03-08-2011, 01:16 AM
Because when filing annual tax return, we are supposed to add all our income sources to calculate the new taxable income and based on the taxable income, tax slab is applied.
If my salary from permanent job is 1,000,000, my employer company is deducting tax at 9%, but if am also earning 500,000 from services (visiting faculty), my new taxable income will become 1,500,000 and tax rate of 12.5% will become applicable.
Till past, services income used to come Final Tax Regime. Because of that we were not supposed to add services income in salary income. But because of this new change that minimum tax will be applicable on service income, we will have to add services income in our salary income.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Sayub</i>
<br />No. Services under 153(1)(b) should not be taxed as separate block of Income. Please explain why you want to add such in Salary income??
Regards
Sharjeel
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Imran Hafeez</i>
<br />Can anyone give me reference from IT Ordinance, that income from services u/s 153(1)b will be treated as a separate block of income.
Because now income from services does not come under Final Tax Regime.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Imran Hafeez</i>
<br />Does income from services u/s 153b treated as a seperate block of income ?
If yes, then why? Because services income u/s 153b has been excluded from FTR regime and now comes under NTR regime.
Does the income from service income u/s 153b needs to be added into salary income to calculate new taxable salary and be taxed at new tax slab?
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If my salary from permanent job is 1,000,000, my employer company is deducting tax at 9%, but if am also earning 500,000 from services (visiting faculty), my new taxable income will become 1,500,000 and tax rate of 12.5% will become applicable.
Till past, services income used to come Final Tax Regime. Because of that we were not supposed to add services income in salary income. But because of this new change that minimum tax will be applicable on service income, we will have to add services income in our salary income.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Sayub</i>
<br />No. Services under 153(1)(b) should not be taxed as separate block of Income. Please explain why you want to add such in Salary income??
Regards
Sharjeel
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Imran Hafeez</i>
<br />Can anyone give me reference from IT Ordinance, that income from services u/s 153(1)b will be treated as a separate block of income.
Because now income from services does not come under Final Tax Regime.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Imran Hafeez</i>
<br />Does income from services u/s 153b treated as a seperate block of income ?
If yes, then why? Because services income u/s 153b has been excluded from FTR regime and now comes under NTR regime.
Does the income from service income u/s 153b needs to be added into salary income to calculate new taxable salary and be taxed at new tax slab?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
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