03-07-2011, 04:32 PM
I have talked to multiple people, tax lawyers, Chartered Accountant and FBR Tax commisioners over this issue.
None of them could provide a unanimous point of view on this issue.
Following are their feedbacks
Retired Tax Commisioner Income u/s 153(1)b is no more under FTR but still its income is treated as FTR and not added in salary income
Serving Tax Commisioner Income u/s 153(1)b is no more under FTR and minimum tax applies. Therefore you will add this income with your salary income to calculate new taxable income to be taxed at new tax slab.
Tax Consultant Income from services cant be added to salary income, therefore to be treated separately.
Chartered Accountant Income from services to be added in Salary income.
I am totally confused, what to do(
<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 />Will the service income u/s 153b added with Salary income to calculate the new taxable income with new tax slab or will both the incomes kept separate?
As per the Financial Act 2009, service income u/s 153b does not come under Final Tax Regime, which means that it needs to be added with our other incomes like salary income.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
None of them could provide a unanimous point of view on this issue.
Following are their feedbacks
Retired Tax Commisioner Income u/s 153(1)b is no more under FTR but still its income is treated as FTR and not added in salary income
Serving Tax Commisioner Income u/s 153(1)b is no more under FTR and minimum tax applies. Therefore you will add this income with your salary income to calculate new taxable income to be taxed at new tax slab.
Tax Consultant Income from services cant be added to salary income, therefore to be treated separately.
Chartered Accountant Income from services to be added in Salary income.
I am totally confused, what to do(
<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 />Will the service income u/s 153b added with Salary income to calculate the new taxable income with new tax slab or will both the incomes kept separate?
As per the Financial Act 2009, service income u/s 153b does not come under Final Tax Regime, which means that it needs to be added with our other incomes like salary income.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
