Salary income Tax Calculation for year 2008-2009

[Anfal Shabbir]

Zaheer bhai i m also a tax student plz send ur sheet at [email protected]

[LapTop]

Zaheer, you are doing some mistakes in calculation.
Marginal relief is oki & Car provided by employer for partly private & office use, for that u r calculating 5% of car cost its oki but If employee have company car for private use only then,,,,,,,,,
& 5% of the car cost is for the tax year if I drown salary for the 6 month in the tax year then,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

[Zaheer Iqbal]

Income Tax Ordinance 2001 does not mention that pequisits received are to be proportionate, when you get car even in last month of tax year you should take it completely, and what i have not included only for personal use because I have made this for company perspective and no company I think provide car for personal use only, because it also use for to come in office

[Zaheer Iqbal]

Anfal I will send it to you by Tomorrow Insha Allah

[LapTop]

Mr. Zaheer , Is this not against Natural justice, if a vehicle is provided by employer to the employee at the month of June, and you will add 5% of the car cost in Taxable income of employee for the year, Do u not think so time of availing is important.
If an employer provide a car to the employee at the month of July , u will add 5% of the car cost in taxable income of the employee, but after 2 month employer take this car back, then ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, what will u do,,,,,,,,,,,,,,,,,,

[Zaheer Iqbal]

Yes it is against the nature but where law is silent then what did we do. If employer take the car back then usually at the time of tax return you dont have car with you then you need not to add 5% of cost in your salary

As it happen with me that I got company car in between the year and and 5% of cost it added there.

[Zaheer Iqbal]

Anfal I have mailed it to you,
You will received it from the following email ID
[email protected]

[massoodakhter]

DEAR MEMBER

I AM ALSO IN NEED OF THIS MY ID IS AS FOLLOW-


[email protected]

[Zaheer Iqbal]

ok

[Zaheer Iqbal]

I will send it to you by Monday

[LapTop]

lolzzzzzzzzzzzzzzzz, what a jock zaheer,
It means, if at the month of May employee give back vehicle to the employer, it will exempt from 5% of Cost of Vehicles.
Think if employer provide accommodation to the employee, way you add 45% of the basic into Taxable income for monthly basic?
If, an employer hire a car monthly rent 30,000, & give this car to an Employee for use at July and after 5 months employer take back this car & give another employee at the month of December, and after 5 month get back this car.
Now question is that.
What amount u will add into Taxable income of 1st employee?
What amount u will add into Taxable income of 1st employee?
Whether, these employees are exempt to add 5% of cost into taxable income, because they doesn’t have any vehicle at the month of June?

[mjkhan]

My amail address is [email protected].

Please send me.

[Zaheer Iqbal]

I think mr you dont have any idea and even you dont know bout taxation thaty why you are continusly asking stupid question, kindly you please go through the Income tax Ordinance and let me know the exact treatment and also please look at the wording of the Income Tax Law its better for your understadning and reference.

[Zaheer Iqbal]

[email protected]
[email protected].

I have mailed both of you this sheet kindly send me back your constructive comment to make it imporved for the benefits of other people not like the mr. Lap Top

[Zaheer Iqbal]

Rule 5 of Income Tax Rule 2002 Says that

"the value of convenyance provided by the employer to the employee shall be taken equal to an amount as below-
i) Partly for personal and partly for officail use

5% of the

a) cost to the employer for acquiring the motor vehicle; or
b) the fair market value of the motor vehicle at the commencement of the lease, if the motor vehicle is taken on lease by the employer.

ii) 10% of
a)the cost to the employer for acquiring the motor vehicle; or
b)the fair market value of the motor vehicle at the commencement of the lease, if the motor vehicle is taken on lease by the employer