Minimum Tax on Income (Sec. 113)

[olympia]

What is the tax rate on turnover u/s 113? is this right that FBR changes the rate from 0.5% to 1%?

[LapTop]

ji 1 % hay tax rate U/S 113A

[olympia]

thank u laptop )

[bilal azhar]

Companys year end is September 30,2010. Hence its tax return will be filed uptil September 30,2011. Now my question is that wat will be the turnover tax.0.5% or 1%

[LapTop]

Bilal bhai ,
pahly ye batayen k Company ka tax year 30 September ko kyon end ho raha hay. tax year to 30 june ko end hota hay.

[bilal azhar]

hahahaaha. Laptop sb fbr na company k0 special year ki approval da rakhi ha due to some internal reasons.

[LapTop]

Phir theek hay ji,,, agar special tax year ki permission hay to ap FBR say pata kar layn k rate .5% ho ga ya 1%,

[bilal azhar]

waqai yar jis level ka answers ap da raha hon is sa tu acha ha ka aik din FBR ma hi ja kar poch lon.
Wasa aik advice don agar jawab na ata ho tu chup rahta han.zaida hoshar nai bantaaaaaaaaa

[LapTop]

Bilal bhai,,,

Hamary ustadon nay sikhaya hay k ghalat mashwara dayny say bahtar hay k mashwara na diya jaye,, isi liye may nay ap ko koi advice di hi nahi...

[nomanejaz2009]

bilal sahab aap is forum k member hain hum aap sb ki bht izzar karte hain, ab aap lap top se aise baatain kar k apni izzar ko khatre mein na dale!

[wmahmooood]

Bilal saheb

Yehan "Partner" ka tag apne naam ke aagey laganey ke liye zaroori he post karna, isi liye log comments dete hi rehtey hain chahey answer aaaye ya na aaaye. Bilal saheb ki danist ka andaza to in ke is comment se hi ho jata he when he said.

"Bilal bhai ,
pahly ye batayen k Company ka tax year 30 September ko kyon end ho raha hay. tax year to 30 june ko end hota hay."

Khair Laptop ji dont take it ill......

We respect you all accountants Allah aap sab ko khush rakhey.

[olympia]

don't agree with wmahmood..... tag doesn't matter for the opinion & no member on tax forum is in the race of being "Manager" or "Partner"

[akbarkhan2]

Dear Bilal,
Laptop is a senior and most experienced person on this forum,,, kindly be civilized and respectful while posting comments, Thanks.

[noman]

was the section applicable to 'small company' in tax year 2010?

[alialiali]

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;
• AOP’s 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.