CHAPTER 5
ENFORCEMENT:
77. Where the Commissioner, in consequence of information in his possession, has reason to believe that -
(1) any person has failed to comply with any requirements of a notice under section 12 of the Act; or
(2) any person is not likely to comply with any requirements of a notice under section 12 of the Act; or
(3) any person is in possession of money, valuables or asset which he has not disclosed or in respect of which he is not likely to have any satisfactory explanation, then, he may authorize any inland revenue authority to
(a) enter and search any building, place, vessel, vehicle or aircraft where such books of accounts or documents or such money, valuables or asset or such person whose personal attendance is required are likely to be available;
(b) break open the lock of any door, box, locker, safe, almirah, or other receptacle for exercising the powers conferred by clause (a) where the keys thereof are not available;
(c) search any person who has got out of, or is about to get into, or is in, the building, place, vessel, vehicle or aircraft, if the authorized officer has reason to suspect that such person has secreted about his person any such books of account or documents or money, valuables or assets;
(d) seize any such books of account or documents, or money, valuables or assets;
(e) place marks of identification on any books of accounts or documents or make or cause to be made extracts or copies therefrom; and
(f) make a note or an inventory of books of account or documents, or of money, valuables or assets found therein.
78. The authorized officer may requisition the services of any police officer or of any officer of the Federal Government, or of both, to assist him for the purposes of section 77 and it shall be the duty of every such officer to comply with the requisition.
79. The authorized officer may serve an order on the owner or the person who is in immediate possession or control of such books of accounts, documents, money, valuables or assets that he shall not remove, part with or otherwise deal with it except with the previous permission of such officer and such officer may take such steps as may be necessary for ensuring compliance with this section.
80. The authorised officer shall have all the powers provided under section 12 for making such investigation as may be required and any statement made by any person during such investigation may be used in evidence in any proceeding under the Act.
81. Where any books of accounts, documents, money, valuables or any assets are found in the possession or control of any person, it shall be deemed to be true and belonging to that person or owned by that person unless the explanations offered by him are satisfactory in the opinion of the authorized officer.
82. Where on the basis of books of accounts, documents, money, valuables, assets or any other evidence found during the search or thereafter, the authorized officer is of the opinion that any income was required to be disclosed under the provisions of the Act but was not disclosed or where it was not required to be disclosed because the due date for filing the return of income was not over, it was not entered in the books of accounts regularly being maintained by the taxpayer, he shall pass an order Taxation such income as income from undisclosed sources for that year in which the search action was taken and determine the liability in respect of such income payable by the taxpayer within one year of taking such action.
83. The authorized officer shall apply the money, valuables or assets seized under section 77 or restrained under section 79 towards liability determined under section 82 or any other liability under any other provisions of the Act in the manner prescribed by the Board and release the balance to the person from whose custody it was seized along with the books of accounts or documents, if in his opinion these are not required or any other proceeding under the Act.
84. The person, from whose custody any books of accounts or documents are seized under section 77 or restrained under section 82, may make copies thereof, or take extracts therefrom, in the presence of the authorized officer or any other person empowered by him in this behalf, at such place and time as the authorized officer may appoint in this behalf.
85. The Additional/Deputy Commissioner shall exercise the following powers to collect information for the determination of income or any liability under the provisions of the Act in the case of the taxpayer or of any other case or in general-
(1) Where any books of accounts or documents, which are in his opinion relevant for any proceeding under the Act, have been taken into custody by an officer or an authority under any law for the time being in force, he may requisition such books of accounts or documents and require such officer or authority to deliver such books of accounts or documents to an inland revenue authority as authorized by him;
(2) he may require any person to furnish information regarding names and addresses of any other person or persons available with him or details of any transactions entered into by him or details of any books of accounts, documents, valuables or assets belonging to him or belonging to others but in his custody or in his knowledge;
(3) he may authorize any authority to enter any place at which a business or profession is carried on during the hours at which such place is open for the conduct of business or profession -
(a) to inspect such books of accounts or documents as may be available;
(b) to verify or check the cash, stock or other valuable article or thing found therein; and
(c) to collect such information as may be relevant to or useful for any proceeding under the Act.
CHAPTER 6
COLLECTION AND RECOVERY
Part 1 - General
86. Income tax on the income of the year shall be liable to be paid by 30th September of that year either by deduction or collection at source or payment in advance by the taxpayer according to the provisions of the Act.
87. Where any tax remains due to be paid or is required to be paid under any provision of the Act, it shall be payable by the taxpayer direct.
88. Payment of income tax by any mode shall not prejudice the assessment of any income under any provisions of the Act.
89. Where any tax, compensation, penalty, fine or any other sum is payable under any provisions of the Act, the Taxation officer shall serve upon the taxpayer a notice of demand in the prescribed form specifying the sum so payable.
90. The amount specified in the notice of demand under section 88 shall be paid within one month of the service of the notice or from the date of first appellate order, where an appeal is filed, as the case may be, at the place and to the person mentioned in the notice unless this period is reduced with the previous approval of the Additional/Deputy Commissioner of Inland revenue.
91. Where the taxpayer has failed to pay within the specified time any sum which is payable under any provisions of the Act, he shall be liable to pay compensation mentioned in section 88 at the rate of one percent of such sum for every month or part of a month of default to be compounded at the end of every financial year.
92. Where in consequence of any order passed under the Act, a refund becomes due to the taxpayer, it shall first be adjusted against any dues for any year under provisions of the Act outstanding against the taxpayer and the balance, if any, shall be refunded to him forthwith.
93. Where the refund due under section 92 is granted to the taxpayer after one month of the order referred to therein, he shall be entitled to compensation at the rate of one per cent of such refund for every month or part of a month from the date of the order compounded at the end of every financial year.
94. Where the order giving rise to calculation of compensation under section 91 or 93 is revised under the Act, the compensation shall also be revised accordingly.
Part 2 - Deduction of Tax at Source
95. (1) Tax shall be deduced at the average rate on the salary assessable under Part 2 of Chapter 3 at the end of every month during which it is paid.
(2) An employee may submit in duplicate a declaration of his Net Annual Income of the year and of tax payments in the prescribed form and verified in the prescribed manner to the person responsible for deducting tax at source under clause (1) before the end of the year.
(3) The person responsible for deducting tax at source under clause (1) may increase or decrease the amount of any instalment to adjust any excess or deficiency of deduction earlier or to make it in accordance with the declaration under clause (2).
(4) Where, according to the taxpayer, there is no need to change the income or the other details declared in clause (2), the declaration filed thereunder shall be regarded as the return of income for the purposes of Chapter 4.
(5) One copy of the declaration filed under clause (2) shall be sent to the Taxation Officer along with the annual return prescribed to be filed by the person responsible for deducting tax under clause (1)
96. Tax shall be deducted at source at the rate of 10 per cent of the gross receipts from the following payments -
(1) compensation;
(2) winnings from lottery, crosswords or Enami (Prize) Schemes;
(3) any commission or brokerage;
(4) payments to non-resident sportsmen or sports association;
(5) payments out of investments made under section 58 and 59;
(6) commission, remuneration or prize (by whatever name called) on stocking, distributing, purchasing or selling of lottery tickets;
(7) rent under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or any building (including factory building), together with furniture, fittings and the land appurtenant thereto, whether or not such building is owned by the payee;
(8) fees for professional or technical services;
(9) any payment assessable as income from long-terms sources.
97. Tax shall be deducted at the rate of one per cent on any sum paid for carrying out any work which shall include -
(1) supply of labour;
(2) advertising;
(3) broadcasting or telecasting including production of programs for such broadcasting or telecasting;
(4) carriage of goods and passengers by any mode of transport other than railways;
(5) catering.
98. Notwithstanding anything contained in any provisions of this Chapter, where any sum chargeable under the provisions of the Act is payable to a non-resident, tax shall be deducted at the rate of 20 per cent of the sum payable.
99. (1) No person shall make deduction of tax from any sums payable to the Government or to a person whose income is exempted from income tax under Part 2 of Chapter 2.
(2) No deduction of tax shall be made in the case of any person, who is resident in Pakistan, if such person furnishes to the person responsible for deducting tax at source, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner saying that no tax shall remain due to be payable by him by the end of the year in which tax is deductible at source.
(3) The person responsible for deducting tax at source shall send the first copy of the declaration referred to in clause (2) to the Taxation Officer within three months of its receipt.
(4) Where the person responsible for paying any such sum chargeable under this Act to a non-resident, or the non-resident himself, considers that the whole of such sum would not be income chargeable in the case of the recipient, he may make an application to the Taxation Officer to determine, by general or special order, the appropriate proportion of such sum so chargeable, and upon such determination, tax shall be deducted only on that proportion of the sum which is so chargeable.
100. The person responsible for deducting tax at source shall be the payer of such sum on which tax is required to be deducted at source under the provisions of this Chapter unless specifically prescribed by the Board but shall not include an individual or a Hindu Undivided Family.
101. Tax shall be deducted at source at the time of payment of the sum in cash or by issue of a cheque or draft or by any other mode or at the time of credit of such sum to the account of the payee or to any account, whether called "suspense account" or by any other name, whichever is earlier.
Part 3 - Collection at Source
102. Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or any other mode, whichever is earlier, collect from the buyer of the following goods, a sum equal to ten per cent of such amount as income tax:
(1) Alcoholic liquor for human consumption allowed to non-Muslims under the law of the land,
(2) Timber; and
(3) Any other forest produce.
103. All provisions of the Act relating to deduction of tax at source shall be accordingly applicable to collection of tax at source under section 102.
Part 4 - Advance Payment of Tax
104. Income tax under the provisions of the Act in respect of the income of the year as reduced by the tax deducted at source shall be payable by the taxpayer in three equal instalments by the end of September, December and March respectively.
105. If according to the estimate made by the Taxation Officer on the basis of information available with him, he is of the opinion that the taxpayer has not paid any instalment as prescribed in section 104 or the amount of any instalment paid by the taxpayer is less than the amount estimated by the Taxation Officer, he can serve a notice on the taxpayer to pay the requisite amount according to his estimate.
106. If the taxpayer does not agree with the estimate of the Taxation Officer, he shall submit in writing the reasons thereof and pay the amount of instalment according to his own estimate before the date of payment under section 105 expires.
Part 5 - Recovery
107. Where the taxpayer has gone in appeal as provided under the Act, the sum payable relating to the amount in dispute shall become recoverable within one month of the disposal of the appeal and not before.
108. On an application being made by the taxpayer before the expiry of due date of making any payment under the Act, the Taxation Officer with the approval of the Additional /Deputy Commissioner of Inland revenue, may extend the time for payment or allow payment by instalments or both, subject to such conditions as he may think fit to impose in the circumstances of the case or as the Board may prescribe.
109. The Taxation Officer may serve a notice on any person, from whom any money is due or with whom any money or other asset of the taxpayer is available in any manner and in any capacity, to pay out of such money or other asset the sum payable under any provisions of the Act by the taxpayer and all provisions of the Act relating to recovery of such sum from such person shall be applicable.
110. Where the sum or other asset as referred to in section 109 is jointly held with the taxpayer, the shares of the joint holders shall be presumed, until the contrary is proved, to be equal.
111. Every person to whom a notice is issued under section 109 shall be bound to comply with such notice, and, in particular, where any such notice is issued to a post office, banking company, insurer or the like, it shall not be necessary for any pass book, deposit receipt, policy or any such document to be produced before the payment is made, notwithstanding any rule, practice or requirement to the contrary.
112. Any claim respecting any money or other asset in relation to which a notice under section 109 is issued arising after the date of the notice shall be void as against any demand contained in the notice.
113. The Taxation Officer may, on his own motion or on an application being made by such person on whom a notice under section 109 is served, amend or revoke the notice or extend the time for making the payment after giving reasonable opportunity of being heard to such person.
114. The Taxation Officer may apply to the Court in whose custody, there is money belonging to the taxpayer for payment to him of the amount due from the taxpayer.
115. The Taxation Officer, with the prior approval of the Commissioner of Inland revenue, may proceed to recover any amount due from the taxpayer by one or more of the modes mentioned below in the manner as prescribed by the Federal Government:
(1) attachment and sale of the taxpayer's movable property;
(2) attachment and sale of the taxpayer's immovable property;
(3) appointing a receiver for the management of the taxpayer's movable and immovable property;
(4) arrest of the taxpayer and his detention in prison.
CHAPTER 7
PENALTY
116. Where the Taxation Officer is satisfied that the taxpayer has failed to perform any duty or comply with any requirements demanded without any reasonable cause under any provision of the Act or notice issued under the Act, he may order that such person shall pay by way of penalty a sum which shall be:
(1) Rs Two hundred for every day of default under sections 9, 11 and 64(1);
(2) Rs One hundred for every day of default under sections 64(2) and 65(3);
(3) Rs One hundred for default under section 10;
(4) Rs One thousand for every day of default under section 64(3);
(5) Rs One thousand in the cases of defaults under sections 10, 12 and 85;
(6) Rs Ten thousand in case of fraud or misrepresentation referred to in section 72;
(7) Up to one hundred per cent of the value of asset in respect of which an order under section 79 has been passed in case of default under that section; and
(8) Up to Rs 10,000 in cases of defaults under clauses (2) or (3) of section 85.
117. Where any income is assessed as income from undisclosed sources under Part 7 of Chapter 3 of the Act, the Taxation Officer may levy a penalty of -
(1) up to 10% of such income if it does not exceed Rs 100,000;
(2) up to 100% of such income if it is equal to Rs 100,000 or more.
118. Where the Taxation Officer is satisfied that any person has defaulted under any provision of Chapter 6 of the Act, he may levy a penalty of -
(1) up to 10% of such sum if it does not exceed Rs 100,000;
(2) up to 100% of such sum if it is equal to Rs 100,000 or more.
119. No order imposing a penalty under this Chapter shall be made unless the taxpayer has been heard or has been given a reasonable opportunity of being heard.
120. An order of penalty under this Chapter shall be made with the previous approval of the Additional/Deputy Commissioner if the amount of penalty is equal to Rs 100,000 or more.
121. No order of penalty under this Chapter shall be passed after one year of the default or of receipt of the order or notice-giving rise to initiation of penalty proceeding.
122. The Commissioner may, on his own motion or otherwise, under the circumstances prescribed by the Federal Government, reduce or waive the penalty leviable under this Chapter at any time during the continuance of the proceeding or on its completion.
CHAPTER 8
PROSECUTION
123. Where a penalty under Chapter 7 is imposed and the amount of penalty levied is not less than Rs 100,000, the person on whom the penalty is levied shall be punishable with the rigorous imprisonment, which may extend to two years.
124. The following persons shall be punishable with rigorous imprisonment, which may extend to two years-
(1) any person who removes, conceals, transfers or delivers to any other person, any property or compensation therein so that the Taxation Officer may not be able to recover any sum out of it in accordance with the provisions of the Act;
(2) any person who makes a statement in any verification under the Act or delivers an account or statement which is false;
(3) any person who abets or induces in any manner another person to make and deliver an account or statement or declaration which is false.
125. Where any money or any valuable thing or any document or books of accounts or the like is found in the possession of any person under any proceeding under the Act, it shall be presumed to be belonging to him, unless proved otherwise, and it shall be admissible against that person as an evidence in any proceeding under the Act including prosecution under this Chapter.
126. In any prosecution under this Chapter, the Court shall presume the existence of a culpable mental state on the part of the accused, which may be rebutted by the accused.
127. "Culpable mental state" for the purpose of section 126 shall include intention, motive or knowledge of a fact or belief in, or reason to believe a fact.
128. For the purpose of any proceeding under the Act including the provisions under this Chapter, a fact shall be said to be proved when its existence is established by preponderance of probability.
129. The Taxation Officer shall initiate any proceeding under this Chapter only with the previous sanction of the Commissioner.
130. The Chief Commissioner may compound any offence, either before or after the institution of the proceeding under this Chapter.
CHAPTER 9
APPEALS
131. No appeal under this Chapter shall be admitted, and where it is filed, it shall be dismissed, if the taxpayer has made an application for settlement of his case under section 69 of the Act.
132. Any taxpayer aggrieved by an order passed under the Act may appeal against such order, to the Commissioner (Appeals) having the jurisdiction as assigned by the Board, in the prescribed form and verified in the prescribed manner within one month of receiving the order. The Commissioner (Appeals) shall be bound to pass before the expiration of three months from the end of the month in which the appeal is presented, failing to which the relief sought through the said appeal shall be deemed to have been given and all the provisions of this Act shall have effect accordingly.
133. No appeal shall be admitted under section 131 unless tax payable on the basis of admitted liability is paid and the evidence in proof of such payment is enclosed with the form of appeal.
134. The Taxation Officer with the approval of the Additional/Deputy Commissioner or the taxpayer, if he is aggrieved by the order of the Commissioner (Appeals), may file a second appeal to the Tax Appellate Tribunal, constituted separately for the purpose by an Act of Parliament, within one month of receiving the order.
135. The Taxation Officer with the approval of the Commissioner or the taxpayer, if he is aggrieved by the order of the Tax Appellate Tribunal, may appeal to the National Court of Federal Taxes constituted separately for the purpose by an Act of Parliament, within one month of receiving the order.
136. As regards questions of fact, the order of the National Court of Federal Taxes shall be final and no appeal shall be heard against its order.
137. If, on an application being made by the Taxation Officer with the approval of the Chief Commissioner or the taxpayer, as the case may be, the National Court of Federal Taxes is of the opinion that a question of law has arisen which is required to be referred to Supreme Court, it may draw up a statement of case and refer it to the Supreme Court within one month of the receipt of such application.
138. The Federal Board of Revenue with the approval of the Federal Government may directly apply to the National Court of Federal Taxes to refer any question of law to the Supreme Court, if it is expedient to do so in public interest.
139. For interpreting the provisions of the Act, the following shall be taken help of in the order given below-
(1) plain and simple meaning of the language used in the Act;
(2) meaning of the word or phrases given under any other Act;
(3) decisions of the Courts;
(4) speeches and discussion made in the Parliament pertaining to the Bill;
CHAPTER 10
ADVANCE RULINGS
140. Definitions.- In this Chapter, unless the context otherwise requires, -
(a) "advance ruling" means -
(i) a determination by the Authority in relation to a transaction which has been undertaken or is proposed to be undertaken by a non-resident applicant and such determination shall include the determination of any question of law or of fact specified in the application;
(ii) a decision by the Authority in relation to an assessment which is pending before any Authority or the Tribunal in case of an applicant who is a resident in Pakistan and such decision shall include the decision on question of law or fact arising out of the orders of assessment in respect of which an application has been made by a resident applicant;
(b) "applicant" means any person who -
(i) is a non-resident; or
(ii) is a resident falling within any such class or category of persons as the Federal Government may, by notification in the Official Gazette, specify in this behalf;
(iii) makes an application under sub-section (1) of section 143;
(c) "application" means an application made to the Authority under sub-section (1) of section 143;
(d) "Authority" means the Authority for Advance Rulings constituted under section 141;
(e) "Chairman" means the Chairman of the Authority;
(f) "Member" means a Member of the Authority and includes the Chairman.
141. Authority for advance rulings.- (1) The Federal Government shall constitute an Authority for giving advance rulings, to be known as "Authority for Advance Rulings".
(2) The Authority shall consist of the following Members appointed by the Federal Government, namely:-
(a) a Chairman, who is a retired Judge of the Supreme Court;
(b) an officer of the Inland Revenue who is qualified to be a member of the Federal Board of Revenue;
(c) an officer of the All Pakistan Services who is, or is qualified to be, an Additional Secretary to the Government of Pakistan;
(3) The salaries and allowances payable to, and the terms and conditions of service of, the Members shall be such as may be prescribed.
(4) The Federal Government shall provide the Authority with such officers and staff as may be necessary for the efficient exercise of the powers of the Authority under this Act.
(5) The office of the Authority shall be located in Islamabad, with branch offices in various cities of the country.
142. Vacancies, etc, not to invalidate proceedings.- No proceeding before, or pronouncement of advance ruling by, the Authority shall be questioned or shall be invalid on the ground merely of the existence of any vacancy or defect in the constitution of the authority.
143. Application for advance ruling. - (1) An applicant desirous of obtaining an advance ruling under this Chapter may make an application in such form and in such manner as may be prescribed, stating the question on which the advance ruling is sought.
(2) The application shall be made in quadruplicate and be accompanied by a fee of fifty thousand rupees.
(3) An applicant may withdraw an application within thirty days from the date of the application.
144. Procedure on receipt of application.- (1) On receipt of an application, the Authority shall cause a copy thereof to be forwarded to the Commissioner and, if necessary, call upon him to furnish the relevant records:
Provided that where any records have been called for by the Authority in any case, such records shall, as soon as possible, be returned to the Commissioner.
(2) The Authority may, after examining the application and the records called for, by order, either allow or reject the application:
Provided that the Authority shall not allow the application except in the case of a resident applicant where the question raised in the application,-
(a) is already pending in the applicant's case before any inland revenue authority, the Appellate Tribunal or any court;
(b) involves determination of fair market value of any property;
(c) relates to a transaction which is designed prima facie for the avoidance of income tax:
Provided further that no application shall be rejected under this sub-section unless an opportunity has been given to the applicant of being heard:
Provided also that where the application is rejected, reasons for such rejection shall be given in the order.
(3) A copy of every order made under sub-section (2) shall be sent to the applicant and to the Commissioner.
(4) Where an application is allowed under sub-section (2), the Authority shall, after examining such further material as may be placed before it by the applicant or obtained by the Authority, pronounce its advance ruling on the question specified in the application.
(5) On a request received from the applicant, the Authority shall, before pronouncing its advance ruling, provide an opportunity to the applicant of being heard, either in person or through a duly authorised legal representative.
Explanation.- For the purposes of this sub-section, "authorised representative" shall have the meaning as prescribed by the Board.
(6) The Authority shall pronounce its advance ruling in writing within three months of the receipt of application.
(7) A copy of the advance ruling pronounced by the authority, duly signed by the Members and certified in the prescribed manner shall be sent to the applicant and to the Commissioner, as soon as may be after such pronouncement.
145. Appellate authority not to proceed in certain cases.- No Tax Authority or the Appellate Tribunal shall proceed to decide any issue in respect to which an application has been made by an applicant, being a resident, under sub-section (1) of section 144.
146. Applicability of advance ruling.-(1) The advance ruling pronounced by the Authority under section 144 shall be binding only -
(a) on the applicant who had sought it;
(b) in respect of the transaction in relation to which the ruling had been sought; and
(c) on the Commissioner, and authorities subordinate to him, in respect of the applicant and the said transaction.
(2) The advance ruling referred to in sub-section (1) shall be binding as aforesaid unless there is a change in law or facts on the basis of which the advance ruling has been pronounced.
147. Advance ruling to be void in certain circumstances.- (1) Where the Authority finds, on a representation made to it by the Commissioner or otherwise, that an advance ruling pronounced by it under sub-section (6) of section 144 has been obtained by the applicant by fraud or misrepresentation of facts, it may, by order, declare such ruling to be void ab initio and thereupon all the provisions of this Act shall apply (after excluding the period beginning with the date of such advance ruling and ending with the date of order under this sub-section) to the applicant as if such advance ruling had never been made.
(2) A copy of the order made under sub-section (1) shall be sent to the applicant and the Commissioner.
148. Powers of the Authority.- (1) The Authority shall, for the purpose of exercising its powers, have all the powers of a civil court under the Code of Civil Procedure, 1908 (V of 1908).
(2) The Authority shall be deemed to be a civil court within the meaning of Code of Civil Procedure, 1908 (V of 1908) and every proceeding before the Authority shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purpose of section 196 of the Pakistan Penal Code (VL of 1860).
149. Procedure of Authority. - The Authority shall, subject to the provisions of this Chapter, have power to regulate its own procedure in all matters arising out of the exercise of its powers under this Act.
FIRST SCHEDULE
RATES OF INCOME TAX
(A) Where the Net Annual Income does not exceed Rs 400,000
Nil
(B) Where the Net Annual Income exceeds Rs 400,000 but does not exceed Rs 600,000
5 percent of the amount by which the Net Annual Income exceeds Rs 400,000
(C) Where the Net Annual Income exceeds Rs 600,000 but does not exceed Rs 1,000,000
Rs 10,000 plus 10 per cent of the amount by which the Net Annual Income exceeds Rs 600,000
(D) Where the Net Annual Income exceeds Rs 1,000,000 but does not exceed Rs 2,200,000
Rs 50,000 plus 15 per cent of the amount by which the Net Annual Income exceeds Rs 1,000,000
(E) Where the Net Annual Income exceeds Rs 2,200,000 but does not exceed Rs 3,500,000
Rs 230,000 plus 20 per cent of the amount by which the Net Annual Income exceeds Rs 2,200,000
(F) Where the Net Annual Income exceeds Rs 3,500,000 but does not exceed Rs 5,000,000
Rs 490,000 plus 25 per cent of the amount by which the Net Annual Income exceeds Rs 3,500,000
(G) Where the Net Annual Income exceeds Rs 5,000,000 Rs 865,000 plus 30% of the amount by which the Net Annual Income Rs 5,000,000.
(Concluded)
(The writers, authors of many books and partners in HUZAIMA IKRAM & IJAZ, are Adjunct Faculty Members at Lahore University of Management Sciences (LUMS))
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