7/29/2019 Salary Income Tax Computation 2012-13

1/1

July August September October November December January February

- - - - - - - -

Amount

A Tax on - -

B Tax on - @ 0% -

C Total Gross Income Tax (A + B) -

D Taxable Income -

E Efective Gross Tax Income Tax Rate 0.00%

12

5%

At Cost

-

10%

-

Along with Motor Vehicle Tax (See Section 234)

On Cash Withdrawals from Banks (See Section 231A)

3. Any income of worker received from WPPF established under Companies Profits

(Workers Participation) Act 1968 is totally exempt (see Clause 26 of Part I of 2nd

Schedule).

On Registration of New Car/Jeep (See Section 231B)

On Sales/Cancellation of Any Banking Instrument Against Cash (See Section 231

On Purchase of Air Tickets (See Section 236B)

Total Amount of Withholding Tax to be Adjusted-------------->Amount to be part of taxable Income--------------->

1. Medical Allowance upto 10% of basic salary is exempt if free medical treatment

or hospitalization or re-imbursement of medical or hospitalization charges is not

provided (see Clause 139, Sub Clause (b) of Part I of 2nd Schedule).

Average Loan Balance

Benchmark Rate

2. Provident Fund Contributions made by employer in excess of one tenth of salary

(10%) or Rs. 100000/= whichever is lower are deemed to be income received by

employee (See Clause 3, Sub Clause (a) of Part I of 6th Schedule) .

Items Eligible For Straight Deduction

Charitable Donation (See Clause 61 of Part 1 of 2nd Schedule)

Zakat Paid (See Section 60)

Total Amount Eligible From Staight Deduction From Income---->

On Telephone/Mobile Phone Bills (See Section 236)

Withholding Adjustment For the Year

Tax Deducted by Employer Upto Last Month (See Section 149)

4. Accumulated balance payment received by an employee participating in

a recognized provident fund is totally exempt (see Clause 23 of Part I of

2nd Schedule).

Taxable Value of Company Loan (See Section 13 (7))

Taxable Value of Conveyance (See Rule 5)

Number of Months Vehicle Usage in Current Year

Muhammad Ijaz Khan FCMA

5. Income tax liability of tax payer aged 60 years or more on first day of tax year is

reduced by 50% provided his/her taxable income (other than from FTR) does not

exceed one million rupees (see Clause (1A) of Part III of 2nd Schedule).

Important Notes Zakat / Charitable Donations Admissible For Straight De

Email: mijazkhan@hotmail.co

Comments / Suggestions to

Improve This Sheet are Welcom

Overtime

With Compliments From

INCOME TAX COMPUTATION FOR INDIVIDUALS (SALARIED PE

CN

Department

Employee Name

Purpose of Vehicle Usage Official + Personal

Value of Motor Vehicle

Particulars

Amount to be part of taxable Income--------------->

P.F. Employer Contribution

Payment From WPPF

Stay Allowance

Tax Credits Available at Average Tax Rate

Tax Credit Item Name

Charitable donation (See Section 61)

Investment in Shares & Life Insurance Premium (See Section 62)

Utility Allowance

Medical Allowance

Conveyance Alowwance

Bonus / Ex-Gratia

Leave Fare Assistance (LFA)

Leave Encashment

Contribution to Approved Pension Fund (See Section 63)

Profit on Debt on House Loans (purchase/construction) (See Section 64)

Total Amount Eligible for Tax Credit (Under Section 61-64)-------------->

Gross Income Tax Computation

Employee Code

Designation

Description

Basic Salary

House Rent

Total

If Yes

If Yes

mailto:Tax@mailto:Tax@