+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forum-the-profession)
+--- Forum: Tax (https://www.accountancy.com.pk/forum/forum-tax)
+--- Thread: Return confusion (/thread-return-confusion)
Return confusion - Taxed to Kill - 09-18-2007
As salam u alakum and ramzan mubarak to everyone.
I am confused about at which No.should EXEMPT INCOME be deducted from Total Income in the form IT-2 (individual and aop). No.35 is exempt income (sum of 36 to 39).At no.40 is Taxable income (23-31).There is no mention of exempt income ie no.35 which should be deducted from total income.Please can anybody help.
Best Regards
- AbdulSamad - 10-06-2007
Walekum Salam
As given No. 35 Exempt Income means these income already exempt
For example in salary Medial Allownce 10% of Basic Salary is exempt so we put here only value,and in No. 24 We put less This 10% exempt value from Gross salary,
Please remind it exempte and reduction are not same , reduction is showing in No.42 which are calculating, but in exempt thats showing only value, its not pertain any calculation.
Hope u will understand better.
Thanks
- massoodakhter - 10-09-2007
I think you are using earlier version of return which have certain mistake download latest version of income tax return your problem will be solved.
in earlier version there are number of errors which now have been removed especially formula errors
regards
massood akhter