With Holding Tax Rates

Tuesday, December 24, 2013

With Holding Tax Rates

  1)Tax rates in case of non-resident contractors increased from 3% to 4% and 7% respectively according to the categories specified

Exemptions

  1)Statutory Limit increased to Rs 42,000/- in case of working woman

2)Income of MUTUAL FUND and NIT from "REDEEMABLE CAPITAL" exempt

3)Capital gains arising from the "REDEEMABLE CAPITAL INSTRUMENT" of listed Companies exempt.

Tax Holiday

  Fruit Processing and manufacturing of soft and stuffed toys classified under Tax Holiday for a period of 5 years from the date of commencement of commercial production.

Leased Assets

  1)Depreciation on assets leased out to be deducted/adjusted against lease rentals only

2)Consideration received as the residual value of leased assets on the maturity of the lease agreement to be considered as sales proceeds 

Powers

   Discretionary Powers of federal Government and CBR for granting EXEMPTIONS and or PRESCRIBING LOWER RATES OF WITHHOLD TAX etc withdrawn..****

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