149 Salary Withholding
Автор: Tax Consultants Pakistan
Загружено: 2023-01-15
Просмотров: 933
Updated up to Jun 30, 2022)
INCOME TAX ORDINANCE, 2001
• Section 149(1). Withholding Agent for Salary: Every person paying salary shall deduct tax at the employee’s average rate of tax.
• Section 149(2). Average rate formula is as follows:-
Tax payable on estimated taxable income for the year under the head “Salary”
Employee’s estimated taxable income under the head “Salary” for that year
Section 149(1). Upon deduction of tax, employer can make adjustments after taking IT-3 and evidence from employee as follows;
• Tax withheld (adjustable) under other heads i.e., telephone, vehicle, Property etc.
• Tax credit admissible under section 61 (Charitable donations) during the tax year
• Any excess deduction or deficiency arising out of any previous deduction during the year;
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