

>Rs.1CroreanduptoRs.10Crore

30%/18.5% 5 3

>Rs.10Crore 30%/18.5% 10 3

Tags:Budget,Budget2014,incometaxrate,incometaxratechart,IncomeTaxRates,taxrate,taxratechanges

42ResponsestoIncomeTaxRateChartforAY201516/FY201415

1. SSudarshanasays:12/30/2014at10:37AM

MrHeadmaster,Itisapplicabletoyou.Itisalsoapplicabletoallthosewhosetaxableincomeisupto5,10,000.

2. ANBRaosays:12/29/2014at5:15PM

IwasworkingwithM/sETAGeneralPvtltd,atPondicherryfromJuly21012toFeb2014,attheManufacturingPlant.Thefactory/plantisclosedduetobusinessreasonswef1/03/2014.IwithdrewthePFamountofmycontributionandalsothecompanycontributionandreceivedRs.162676on23/05/2014,throughonlinepaymentbyEmployeeprovidentfundorganisationintomybankaccount.

Pleaseclarifythefollowing:1)whetherthisamountistaxableornot?IunderstandthatifIhavelostmyserviceduetofactoryclosure

43

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IncomeTaxratesforFY201314/AY201415

ClausestoFinanceBillofIncomeTax,Excise,Custom&WealthTaxAct

Ratesforcomputationofadvancetax,deductionofincometaxatsourcefromSalaries,andchargingofincometaxincertaincasesduringthefinancialyear200809

IncomeTaxRatesFY201213/AY201314forIndividual&HUF

SalientFeaturesofFinance(No.2)Bill,2014/Budget2014

IncomeTaxratesforF.Y.201213

02/28/201303/01/2013

03/31/2009

10/12/2012 08/08/201403/16/2012

57.1K

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10

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isnontaxable(mycontribution+companycontribution+interest).ThePFisdespositedwithPFcommissioneratchennai,Tambaram.

2)Ifitisnottaxable,whetherIshouldshowitinmyincomefromothersources.Ifso,wheretoshowthedeductions?

Pleaseclarifyandadvisemeaccording.Pleasealsogivethedetailsoftheruleapplicable.

3. muhammadshafiqsays:11/26/2014at1:05PM

CompendiumofWithholdingofTaxesundertheIncomeTaxOrdinance,2001&RulesThereofPrefaceTaxadministratorsallovertheworldandparticularlyinthedevelopingcountrieslikePakistanfacemajorproblemsofnonreportingandunderreportingofincome.GovernmenthasintroducedvariousliberalSelfAssessmentSchemeswiththeobjectiveofencouragingvoluntarycomplianceencompassingvirtuallyallthetaxpayersincludinglimitedcompaniesirrespectiveofincomelevelhowevertheobjectiveofbroadeningoftaxbasehasnotbeenachieved.Thewithholdingandpresumptivetaxregimesarenotnew,howevergenerallytheseareapplicabletoonlythosepersonswhoseincomesarelikelytobedifficulttodetermineaccurately,easiertoevade,ormorelikelytocrossnationalboundaries.ThesewereinitiallyintroducedvideSection18(3BB)oftheIncomeTaxAct,1922inIndia,throughwhichtaxwasimposedontradinginLiquor,TimberandotherForestProduce.ThescopeoftheseprovisionswasfurtherextendedthroughIncomeTaxOrdinance,1979andboththeRegimeshavecomeintofullforcemorespecificallyafteramendmentmadethroughtheFinanceAct,1991onward.PriortoJuly1991,taxationonpresumptionwasrestrictedonlytothenonresidentsderivingreceiptsfromshipping,airtransportbusinessandhavingfeefromtechnicalservices.ThethenFinanceMinisterinhisbudgetspeechstatedthatinordertosavethetaxpayersfromthecumbersomeassessmentprocedureanddelayinrefundthetaxwithheldfrompaymentstothecontractors,suppliersandcommercialimporterswouldbefinal.Weallarefullyawareofthefactthatmajorquantumofthetotaltaxrevenueisbeingcollectedthroughwithholdingregime.Conversely,inPakistan,withholdingtaxlawhasbeenmadeapplicabletoalmostallthecategoriesoftaxpayersandnatureofpayment.Thedirecttaxeshavebeenweavedintothetextureofindirecttaxes.Furthermore,thewithholdingagents,whoarecollectingtaxesonGovernmentsbehalfwithoutanyremuneration,arebeingpunishedheavilyevenforaninadvertentmistakewhereasthesuperiorcourtsonnumerousoccasionsheldthatmachineryprovisionofafiscalstatuteshouldbeinterpretedinsuchamannerthatrecoveryisnotfrustratedorstatuteadverselyaffected,achievetheobjectofrecoveryonecannottravelbeyondthespiritoflawandcauseviolencetothelanguageandintentionofstatute.Itisalsoheldthatmachineryprovisioncanbeextendedonlytotheextentitispermissibleunderthelaw.Onecannotoverridetherightsofotherpartiesonlybecausearecoveryhastobemade.TheHonorablecourtshaveemphasizedthatsuchprovisionshavetheirownlimitationandtheyaretobefoundwithinthestatuteitself.Therefore,machineryprovisionoffiscalstatuteshouldbeliberallyconstruedtoensurerecovery.TheIncomeTaxOrdinance,2001providesforfollowingthreemodesofcollectingtaxesinadvance.However,inthispublication/compilation,wewilldiscussthemode,mannerandlegalaspectsrelatedtothedeductionandcollectionoftaxatsourceindetail:1.AdvanceTaxdirectlyliabletobepaid2.Deductionatsourceor3.Collectionatsource.Thescopeofwithholdingtaxandtypeofwithholdingagentshasbeenincreasedmany



foldinthelastcoupleofyearsandgettingmorecomplexwiththepassageoftime.NowthetaxationofficersmayrecoverthetaxnotdeductedorcollectedasrequiredunderthevariousprovisionsoftheIncomeTaxOrdinance2001fromthepayeewhereasbeforethisamendmentsuchtaxwasrecoverablefromthepayeronly.Thedefaultsurchargefornonpaymentorlatepaymentoftaxdeductedorcollectedandstringent,irrational&exorbitantpenaltiesfornonfilingorlatefilingofprescribedstatementsarebeingimposedinalmostallthecaseswheresuchdefaultisobservedbythetaxationofficers,evenwithoutestablishingmensreainthisregard.Moreover,inviewoftheinfluxofvariousnotifications,instructions,andcircularsinrespectofsuchdeductionithasbecomeimpossiblefortaxpayersaswellaslegalfraternitytomonitorandassesstheircurrentobligationsinthisregard.Inthepresentpublication,wehavemadeanefforttocompilethelegalprovisionsscatteredinvarioussections,schedules,circularsandstatutorynotificationsrelatedtocollection/deductionoftaxandpaymentthereofandprovidecommentswhereverdeemedfitwithutmostcare,tomakeituserfriendly,toserveasageneralguide&readyreckonerfortheconvenienceoftheusers.Wehaveprovidedcomparisonofrateoftaxtobecollectedordeductedundervariousprovisionsforthetaxyear2015with2014.Thispublicationalsoprovidescategoriesofwithholdingagents,statusoftaxcollected/deducted(i.e.adjustableorfinal)andrelatedlegalprovisionsforreadyreference.However,incaseif,anyomissionorerrorisnoticedatanyplace,theuserisrequestedtopleaseletusknowthesameforappropriateamendment(s)/modification(s)andisadvisedtorefertotheoriginalsources.Thispublicationisproductofthemindsandhandsofmanypersonsandsomeofthosedeservespecialacknowledgementanddeepappreciation.TheundersignedwishestoexpressthankstotheoutstandingofficecolleaguesMr.MuhammadHanifKhatri,Mr.AbsarA.Khan,Mr.AbdulWahab,Mr.EhtishamQadirandMr.MohammadAyoub,whoextendedtheirlegalacumenandassistanceduringpreparationofthispublicationandwithouttheiruntiringeffortcompilationofthiscompendium/publicationwouldnothavebeenpossible.Wehopethishumbleeffortwouldbeusefultoallthereadersandtakethisopportunitytoconveyourheartfeltthanksandgratitudefortheircontinuoussupportandguidancetomakeourpublicationmosteffectiveanduseful.WealsobowourheadsbeforetheAlmightyAllahinallhumilityforthenumerousblessingsbestoweduponusandpraytoHimtocontinuetoshowerHischoicestblessingsonallofusandourfamilies.AmeenWarmestregards,(ABDULQADIRMEMON)CONTENTSS.No.ParticularsPages1ComparativeTableofWithholdingTaxRatesfortheTaxYear2015withTaxYear2014andstatusofTaxCollection/DeductionalongwithNotes012LegalProvisionsfor(a)FilingofMonthly&AnnualStatements(b)Paymentoftaxcollectedordeducted(c)DefaultSurchargefornonpaymentoftaxand(d)Penaltiesfornonorlatefilingofstatements31ComparativeTableofWithholdingTaxRatesfortheTaxYears2014and2015.Page(i)of(iii)ComparativeTableofWithholdingTaxRatesfortheTaxYears2014and2015CONTENTSS.No.SectionParticularsPages1148ReadwithPartIIofFirstScheduleCollectionoftaxatImportStageonvalueofgoods



asincreasedbyCustomsdutysandSalesTaximportedby012149readwithDivision1AofPartIoftheFirstScheduleSalary043150readwithDivision(III)ofPartIoftheFirstScheduleDividend044151Profitondebt065152SubSection(1)SubSection(1A)PaymentstoNonResidents086SubSection152(2A)]PaymentPEofNonResident097153SubSection(1)PaymentforGoods,ServicesandexecutionofaContractGrossamountpayablefor:108SubSection1(b)TransportServices119SubSection1(c)ExecutionofContractintheCase1110153(2)Forrenderingoforprovidingservicesofstitching,dying,printing,embroidery,washing,sizingandweaving1211154SubSection(1),(3),(3A),(3B)or(3C)Exports1312SubSection(2)IndentingCommission1313155readwithSection16IncomefromProperty1414156PrizesandWinnings1515156APetroleumproducts1516156BWithdrawalofbalanceunderPensionFund1517231ACashWithdrawal1618231AATransactionsinbanks16Page(ii)of(iii)19231BPurchaseofMotorCarsJeeps1720233Brokerage&Commission1721233ACollectionoftaxbystockexchange1822233AACollectionoftaxbyNationalClearingCompanyofPakistanLimited(NCCPL)18



23234Taxonmotorvehicle1824234ACNGStationsongasconsumptioncharges1825235ElectricitybillofCommercialorIndustrialconsumers1926235ADomesticelectricityconsumption1927235BTaxonsteelmelters,rerollersetc.1928236TelephoneMobileBills2029236ASalebyauction2030236BPurchaseofDomesticAirTicketfromeveryperson2031236CSaleortransferofimmovablepropertyonsellerortransferoratthetimeofregisteringorattestingthetransfer.2032236DFunctionsandgatheringsOntotalamountofbillofarrangingorholdingafunctionincludingpaymentoffood,serviceorfacility.2133236EForeignTVdramaserialorplaydubbedinUrduoranyotherregionallanguage.2134236FCableoperatorsandotherelectronicmedia.Onissuanceorrenewaloflicensefordistributionservicestooperatorsandmedia.2135236GSalesofElectronic,Sugar,Cement,Iron&Steelproducts,Fertilizer,Motorcycles,Pesticides,Cigarettes,Glass,Textile,Beverages,PaintorFoamSectortodistributors,dealersandwholesalers2136236HSalesofElectronics,Sugar,Cement,Iron&Steelproducts,Fertilizer,Motorcycles,Pesticides,Cigarettes,Glass,Textile,Beverages,PaintorFoamSectortoretailers.22Page(iii)of(iii)37236IAmountoffee(TuitionFeeandallcharges)paidtoeducationalinstitutionswhereannualfeeexceedsRs.200,000/.2238236JIssuanceorrenewaloflicensetoDealers,CommissionagentsandArhatisetc.2339236KPurchaseofimmovableproperty2340236LPurchaseofinternationalairticket2341236MBonusSharesissuedbycompaniesquotedonstockexchange



2442236NBonusSharesissuedbycompaniesquotedonstockexchange244337AreadwithDivisionVIICapitalGainondisposalofSecurities2444149IncomeonSalary2645155IncomefromProperty2746231BPurchaseofMotorVehicle2847234TaxonMotorVehicle2848235ElectricityConsumption2949236EAdvanceTaxonForeignProducedFilmsandTVPlays2950236FAdvanceTaxonCableTelevisionOperatorsandOtherElectronicMedia3051236JAdvanceTaxonDealers,CommissionAgentsandArhallsetc.3052RelatedLegalProvisions31to34ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015ThefollowingtablesummarizeswithholdingtaxratesforallClassesofpersonsandtreatmentofwithholdingtaxasadjustableorfinaltaxliabilityalongwithexemptions.SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyB.Qadir&CompanyPage1of34148ReadwithPartIIofFirstScheduleTheCollectorofCustom.CollectionoftaxatImportStageonvalueofgoodsasincreasedbyCustomsdutysandSalesTaximportedby1.(i)IndustrialundertakingImportingremeltablesteel(PCTHeading724)anddirectlyreducedironforitsownuse.1%[Clause(9B)ofPartIIofSecondSchedule]1%AdjustableAdjustable(ii)ImportofpotassicfertilizersinpursuanceofEconomic



CoordinationCommitteesoftheCabinetsdecisionNo.ECC155/12/2004dated09122004.1%[Clause(13E)ofPartIIofSecondSchedule]1%1Final1Final(iii)ImportofUrea1%[Clause23)ofPartIIofSecondSchedule]1%1Final1Final(iv)AllimportersofthefilminthecaseofforeignproducedfilmimportedforthepurposeofScreeningandviewing:CompaniesOtherthanCompanies12%12%5.5%6.0%AdjustableAdjustableAdjustableAdjustable2.Importofpulses2%[Clause(24)ofPartIIofSecondSchedule]2%1Final1FinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage2of343.ImportbypersonscoveredunderSRO1125(1)2011dated31December2011:(i)Manufacturer(ii)Commercialimporters1%3%[Clause(9C)ofPartIIofSecondSchedule]1%3%Adjustable1Final



Adjustable1Final4.Shipbreakersonimportofships.Companies/Industrialundertaking5%Allothers5.5%4.5%1Final1Final5.Industrialundertakingforitsownuse.5%[Exemptsubjecttoexemptioncertificate]5.5%[Exemptsubjecttoexemptioncertificate]Adjustable[MinimumtaxincaseEdibleOil&Packingmaterial]Adjustable[MinimumtaxincaseEdibleOil&Packingmaterial]6.AllCasesofCompanies.5%5.5%1Final7.Alltaxpayersotherthanindustrialundertakingsandcompanies.5.5%6%1Final8.Importofhybridcarswithenginecapacity:i)Upto1200ccii)1201to1800cciii)1801to2500ccReductionintaxby100%50%25%[Clause(28)ofPartIIofSecondSchedule]Reductionintaxby100%50%25%[Clause(28)ofPartIIofSecondSchedule]1Final1FinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction



201420152015Individual&AOPCompanyA.Qadir&CompanyPage3of34Exemptions:NotapplicableinrespectofimportsbytheAghaKhanDevelopmentNetwork[Clause(16)ofPartIVoftheSecondSchedule].GoodsclassifiedunderPCTChapter27,86and99[Clause(56)ofPartIVoftheSecondSchedule].GoodsimportedunderSubChapter7ofChapterXIIofSRO450(I)/2001[Clause(56)ofPartIVoftheSecondSchedule].GoodstemporarilyimportedforsubsequentexportationunderNotificationNo.492(I)/2009[Clause(56)ofPartIVoftheSecondSchedule].ManufacturingBondUnderChapter(XV)ofCustomsRules,2001[Clause(56)ofPartIVoftheSecondSchedule].MineraloilimportedbymanufacturerorformulatorofpesticidesunderCustomNotificationNo.SRO857(I)/2008[Clause(56)ofPartIVoftheSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage4of34149readwithDivision1AofPartIoftheFirstScheduleEverypersonresponsibleforpayingsalary.SalaryProgressiveRates(AsperNote2)ProgressiveRates(AsperNote2)AdjustableforindividualN/ADirectorfee6%U/s.153(1)(b)20%AdjustableforindividualN/A150readwithDivision(III)ofPartIoftheFirstScheduleEverypersonpayingadividend.Dividend(OnGrossAmount)(a)DividenddistributedbypurchaserofapowerprojectprivatizedbyWAPDAand



companysetupforpowergenerationoronsharesofaCompanysupplyingcoalexclusivelytopowergenerationprojects.(Emboldedfortaxyear2015)7.5%[Clause17&18ofPartIIofSecondSchedule]7.5%FinalFinal(b)Dividendpaymentbyothercompanies.10%Filer10%NonFiler15%FinalFinal(c)RemittanceofaftertaxprofitbyabranchotherthenbranchofaE&Pcompanies(subjecttotreatyprovisions,ifapplicable).10%Filer10%NonFiler15%FinalFinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage5of34(d)DividendpaymentbyCollectiveInvestmentSchemeorMutualFunds:i)StockFundii)MoneyMarketFund,IncomeFundoranyotherfund:Individual&AoPCompany10%10%10%10%or12.5%(IfdividendreceiptsarelessthanCapitalGains)10%



25%FinalFinalFinalFinalExemptions:Inrespectofintercorporatedividendswithinthegroupcompaniesentitledtogrouptaxation[Clause(11B)ofPartIVofSecondSchedule].Notapplicableinthecaseofventurecapitalcompany,IslamicDevelopmentBank[Clause(38A)&(38C)ofPartIVofSecondSchedule].PaymenttoNITorcollectiveinvestmentschemeormodarabaorapprovedpensionfundorapprovedincomepaymentplanorREITschemeorprivateequityandventurecapitalfundorrecognizedprovidentfundorapprovedsupperannuationfundorapprovedgratuityfund[Clause(47B)ofPartIVofSecondSchedule].PaymentstoInternationalFinanceCorporation,AsianDevelopmentBank,theECOTradeandDevelopmentBank[Clause(67),(69)&(71)ofPartIVofSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage6of34151NationalSavingCentreandPakistanPostOfficeBankingCompanyorFinancialInstitutionFederalGovernment,ProvincialGovernmentandLocalGovernmentorFinanceSociety.Profitondebt(a)Yieldonanaccount,depositoracertificateundertheNationalSavingsSchemeorPostofficeSavingsaccount10%Filer10%NonFiler15%FinalAdjustable(b)Profitonadebt,beinganaccountordepositmaintainedwithabankingcompanyorafinancialinstitution.10%Filer10%NonFiler15%FinalAdjustable(c)Profitonanysecurityotherthan



profitonNationalSavingSchemeorPostOfficeSavingAccountbyFederalGovernmentissuedaProvincialGovernmentoraLocalGovernment.10%Filer10%NonFiler15%FinalAdjustable(d)Profitonanybond,certificate,debenture,securityorinstrumentofanykind[Otherthanloanagreementbetweenaborrowerandabankingcompanyoradevelopmentfinanceinstitution]issuedbyabankingcompany,afinancialinstitution,companyasdefinedintheCompaniesOrdinance,1984andabodycorporateformedbyorunderanylawforthetimebeinginforce,toanypersonotherthanafinancialinstitution.10%Filer10%NonFiler15%Providedthatforanonfiler,iftheyieldorprofitpaidisRs.500,000orless,therateshallbe10%FinalAdjustableTaxinexcessoftaxdeductibleforfilerisadjustablefornonfilerifhewishestofilereturnofincome.ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage7of34Exemptions:Inrespectofintercorporateprofitondebtwithinthegroupcompaniesentitledtogrouptaxation[Clause(11C)ofPartIVoftheSecondSchedule].NotapplicableinrespectofpaymenttotheAghaKhanDevelopmentNetwork[Clause(16)ofPartIVoftheSecondSchedule].NotapplicableinrespectofpaymentofyieldorprofitonBahboodSavingCertificateorPensioners



BenefitAccount[Clause(36A)ofPartIVoftheSecondSchedule].Notapplicableinthecaseofspecialpurposevehicleforsecuritization[Clause(38)ofPartIVoftheSecondSchedule].NotapplicableinthecaseofVentureCapitalCompany,IslamicDevelopmentBank[Clause(38A)&(38C)ofPartIVoftheSecondSchedule].PaymenttoNITorcollectiveinvestmentschemeormodarabaorapprovedpensionfundorapprovedincomepaymentplanorREITschemeorprivateequityandventurecapitalfundorrecognizedprovidentfundorapprovedsupperannuationfundorapprovedgratuityfund[Clause(47B)ofPartIVoftheSecondSchedule].PaymentstoInternationalFinanceCorporation,PakistanDomesticSukukCompanyLimited,AsianDevelopmentBank,TheECOTradeandDevelopmentBank[Clause(67)ofPartIVoftheSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage8of34152(a)ForPaymentagainst(i)Saleofgoods(ii)RenderingofServicesor(iii)Executionofcontract.Everyprescribedpersonsforwithholdingare:(a)TheFederalGovernment(b)ACompany(c)Anassociationofpersonconstitutedbyorunderlaw(d)Anonprofitorganization(e)Aforeigncontractororconsultant(f)Aconsortiumorjointventure(g)AnIndividualorAOPhavingturnoverofFifty(50)millionrupeesoraboveor(h)ApersonregisteredundertheSalesTaxAct,1990.(b)Forpaymentotherthanmentionin(a)aboveEverypersonmakingpaymenttononresident.PaymentstoNonResidentsSubSection(1)SubSection(1A)RoyaltyandTechnicalfee15%15%FinalFinal(a)Acontractorsubcontractundertheconstruction,assemblyorinstallationproject



inPakistanincludingacontractforthesupplyofsupervisoryactivitiesinrelationtosuchprojectsor(b)Anyothercontractforconstructionorservicesrenderedrelatingtheretoor(c)AContractforadvertisementservicesrenderedbyTVSatellitechannel.6%6%6%6%6%6%FinalFinalFinalFinalFinalFinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage9of34(1AA)Insurancepremiumorreinsurancepremium.5%5%FinalFinal(1AAA)AdvertisementservicestomediapersonrelayingfromoutsidePakistan.10%10%FinalFinalSubSection(2)ProfitondebttononresidentpersonnothavingaPEisPakistan.10%[ReducedrateinviewofClause(5A)ofPartIIofSecondSchedulereadwithSubSection(2)ofSections151and152]10%[ReducedrateinviewofClause(5A)ofPartIIofSecondSchedulereadwithSubSection(2)ofSections151and152]



Adjustable/FinalinSpecifiedsituationsAdjustable/FinalinSpecifiedSituationsOtherpayments(otherthanHajjGroupOperatorasprovidedunderClause(72A)ofPartIVofSecondScheduleuptotaxyear2014).20%20%AdjustableAdjustable[SubSection152(2A)](c)Everyprescribedperson[Asdefinedin(a)above]PaymentPEofNonResident(a)Salesofgoods3.5%3.5%AdjustableAdjustable(b)(i)TransportServices2%2%AdjustableAdjustable(ii)Servicesotherthantransport6%6%AdjustableAdjustable(c)Executionofcontract6%6%AdjustableAdjustableExemptions:NotapplicableinthecaseofIslamicDevelopmentBank[Clause(38C)ofPartIVofSecondSchedule].NotapplicableinthecaseofpaymentstoInternationalFinanceCorporation,AsianDevelopmentBankandtheECOTradeandDevelopmentBank[Clause(67),(69)&(72)ofPartIVofSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage10of34153SubSection(1)a)ForPaymentagainst(i)Saleofgoods(ii)RenderingofServicesor(iii)Executionofcontract.Everyprescribedpersonformakingpaymenttoresidentpersons:a)TheFederalGovernmentb)ACompanyc)Anassociationofpersonconstitutedbyorunderlawd)Anonprofitorganization



e)Aforeigncontractororconsultantf)Aconsortiumorjointventureg)AnIndividualorAOPhavingturnoverofFifty(50)millionrupeesoraboveorh)ApersonregisteredundertheSalesTaxAct,1990.PaymentforGoods,ServicesandexecutionofaContractGrossamountpayablefor:i)Salesofrice,cottonseedoredibleoils.1.5%1.5%1Final1Finalii)Saleofanyothergoodsinthecaseof:CompanyTaxpayersotherthanCompaniesiii)OthersFormanufacturerofcookingoilorvegetablegheeorbothinrespectofpurchaseoflocallyproducededibleoil(Clause13CofPartIIoftheSecondSchedule).ForDistributorsofcigarettesandpharmaceuticalproducts,largedistributionhousesandlargeimporthouse(Clause24AofPartIIoftheSecondSchedule).3.5%4%2%1%4%4.5%2%1%N/A1Final1Final1Final1Final(Adjustableformanufacturer/listedcompany)N/A1Final(Adjustableformanufacturer/listedcompany)1Final(Adjustableformanufacturer/listedcompanies)ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015



SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage11of34SubSection1(b)(b)ForrenderingorprovidingservicesmentionedinSubSection(2)EveryexporteroranexporthousemakingpaymenttononresidentorPermanentEstablishmentinPakistanofanonresidentperson.Transportservices2%2%MinimumAdjustableServicesotherthanTransportservicesinthecaseof:CompaniesOthertaxpayersServicesrenderedoutsidePakistanprovidedthatreceiptsarebroughtintoPakistanthroughnormalbankingchannel(Clause(3)ofPartIIofSecondSchedule.6%7%1%8%10%1%N/AMinimumFinalAdjustableN/AFinalSubSection1(c)Executionofcontractinthecaseof:CompaniesOthertaxpayersSportspersonConstructioncontractsoutsidePakistanprovidedthatreceiptsarebroughtintoPakistanthroughnormalbankingchannel(Clause3AofPartIIofSecondSchedule)6%6.5%



6.5%or7%asperthecircumstancesofthecase1%7%7.5%10%1%N/A1Final1FinalFinal1Final/(Adjustableforlistedcompany)N/AN/AFinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage12of34153(2)Forrenderingoforprovidingservicesofstitching,dying,printing,embroidery,washing,sizingandweaving.0.5%1%1Final1FinalExemptions:Inrespectofagriculturalproducedpurchaseddirectlyfromthegrowersubjecttoconditions[Clause(12)ofPartIVofSecondSchedule].InrespectofpaymentstotheAghaKhanDevelopmentNetwork[Clause(16)ofPartIVofSecondSchedule].Inthecaseofpaymentstoelectronicandprintmediaservicesinrespectofadvertisingservices[Clause(16A)ofPartIVofSecondSchedule].Inthecaseofspecialpurposevehicleforsecuritization,IslamicDevelopmentBank[Clause(38)&(38C)ofPartIVofSecondSchedule].Inthecaseofsupplyofpetroleumproductimportedbythesameperson[Clause(43A)ofPartIVofSecondSchedule].Inthecaseofsaleofairticketsbythetravelingagentssubjecttocondition[Clause(43B)ofPartIVofSecondSchedule].InthecaseofpaymentreceivedbypetroleumagentordistributorwhoisregisteredunderSalesTaxAct,1990[Clause(43C)ofPartIVofSecondSchedule].Caseofoiltankercontractorsubjecttoconditions[Clause(43D)ofPartIVofSecondSchedule].Paymentreceivedbyanoildistributioncompanyoroilrefineryorpermanentestablishmentofnonresidentpetroleumexplorationandproduction(E&P)companiesforsupplyofpetroleumproducts[Clause(46)ofPartIVofSecondSchedule].PaymentsreceivedbycommercialimporterswhohavepaidtaxunderSection148[Clause(47A)ofPartIVofSecondSchedule].PaymentstoInternationalFinanceCorporation,PakistanDomesticSukukCompanyLimited,AsianDevelopmentBank,TheECOTradeandDevelopmentBank[Clause(67),(68),(69)&(72)ofPartIVofSecondSchedule].



Steelmelters,Steelrerollers,Compositesteelunits,asapayer,inrespectofpurchaseofscrap,providedthattaxiscollectedinaccordancewithSection235B,Clause(9A)ofPartIVofSecondSchedule.Shipbreakersasrecipientofpaymentonshipsimportedafter1stJuly,2014[Clause(9AA)ofPartIVofSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage13of34154SubSection(1),(3),(3A),(3B)or(3C)EveryauthoriseddealerinforeignexchangeEverybankingcompanyTheExportProcessingZoneAuthorityestablishedundertheExportProcessingZoneAuthorityOrdinance,1980EveryDirectExporterandanexporthouseregisteredundertheDutyandTaxRemissionforExportRules,2001orTheCollectorofCustoms.Exportsi)RealizationofExportproceedsonaccountofexportofgoodsii)Onaccountsalesofgoodstoanexporterunderaninlandbacktobackletterofcreditoranyotherarrangementiii)exportofgoodsbyanindustrialundertakinglocatedinanExportProcessingZoneiv)OnpaymenttoanindirectExportersagainstfirmcontractorv)Collectionbyacollectorofcustomsatthetimeofclearingofgoodsexported.1%1%FinalFinalSubSection(2)IndentingCommission5%5%FinalFinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction



201420152015Individual&AOPCompanyA.Qadir&CompanyPage14of34155readwithSection16Followingprescribedpersonsforwithholdingare:(a)TheeFederalGovernment(b)AProvincialGovernment(c)LocalGovernment(d)ACompany(e)Anonprofitorganizationoracharitableinstitution(f)Adiplomaticmissionofaforeignstate(g)Aprivateeducationalinstitution,aboutique,abeautyparlour,ahospital,aclinicoramaternityhome(h)IndividualsorAOPpayinggrossrentofRupee1.5millionandaboveinayearor(i)AnyotherpersonnotifiedbytheBoardforthepurposeofthissection.IncomefromPropertyRentofimmovableproperty(includingrentoffurnitureandfixturesandamountforservicesrelatingtosuchpropertyandnonadjustableamountreceived.CompaniesIndividualandAOP15%Progressiveratesbetween10%to15%(AsperNoteNo.3)15%Progressiveratesbetween10%to15%(AsperNoteNo.3)AdjustableAdjustableExemptions:NotapplicableinrespectofpaymenttotheAghaKhanDevelopmentNetwork[Clause(16)ofPartIVofSecondSchedule].PaymenttoPakistanDomesticSukukCompanyLimited[Clause(68)ofPartIVofSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction20142015



2015Individual&AOPCompanyA.Qadir&CompanyPage15of34156Everypersonpayingprize.PrizesandWinningsi)CashorfairvalueofPrizeonPrizeBondwinningandcrosswordpuzzle15%15%FinalFinalii)Cashorvalueofwinningsfromaraffle/lottery,prizeonwinningaquiz,prizeofferedbyacompanyforpromotionofsale.20%20%FinalFinalExemption:NotapplicableinrespectofpaymenttotheAghaKhanDevelopmentNetwork[Clause(16)ofPartIVofSecondSchedule].156AEverypersonsellingpetroleumproductstoapetrolpumpoperator.PetroleumproductsCommissionanddiscountallowedtothepetrolpumpoperators.10%12%1Final1Final156BAPensionFundManagerWithdrawalofbalanceunderPensionFundPaymentfromIndividualPensionFundbeforetheretirementageoritisinexcessof50%ofhisaccumulatedbalanceatoraftertheretirementage.DeductionoftaxtobemadeinaccordancewiththeFormulaundersection12(6)Deductionoftaxtobemadeinaccordancewiththeformulaundersection12(6)AdjustableN/AComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage16of34231AEverybankingcompanyCashWithdrawalCashwithdrawalexceedingRs.50,000/inaday.



0.3%ofthecashamountwithdrawnFiler0.3%ofthecashamountwithdrawnNonFiler0.5%ofthecashamountwithdrawnAdjustableAdjustableExemptions:Notapplicableincaseofwithdrawalmadeby(a)theFederalGovernmentoraProvincialGovernment(b)AforeigndiplomatoradiplomaticmissioninPakistanor(c)ApersonwhoproducesaCertificatefromtheCommissionerthathisincomeduringthetaxyearisexempt.NotapplicableinrespectofcashwithdrawalbyexchangecompaniesdulylicensedbytheSBPsubjecttoconditions[Clause(61A)ofPartIVofSecondSchedule].231AAEverybankingcompanyNonbankingfinancialinstitutionExchangecompanyorAuthorizeddealerofforeignexchange.TransactionsinbanksSalesagainstcashofanyinstrumentincludingDemandDraft,PayOrder,CDR,STDR,SDR,RTCoranyotherinstrumentofbearernature,OnlineTransfer,TelegraphicTransfer,MailTransferoranyothermodeofElectronicTransferexceedingRs.25,000/inaday.0.3%ofthetransactionFiler0.3%ofthetransactionNonFiler0.50%ofthetransactionAdjustableAdjustableComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage17of34231BEverymotorvehicleregisteringauthorityofExciseandTaxationDepartmentorEverymanufacturerofa



motorcarorjeep.PurchaseofMotorCarsJeepsOnregistrationofnewlocallymanufacturedmotorvehicleOntransferofregistrationorownershipofaprivatemotorvehicle,excludingtransferofvehicleafterfiveyearsfromthedateoffirstregistrationinPakistanandOnsaleofmotorvehicleandsaleofjeepbythemanufacturer.VaryingSlabs(AsperNote4)VaryingSlabsForFilerandNonFiler(AsperNote4)AdjustableAdjustableExemptions:NonApplicableinthecaseof(a)TheFederalGovernmenttheProvincialGovernment(b)theLocalGovernment(c)aForeignDiplomator(d)aDiplomaticMission.NocollectionofAdvanceTaxontransferofregistrationorownershipofaprivatemotorvehicleshallbemadeontransferofvehiclesafterfiveyearsfromthedateoffirstregistrationinPakistan.233TheFederalGovernmentAprovincialGovernmentLocalGovernmentACompanyorAnassociationofpersonsconstitutedbyorunderanylawBrokerage&Commissiona)PaymentofbrokerageandCommissionotherthanadvertisingagent.10%12%1Final1Finalb)Commissiontoadvertisementagent5%[Clause(26)ofPartIIofSecondSchedule]7.5%1Final1FinalExemption:NotapplicableinthecaseofVentureCapitalCompany,IslamicDevelopmentBank[Clause(38A)&(38C)ofPart(IV)ofSecondSchedule].PaymenttoNITorcollectiveinvestmentschemeormodarabaorapprovedpensionfundorapprovedincomepaymentplanorREITschemeorprivateequityandventurecapitalfundorrecognizedprovidentfundorapprovedsupperannuationfundorapprovedgratuityfund[Clause(47B)ofPartIVofSecondSchedule].PaymentstoInternationalFinanceCorporation,AsianDevelopmentBank,theECOTradeandDevelopmentBank[Clause(67),(69)&(71)ofPartIVofSecondSchedule].ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTax



Collection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage18of34233AAllStockExchangeregisteredinPakistan.Collectionoftaxbystockexchangea)Onpurchaseofshares,inlieuofcommissionofthemember0.01%ofpurchasevalue0.01%ofpurchasevalueAdjustableAdjustableb)OnSaleofshares,inlieuofcommissionofthemember0.01%ofsalevalue0.01%ofsalevalueAdjustableAdjustable233AANationalClearingCompanyPakistanLimitedCollectionoftaxbyNationalClearingCompanyofPakistanLimited(NCCPL)Onmarginfinancinginsharebusinessorprovidinganymarginfinancing,margintradingorsecuritieslending.10%10%AdjustableAdjustableNotapplicabletoanyMutualFundspecifiedinSubClause(2)ofClause(57)ofPartIoftheSecondSchedule.234Personcollectingmotorvehicletax.TaxonmotorvehicleRegisteredladenweight/Seatingcapacity/EnginecapacityVaryingrates(AsperNoteNo.5)VaryingratesForFilerandNonFiler(AsperNoteNo.5)AdjustableAdjustable234APersonpreparinggasconsumptionbill.CNGStationsongasconsumptioncharges4%4%FinalFinalComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&



AOPCompanyA.Qadir&CompanyPage19of34235Personpreparingelectricityconsumptionbill.ElectricitybillofCommercialorIndustrialconsumers(a)OnelectricitybillbelowRs.20,000/VaryingRates(AsperNoteNo.6)VaryingRates(AsperNoteNo.6)MinimumAdjustable(b)OnelectricitybillexceedingRs.20,000/:i)Commercialconsumersii)IndustrialConsumer10%5%10%5%Minimum(AdjustableifthebillamountexceedsRs.30,000)Adjustable235APersonpreparingdomesticelectricityconsumptionbill.DomesticelectricityconsumptionOnelectricbillexceedingRs.100,000/N/A7.5%AdjustableAdjustable235BPersonpreparingelectricityconsumptionbillforsteelmelters,rerollers,compositesteelunits.Taxonsteelmelters,rerollersetc.Onelectricitybillofsteelmelters,steelrerollers,compositesteelunits.N/ARs.1/perunitofelectricityconsumedNonAdjustableandCreditofthesameshallnotbeallowedNonAdjustableandCreditofthesameshallnotbeallowed.ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServices



RateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage20of34236PersonpreparingthetelephonebillsPersonissuingorsellingprepaidcardsfortelephoneorPersonissuingorsellingunitsthroughanyelectronicmediumoranyotherform.TelephoneMobileBills(a)TelephonebillotherthanmobilephoneexceedingRs.1,000/.10%oftheexceedingamountofBill10%oftheexceedingamountofBillAdjustableAdjustable(b)MobilephonesubscriberorprepaidcardfortelephonesorSaleofunitsthroughanyelectronicmediumorwhateverform.15%oftheamountofbillorsalepriceofprepaidcard14%oftheamountofbillorsalepriceofprepaidcardAdjustableAdjustable236APersonmakingsalebypublicauctionorauctionbyatender.SalebyauctionPublicauctionorauctionbytenderofthepropertyorgoods10%ofthegrosssaleprice10%ofthegrosssalepriceAdjustableAdjustable236BAirlinesissuingdomesticairticket.PurchaseofDomesticairticketfromeveryperson.5%ongrossamountofconsideration.5%ongrossamountofconsideration.AdjustableAdjustable



Notapplicableincaseof:(a)TheFederalGovernmentoraProvincialGovernmentor(b)ApersonwhoproducesacertificatefromtheCommissionerInlandRevenuethatincomeofsuchpersonduringthetaxyearisexempt.236CPersonresponsibleforregisteringorattestingtransferofanyimmovableproperty.Saleortransferofimmovablepropertyonsellerortransferoratthetimeofregisteringorattestingthetransfer.0.5%ongrossamountofconsideration.Filer0.5%ongrossamountofconsiderationNonFiler1%OngrossamountofconsiderationAdjustableAdjustableComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage21of34236DEveryprescribedpersonforwithholdingoftaxincludestheowner,aleaseholder,anoperatororamanagerof:(a)Amarriagehall(b)Marquee(c)Hotel(d)Restaurant(e)Commerciallawn(f)Club(g)Acommunityplaceor(h)Anyotherplaceusedforsuchpurpose.FunctionsandgatheringsOntotalamountofbillofarrangingorholdingafunctionincludingpaymentoffood,serviceorfacility.10%5%AdjustableAdjustable236EAnylicensingauthoritycertifyingandforeignTVdramaserialoraplay.ForeignTVdramaserialorplay



dubbedinUrduoranyotherregionallanguage.Varyingamount(AsperNoteNo.7)Varyingamount(AsperNoteNo.7)AdjustableAdjustable236FPakistanElectronicMediaRegulatoryAuthority.Cableoperatorsandotherelectronicmedia.Onissuanceorrenewaloflicensefordistributionservicestooperatorsandmedia.Varyingamount(AsperNoteNo.8)Varyingamount(AsperNoteNo.8)AdjustableAdjustable236GEverymanufacturerandcommercialimporterof:(a)Electronics(b)Sugar(c)Cement(d)Ironandsteelproducts(e)Fertilizer(f)MotorcyclesSalesofElectronic,Sugar,Cement,Iron&Steelproducts,Fertilizer,Motorcycles,Pesticides,Cigarettes,Glass,Textile,Beverages,PaintorFoamSectortodistributors,dealersandwholesalers:ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage22of34(g)Pesticides(h)Cigarettes(i)Glass(j)Textile(k)Beveragesor(l)Paintorfoamsector.SaleofFertilizersSaleofgoodsotherthanfertilizer0.1%0.1%Filer0.2%



NonFiler0.4%Filer0.1%NonFiler0.2%AdjustableAdjustableAdjustableAdjustable236HEverymanufacturer,distributor,dealer,wholesalerandcommercialimporterof:(a)Electronics(b)Sugar(c)Cement(d)Ironandsteelproducts(e)Fertilizer(f)Motorcycles(g)Pesticides(h)Cigarettes(i)Glass(j)Textile(k)Beveragesor(l)Paintorfoamsector.SalesofElectronics,Sugar,Cement,Iron&Steelproducts,Fertilizer,Motorcycles,Pesticides,Cigarettes,Glass,Textile,Beverages,PaintorFoamSectortoretailers.0.5%0.5%AdjustableAdjustable236IThepersonfromEducationInstitutionpreparingfeevoucherorchallans.Amountoffee(TuitionFeeandallcharges)paidtoeducationalinstitutionswhereannualfeeexceedsRs.200,000/.5%oftheamountofFee5%oftheamountofFeeAdjustableagainstthetaxliabilityoftheparentorguardianAdjustableagainstthetaxliabilityoftheparentorguardianComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction



201420152015Individual&AOPCompanyA.Qadir&CompanyPage23of34236JEveryMarketCommittee.IssuanceorrenewaloflicensetoDealers,CommissionagentsandArhatisetc.Varyingamount(AsperNoteNo.9)Varyingamount(AsperNoteNo.9)AdjustableAdjustable236KPersonresponsibleforregisteringorattestingtransferofnayImmovableproperty.PurchaseofimmovablepropertyOnpurchaserortransfereeatthetimeofregisteringorattestingtransferofanyimmovablepropertyexceedingvalueofRs.3millionN/AFiler1%ofgrossamountofconsiderationNonFiler2%ofgrossamountofconsideration(RateofTaxforNonFilershallbe1%uptothedateappointedbytheBoard)AdjustableAdjustableNotapplicableinthecaseof:FederalGovernmentProvincialGovernmentLocalGovernmentForeignDiplomatMissioninPakistanandAschemeintroducedbytheFederalGovernment,oraProvincialGovernmentoranauthorityestablishunderaFederalorProvinciallawforexpatriatePakistans.236LEveryairlineissuinginternationalairticketforjourneyoriginatingfromPakistan.PurchaseofinternationalairticketOnissuingofinternationalticketforjourneyoriginatingfromPakistanforotherthaneconomyclass.N/A4%ofthegrossamountofinternationalticketsAdjustableAdjustable



ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015SectionWithholdingAgentTypeofPayment/NatureofServicesRateStatusofTaxCollection/Deduction201420152015Individual&AOPCompanyA.Qadir&CompanyPage24of34236MEveryCompanyquotedonStockExchangeissuingBonusShares.BonusSharesissuedbycompaniesquotedonstockexchangeOnissuanceofbonussharesdeterminedonthebasisofdayendpriceonthefirstdayofclosureofbooksN/A5%ofthevalueofbonussharestobeissuedFinalontheincomeoftheshareholderFinalontheincomeoftheshareholder236NEveryCompanynotquotedonStockExchangeissuingBonusShares.BonusSharesissuedbycompaniesnotquotedonstockexchangeOnissuanceofbonussharesvalueofwhichmaybedeterminedonthebasisofRulesprescribedbytheBoardN/A5%ofthevalueofthebonussharestobeissuedFinalontheincomeoftheshareholderFinalontheincomeoftheshareholder37AreadwithDivisionVIINationalClearingCompanyofPakistanLimited.



CapitalGainondisposalofSecurities.Where:a)Holdingperiodislessthansixmonthsb)Holingperiodismorethansixmonthsbutlessthantwelvemonthsc)Holdingperiodistwelvemonthsormorebutlessthantwentyfourmonthsandd)Holdingperiodistwentyfourmonthsormore.10%8%0%0%12.5%12.5%10%0%AdjustableAdjustableAdjustableAdjustableAdjustableAdjustableA.Qadir&CompanyComparativeTableofWithholdingTaxRatesfortheTaxYears2014and2015NOTES1.ThetaxpayersmayopttobetaxedundernormaltaxregimeinsteadoffinaltaxregimesubjecttosuchconditionsasprescribedunderthefollowingclausesofPartIVoftheSecondScheduletotheIncomeTaxOrdinance,2001:(56B)Theprovisionsofsubsection(7)ofsection148,andclause(a)ofsubsection(1)ofsection169shallnotapplytoapersonbeingacommercialimporterifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybeprescribed,subjecttotheconditionthatminimumtaxliabilityundernormaltaxregimeshallnotbelessthan5.5%oftheimports,ifthepersonisacompanyand6%otherwise.(56C)Theprovisionsofsubsection(3)ofsection153,inrespectofsaleofgoodsandclause(a)ofsubsection(1)ofsection169shallnotapplytoaperson,ifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybprescribedsubjecttotheconditionthatminimumtaxliabilityundernormaltaxregimeshallnotbelessthan3.5%ofthegrossamountossales,ifthepersonisacompanyand4%otherwise.(56D)Theprovisionsofsubsection(3)ofsection153,inrespectofcontractsandclause(a)ofsubsection(1)ofsection169shallnotapplytoapersonifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybeprescribedsubjecttotheconditionthatminimumtaxliabilityundernormaltaxregimeshallnotbelessthan6%ofcontractreceipts,ifthepersonisacompanyand6.5%otherwise.(56E)Theprovisionsofsubsection(2)ofsection153andclause(a)ofsubsection(1)ofsection169shallnotapplyinrespectofapersonifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybeprescribed



subjecttoconditionthatminimumtaxliabilityundernormaltaxregimeshallnotbelessthan0.5%ofgrossamountofservicesreceived.(56F)Theprovisionsofsubsection(2)ofsection156Aandclause(a)ofsubsection(1)ofsection169shallnotapplyinrespectofapersonifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybeprescribed,subjecttotheconditionthatminimumtaxliabilityundernormaltaxregimeshallnotbelessthan10%ofthecommissionordiscountreceived.(56G)Theprovisionsofsubsection(3)ofsection233andclause(a)ofsubsection(1)ofsection169shallnotapplyinrespectofapersonifthepersonoptstofilereturnoftotalincomealongwithaccountsanddocumentsasmaybeprescribed,subjecttotheconditionthatminimumtaxliabilityundernormaltaxretimeshallnotbelessthan10%ofthecommission.NoteSectionTypeofPaymentTaxRate/TaxAmount2014(Rupees)2015(Rupees)A.Qadir&Company2149IncomeonSalary(Clause(1A)ofDivIofPartIofFirstSchedule)Wheretheamountofsalary:doesnotexceedRs.400,000ExceedRs.400,000butdoesnotexceedRs.750,000ExceedRs.750,000butdoesnotexceedRs.1,400,000ExceedRs.1,400,000butdoesnotexceedRs.1,500,000ExceedRs.400,000butdoesnotexceedRs.1,800,000ExceedRs.400,000butdoesnotexceedRs.2,500,000ExceedRs.400,000butdoesnotexceedRs.3,000,0000%5%oftheamountexceedingRs.400,000Rs.17,500+10%oftheamountexceedingRs.750,000Rs.82,500+12.5%oftheamountexceedingRs.1,400,000Rs.95,000+15%oftheamountexceedingRs.1,500,000Rs.140,000+17.5%oftheamountexceedingRs.1,800,000Rs.262,500+20%oftheamountexceedingRs.2,500,0000%5%oftheamountexceedingRs.400,000Rs.17,500+10%oftheamountexceedingRs.750,000Rs.82,500+12.5%oftheamountexceedingRs.1,400,000Rs.95,000+15%oftheamountexceedingRs.1,500,000Rs.140,000+17.5%oftheamountexceedingRs.1,800,000Rs.262,500+20%oftheamountexceedingRs.2,500,000NoteSectionTypeofPaymentTaxRate/TaxAmount2014(Rupees)



2015(Rupees)A.Qadir&CompanyExceedRs.400,000butdoesnotexceedRs.3,500,000ExceedRs.400,000butdoesnotexceedRs.4,000,000ExceedRs.400,000butdoesnotexceedRs.7,000,000ExceedRs.7,000,000Rs.362,500+22.5%oftheamountexceedingRs.3,000,000Rs.475,000+25%oftheamountexceedingRs.3,500,000Rs.600,000+27.5%oftheamountexceedingRs.4,000,000Rs.1,425,000+30%oftheamountexceedingRs.7,000,000Rs.362,500+22.5%oftheamountexceedingRs.3,000,000Rs.475,000+25%oftheamountexceedingRs.3,500,000Rs.600,000+27.5%oftheamountexceedingRs.4,000,000Rs.1,425,000+30%oftheamountexceedingRs.7,000,0003155(a)IncomefromProperty(Clause(a)ofDivVofPartIIIofFirstSchedule)IncaserecipientisanIndividualorAOP:WherethegrossamountofrentdoesnotexceedRs.150,000WherethegrossamountofrentexceedsRs.150,000butdoesnotexceedRs.1,000,000WherethegrossamountofrentexceedsRs.1,000,000NIL10%ofthegrossamountexceedingRs.150,000Rs.85,000+15%ofthegrossamountexceedingRs.1,000,000NIL10%ofthegrossamountexceedingRs.150,000Rs.85,000+15%ofthegrossamountexceedingRs.1,000,000(b)(Clause(b)ofDivVofPartIIIofFirstSchedule)IncaserecipientisaCompany:15%15%NoteSectionTypeofPaymentTaxRate/TaxAmount2014(Rupees)2015(Rupees)A.Qadir&Company4231BPurchaseofMotorVehicle(DivVIIofPartIVofFirstSchedule)10,00020,00030,00050,00075,000



100,000150,000150,000150,000FilerNonFilerupto850cc851ccto1000cc1001ccto1300cc1301ccto1600cc1601ccto1800cc1801ccto2000cc2001ccto2500cc2501ccto3000ccAbove3000cc10,00020,00030,00050,00075,000100,000150,000200,000250,00010,00025,00040,000100,000150,000200,000300,000400,000450,0005234(a)TaxonMotorVehicle(Clause(3)ofDivIIIofPartIVofFirstSchedule)Otherprivatemotorcarswithenginecapacityof:7501,2501,7503,0003,0004,0008,000FilerNonFilerupto1000cc1001ccto1199cc1200ccto1299cc1300ccto1499cc1500ccto1599cc1600ccto1999ccAbove2000cc1,0001,8002,0003,0004,5006,00012,000



1,0003,6004,0006,0009,00012,00024,000(b)(Clause(4)ofDivIIIofPartIVofFirstSchedule)Wherethemotorvehicletaxiscollectedinlumpsum:7,50012,50017,50030,00030,00040,00080,000FilerNonFilerupto1000cc1001ccto1199cc1200ccto1299cc1300ccto1499cc1500ccto1599cc1600ccto1999ccAbove2000cc10,00018,00020,00030,00045,00060,000120,00010,00036,00040,00060,00090,000120,000240,000NoteSectionTypeofPaymentTaxRate/TaxAmount2014(Rupees)2015(Rupees)A.Qadir&Company6235ElectricityConsumption(DivIVofPartIVofFirstSchedule)Wheretheamountofelectricitybill:doesnotexceedRs.400exceedsRs400butdoesnotexceedRs600exceedsRs600butdoesnotexceedRs800exceedsRs800butdoesnotexceedRs1,000exceedsRs1,000butdoesnotexceedRs1,500exceedsRs1,500butdoesnotexceedRs3,000exceedsRs3,000butdoesnotexceedRs4,500exceedsRs4,500butdoesnotexceedRs6,000exceedsRs6,000butdoesnotexceedRs10,000exceedsRs10,000butdoesnotexceedRs15,000exceedsRs15,000butdoesnotexceedRs20,000



exceedsRs20,000(i)Forcommercialconsumers(ii)Forindustrialundertaking0801001603003504505006501,0001,50010%ofElectricityBill5%ofElectricityBill0801001603003504505006501,0001,50010%ofElectricityBill5%ofElectricityBill7236EAdvanceTaxonForeignProducedFilmsandTVPlays(DivXIIofPartIVofFirstSchedule)ForeignproducedTVdramaserialForeignproducedTVplay(singleepisode)100,000100,000100,000100,000NoteSectionTypeofPaymentTaxRate/TaxAmount2014(Rupees)2015(Rupees)A.Qadir&Company8236FAdvanceTaxonCableTelevisionOperatorsandOtherElectronicMedia.(DivXIIIofPartIVofFirstSchedule)TaxonLicenceFee/RenewalFee:LicensecategoryasprovidedinPEMRARules:LicensefeeRenewalLicensefeeRenewalHH1HIIRBB1B2B3B4B5



B6B7B8B9B107,50010,00025,0005,0005,00030,00040,00050,00075,00087,500175,000262,500437,500700,000875,50010,00015,00030,00030,00040,00050,00060,00075,000100,000150,000200,000300,000500,000800,000900,0007,50010,00025,0005,0005,00030,00040,00050,00075,00087,500175,000262,500437,500700,000875,50010,00015,00030,00030,00040,00050,00060,00075,000100,000



150,000200,000300,000500,000800,000900,0009236JAdvanceTaxonDealers,CommissionAgentsandArhalis,etc.TaxperAnnumTaxperAnnum(DivXVIIofPartIVofFirstSchedule)GrouporClassAGrouporClassBGrouporClassCAnyotherCategory10,0007,5005,0005,00010,0007,5005,0005,000RelatedLegalProvisionsComparativetableofWithholdingtaxratesfortheTaxYears2014and2015A.Qadir&CompanyRelatedLegalProvisions1.PaymentoftaxcollectedordeductedSection160oftheIncomeTaxOrdinance,2001readwithRule43oftheIncomeTaxRules,2002Asrequiredundersection160andundertheSixthScheduletotheOrdinance,thetaxcollectedordeductedunderDivisionIIorDivisionIIIofPartVofChapterXoftheOrdinance,ChapterXIIoftheOrdinanceorSixthScheduletotheOrdinanceshallbepaidtotheCommissionerbywayofcredittotheFederalGovernment,(a)wherethetaxhasbeencollectedordeductedbytheFederalGovernmentofaProvincialGovernmentonthedaythetaxwascollectedordeductedor(b)wherethetaxhasbeencollectedordeductedbyapersonotherthantheFederalGovernmentoraProvincialGovernment,byremittancetotheGovernmentTreasuryordepositinanauthorizedbranchoftheStateBankofPakistanortheNationalBankofPakistan,withinsevendaysfromtheendofeachweekendingoneverySunday.2.Filingofmonthlystatements:Section165(2)oftheOrdinance,2001readwithRule44oftheRulesEveryprescribedpersoncollectingtaxunderDivisionIIofthisPartofChapterXIIordeductingtaxfromapaymentunderDivisionIIIofthisPartorChapterXIIshallfurnishorefilestatementsundersubsection(1)bythe15thdayofthemonthfollowingthemonthtowhichthewithholdingtaxpertains.3.Filingofannualstatement:Section165(6)oftheOrdinancereadwithRule44oftheRulesEverypersondeductingtaxfrompaymentundersection149shallfurnishtotheCommissioneranannualstatementintheprescribedformandmanner.ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015A.Qadir&Company4.Failuretopaytaxcollectedordeducted



Section161(1)oftheOrdinanceWhereaperson(a)failstocollecttaxasrequiredunderDivisionIIofthisPartorChapterXIIordeducttaxfromapaymentasrequiredunderDivisionIIIofthisPartorChapterXIIorasrequiredundersection50oftherepealedOrdinanceor(b)havingcollectedtaxunderDivisionIIofthisPartorChapterXIIordeductedtaxunderDivisionIIofthisPartorChapterXIIordeductedtaxunderDivisionIIIofthisPartorChapterXIIfailstopaythetaxtotheCommissionerasrequiredundersection160,orhavingcollectedtaxundersection50oftherepealedOrdinancepaytothecreditoftheFederalGovernmentasrequiredundersubsection(8)ofsection50oftherepealedOrdinance,thepersonshallbepersonallyliabletopaytheamountoftaxtotheCommissionerwhomaypassanordertothateffectandproceedtorecoverthesame.5.OffencesandPenaltiesSerial(1A)and(15)ofSection182(1)oftheOrdinanceAnypersonwhocommitsanyofficespecifiedincolumn(2)oftheTablebelowshall,inadditiontoandnotinderogationofanypunishmenttowhichhemaybeliableunderthisOrdinanceoranyotherlaw,beliabletothepenaltymentionedagainstthatoffenceinColum(3)thereof:ComparativetableofWithholdingtaxratesfortheTaxYears2014and2015A.Qadir&CompanyS.No.OffencesPenaltiesSectionoftheOrdinancetowhichoffencehasreference.(1)(2)(3)(4)1A.Whereanypersonfailstofurnishastatementasrequiredundersection115,165or165Awithinthedue*[date].*theworddateinbracketinsertedbyus,whichappearstobemissing.SuchpersonshallpayapenaltyofRs.2500foreachdayofdefaultsubjecttoaminimumpenaltyoffiftythousandrupees.115,165and165A15.anypersonwhofailstocollectordeducttaxasrequiredunderanyprovisionofthisOrdinanceorfailstopaythetaxcollectedordeductedasrequiredundersection160.suchpersonshallpayapenaltyoftwentyfivethousandrupeesorthe10%oftheamountoftaxwhicheverishigher.148,149,150,151,152,153,153A,154,155,156,156A,156B,158,160,231A,231B,233,233A,234,234A,235,236,236A.6.DefaultSurchargeSection205(3)oftheOrdinanceApersonwhofailstocollecttax,asrequiredunderDivisionIIofPartVofthisChapterorChapterXIIordeducttaxasrequired



underDivisionIIIofPartVofthisChapterorChapterXIIorfailstopayanamountoftaxcollectedordeductedasrequiredundersection160onorbeforetheduedateforpaymentshallbeliablefordefaultsurchargeatarateequalto18percentperannumontheamountunpaidcomputedfortheperiodcommencingonthedatetheamountwasrequiredtobecollectedordeductedandendingonthedateonwhichitwaspaidtotheCommissioner:Providedthatifthepersonoptstopaythetaxdueonthebasisofanorderundersection129onorbeforetheduedategiveninthenoticeundersubsection(2)ofsection137issuedinconsequenceofthesaidorderanddoesnotfileanappealundersection131,heshallnotbeliabletopaydefaultsurchargefortheperiodbeginningfromthedateoforderundersection161tothedateofpayment.A.Qadir&CompanyFilingofmonthlystatements:Section165(2)oftheIncomeTaxOrdinance,2001readwithRule44oftheIncomeTaxRules,2002EveryprescribedpersoncollectingtaxunderDivisionIIofthisPartofChapterXIIordeductingtaxfromapaymentunderDivisionIIIofthisPartorChapterXIIshallfurnishorefilestatementsundersubsection(1)bythe15thdayofthemonthfollowingthemonthtowhichthewithholdingtaxpertains.Filingofannualstatement:Section165(6)oftheIncomeTaxOrdinance,2001readwithRule44oftheIncomeTaxRules,2002Everypersondeductingtaxfrompaymentundersection149shallfurnishtotheCommissioneranannualstatementintheprescribedformandmanner.PaymentoftaxcollectedordeductedRule43oftheIncomeTaxRulesAsrequiredundersection160andundertheSixthScheduletotheOrdinance,thetaxcollectedordeductedunderDivisionIIorDivisionIIIofPartVofChapterXoftheOrdinance,ChapterXIIoftheOrdinanceorSixthScheduletotheOrdinanceshallbepaidtotheCommissionerbywayofcredittotheFederalGovernment,(a)wherethetaxhasbeencollectedordeductedbytheFederalGovernmentofaProvincialGovernmentonthedaythetaxwascollectedordeductedor(b)wherethetaxhasbeencollectedordeductedbyapersonotherthantheFederalGovernmentoraProvincialGovernment,byremittancetotheGovernmentTreasuryordepositinanauthorizedbranchoftheStateBankofPakistanortheNationalBankofPakistan,withinsevendaysfromtheendofeachweekendingoneverySunday.DisclaimerThisdocumenthasbeenprepared/compiledonthebasisofinformationavailableundertheIncomeTaxOrdinance,2001.A.Qadir&Companydoesnotguaranteeorwarranttheaccuracy,reliability,completenessorcurrencyoftheinformationinthisdocumentnoritsusefulnessinachievinganypurpose.Readersareresponsibleforassessingtherelevanceandaccuracyofthecontentsofthisdocument.Wewouldnotbeliableforanyloss,damage,costorexpenseincurredorarisingbyreasonofanypersonusingorrelyingoninformationinthisdocument.A.Qadir&CompanyAdvocates,Taxation&CompanyLawConsultants206,BusinessArcade,Block6,P.E.C.H.S.,ShahraheFaisal,KarachiPhone:+92(21)343151635Fax:+92(21)34314731Email:[email protected]

4. muhammadshafiqsays:



11/26/2014at12:59PM

imallsaleandincometaxreturnsummitionplzanyproblmforcontactmemymail:[email protected]

5. headmastersays:11/22/2014at11:42AM

mytotalsalaryincomeisRs.5,83290/afteralldeductionsmynetincomeisRs.3,30,000.IsitapplicabletogetrebateofRs.2000tome?Pleaseclarifymydoubt.

6. ssudarshanasays:11/14/2014at7:15AM

AjayKapoor:Whatisthatyouwant.?!

7. AJAYKAPOORsays:11/13/2014at2:41PM

pleasegivetheanswersofquestionno8,9,14

8. AJAYKAPOORsays:11/13/2014at2:40PM

PLEASEGIVETHEANSWERSOFQUESTIONNO8,9,14ASEARLYASPOSSIBLE.

THEABOVEQUESTIONSAREMENTIONEDATSRNO8,9,14


DearVSNarayana,Noneedtofileasyourtaxableincomeislessthan3.00lakhs.

10. hanusinghsays:11/08/2014at6:31PM

somthingchangeinrate

11. V.S.Narayansays:11/08/2014at11:47AM

Myincometaxableiswith3lacsfortheyear14/15ay16Iamseniorcitizenof74yearswhetherIshouldfileITreurn?

12. TusharRathodsays:10/30/2014at5:58PM

IhavePPFaccountinmynameandmywifename,aswellwehavetwokids,kindlysuggestus,canweinvestuptomaximumlimitinallfouraccountsorwecaninvestonlyjointlyuptomaximumlimitonechildundereachparent.Imeanfatherplusonechildandmotherplusonechild.Kindlyletusknowwhatstherightmethod.

13. sudarshanasays:10/18/2014at10:48AM

MrS.R.ChowdharyandMrRaj:ruleis:87A.Anassessee,beinganindividualresidentinIndia,whosetotalincomedoesnotexceedfivehundredthousandrupees,shallbeentitledtoadeduction,fromtheamountofincometax(ascomputedbeforeallowingthedeductionsunderthisChapter)onhistotalincomewithwhichheischargeableforanyassessmentyear,ofanamountequaltohundredpercentofsuchincometaxoranamountoftwo



thousandrupees,whicheverisless.Seemoreat:http://taxguru.in/incometax/availabilityrebate87afy201415ay201516.html#comment1247752ThisistherethisyearalsoandonlytothosewhosetataltaxableincomeislessthanorequaltoRs.5,00,000/only.

14. subhraroychowdhurysays:10/17/2014at2:51PM

whatistheamountdeductablefromthenettaxablesalary..?????asitwas2000inthepreviousf.y..

15. Rajsays:10/02/2014at7:37AM

thisyearAy20152016fy201415taxcredit2000/isthereornot?

16. AnantPundlesays:09/06/2014at6:02PM

IthinkRebateundersection87AisapplicabletothosetaxpayerswhoseCHARGEABLEINCOMEi.e.TaxableIncomeandnotTOTALINCOMEislessthanorequalto500000/ItisalsoIbelievevalidforAY201516also.

17. ArpitSinghsays:09/03/2014at2:28PM

DearSir,Pleasetillmemaximumamountpaidtoasubcontractorinonefinancialyear

18. narayansomanisays:08/21/2014at3:54PM

OurPresidentassentednewfinancebill2014on06.08.14butiamshockedtoseeonpg.no.38offinanceact2014thatthereisnochangesinincometaxslabfrompreviousyeari.e.noincrementinslabbyRs.50000/proposedinfinancebillitsnotcleartomewhen&whyitwashappened??

19. ssudarshanasays:08/15/2014at9:30PM

Mr.AbhayJain,itistaxfree.

20. vijaysays:08/14/2014at4:24PM

dearSir,

kindlyletusknowthetaxbenefitofVarishtpensionBimaYojna(LIC)

thepensionistaxable?

21. AbhayJainsays:08/13/2014at4:21PM

MymotherhasexpiredandIamthenomineeinherbanksaccountssoIreceived1.5lacbyDDafterclosureofbankaccountsand1laccashamountfromherhome(withoutanypaperwork).

Pl.letmeknowhowmayIshowthisamountinmyincomeunderwhichsectionandwheatheritistaxfreeortaxable?

(AbhayJain)

22. ssudarshanasays:



08/06/2014at3:46PM

SriC.L.Srivastava:201415AYmeans101314FY.Caclucatoriscorrect.Newratescomesintoeffectfromthisfinancialyear,i.e.201415FYor201516AY.Alam:Bothcanbeused.OnewhocanuseITR1canuseITR2also.Tomakethemattersimple,ifyouhaveonlyonehouse/houseincome/nohouseandincomeisfromsalary/pensionanddepositinterestsITR1willsuffice.Ifyouhavemorethanonehousingproperty,incomefromSTCG/LTCGyouhavetouseITR2.

23. Alamsays:08/06/2014at1:22PM

Sir,kindlygivemethecoorectsuggestionwhichformrequiredtobefilledbySalaried/pensionEmployee.BecauseinyourArticleITR1&ITR2bothformforSalaried/pensionemployee.Clarify

24. SHRENIKSHAHsays:07/28/2014at12:42PM

Siristhebasicexemptionlimitofincometaxisincreasedduringthebudgetdiscussionintheparliamentfortheyear201415?Ifyescanyouprovidethenewrates?

25. SURAJITsays:07/25/2014at12:23PM

RespectedSir,IsitnecessaryforsubmitreturnfileforallTaxpayer.Ifhisincomewithin5,00,000/inayear.PleasetellmetheruleswithsectionfortheF.Y201314and201415.

26. CA.KACHAMSHEKHARsays:07/18/2014at3:28PM

IDONOTUNDERSTANDWHYTHEREISSOMUCHCONVERSATIONWITHREGARDTOSECTION87A.ASITISNOTDELETEDFROMTHEACTASPERTHEFINANCEBILL,REBATEU/S87AWILLBEAVAILABLEFORTHEAY201516TOOANDFOLLOWINGASSTYEARS.

27. C.L.SRIVASTAVAsays:07/17/2014at7:04PM

INA.Y.201415FORINDIVIDUALINCOMETAXRETURNFILING,YOURFORMATISCALCULATINGTAXAFTERRS.2,20,000/PLEASECONFIRMTHISANDWENOTMAYBNEABLETOCORRECTFILING

28. pschauhansays:07/15/2014at9:37PM

SEC87AISNOTEXCLUDEDFRITBUDGET.ITHINKTHISBENEFITISALSOAPPLICABEFORAY20516


Section87Aisavailablefor201415FYalso.TheconcessionofIncomeTaxuptoRs.2000/isonlyforthosewhosetaxableincomeislessthan5.00lakhs.

30. Sampadmajeesays:07/14/2014at12:08AM

87AapplicableforAY201516ornot

31. devekasays:



07/12/2014at4:28PM

2000rebateisapplicableornotforcurrentfinancialyearsomeauthorsaysitisapplicablepleasehelpiwantdeducttaxonmyofficestaff

32. CARishikantSharmasays:07/12/2014at11:32AM

DearAll

OnanalysisofBudget2014andInterpretationofsection87A,itisconcludedthatRebateu/s87AuptoRs2000/willbeallowedforAY201516forresidentindividualshavingTotalIncomeuptoRs.500000/.

Barereadingofsection87Aisasfollows:

Rebateoneducationalexpensesincertaincases.

87A.Anassessee,beinganindividualresidentinIndia,whosetotalincomedoesnotexceedfivehundredthousandrupees,shallbeentitledtoadeduction,fromtheamountofincometax(ascomputedbeforeallowingthedeductionsunderthisChapter)onhistotalincomewithwhichheischargeableforanyassessmentyear,ofanamountequaltohundredpercentofsuchincometaxoranamountoftwothousandrupees,whicheverisless.

33. jhanishasays:07/12/2014at9:38AM

Asitisnotspecificallydeclaredthatrebateofrs2000wilnotbeapplicableforAY201516andonwarditseemsthatrebatewillcontinuetoapply.

34. MuralikrishnanSsays:07/11/2014at9:35PM

ThebudgetrissilentaboutRs.2000/fortheassesseeswhoseincomesinotexceedingRs.5lacs,TheFinanceMinistryhastoclarifythispoint.

35. agnelsequeirasays:07/11/2014at4:42PM

Isrs2000/deductionontotaltaxstillapplicable

36. CARishikantSharmasays:07/11/2014at4:15PM

Rebateoneducationalexpensesincertaincases.87A.Thefollowingsection87Ashallbeinsertedaftersection87bytheFinanceAct,2013,w.e.f.142014:Rebateofincometaxincaseofcertainindividuals.87A.Anassessee,beinganindividualresidentinIndia,whosetotalincomedoesnotexceedfivehundredthousandrupees,shallbeentitledtoadeduction,fromtheamountofincometax(ascomputedbeforeallowingthedeductionsunderthisChapter)onhistotalincomewithwhichheischargeableforanyassessmentyear,ofanamountequaltohundredpercentofsuchincometaxoranamountoftwothousandrupees,whicheverisless.

&&&&&&inBudget2014,despiteofanyclarification&alsospecificallynotommited..HenceitseemsSec87AwillbeeligibleforAY201516also.

37. Nitinsays:07/11/2014at12:45PM



Whataboutsection87A?Willitcontinuefor201516?

38. jmwasdevsays:07/11/2014at12:36PM

Doessec87Astaysforthosewhosetotalincomeis500000/orless?

39. Dineshsays:07/11/2014at12:22PM

Section87Awillcontinueornotanyclarification

40. S.Murugesansays:07/11/2014at11:20AM

Dearsir,

thisyearAy20152016fy201415taxcredit2000/isthereornot?

plreply

41. skSINHAsays:07/11/2014at10:40AM

DearSir/Madam,DuetosomethingerrorshowingforIncomeTaxslabchartF.y.20142015sl.(ii)

sokindlycorectionthesame.


ThetablecontradictsitselfwhenitsaysthetaxpayableisforamountexceedingRs.2,00,000/=upto5.00lakhsis10%,whilethereisaniltaxupto2,50,000/=.Thisissointwotables.Mr.SandeepKanoishouldclarifyorcorrectplease.

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