12-13-2010, 07:19 AM
FOR TAX YEAR 2011
Section 113. Minimum tax on declared turnover
For the reasons as specified in section 113 following persons shall pay minimum tax on their declared turnover @ 1%.
⢠All the Companies except companies where gross loss is declared;
⢠AOPâs having turnover of Rs.50,000,000/- in tax year 2007 or onwards;
⢠Individual having turnover of Rs.50,000,000/- in tax year 2009 or onwards.
Section 113A. Tax on income of certain persons Division 1A of Part I of 1st Schedule.
a. Subject to this Ordinance, where a retailer being an individual or an association of persons has turnover upto rupess five million for any tax year, such person may opt for payment of tax as a final tax at the rates 1% as specified in Division 1A of Part I of the First Schedule.
Section 113. Minimum tax on declared turnover
For the reasons as specified in section 113 following persons shall pay minimum tax on their declared turnover @ 1%.
⢠All the Companies except companies where gross loss is declared;
⢠AOPâs having turnover of Rs.50,000,000/- in tax year 2007 or onwards;
⢠Individual having turnover of Rs.50,000,000/- in tax year 2009 or onwards.
Section 113A. Tax on income of certain persons Division 1A of Part I of 1st Schedule.
a. Subject to this Ordinance, where a retailer being an individual or an association of persons has turnover upto rupess five million for any tax year, such person may opt for payment of tax as a final tax at the rates 1% as specified in Division 1A of Part I of the First Schedule.
