Investment Allowances
Following are the allowable Investments in respect of which Investment Allowance can be claimed.the aggreate of such investment should not exceed 1/3 of the total income or Rs. 50,000 or investment whichever is less;
1)Life Insurance Premium (self , wife and dependent children) restricted 10% of the sum assured;
2)Investment in Government Securities & Debentures;
3)Investment in approved Industrial Undertakings;
4)Post Office Savings Bank Certificates;
5)Contribution to Resognised Provident Fund;
6)Purchase of Books of Professional and Technical nature;
7)Retirement Annuity Contract;
8)Investment in NIT and ICP Certificates;
Allowances & Exemptions
Following allowances and axemptions will be deducted from the total income and thereafter the taxable income will be calculated;-
1)statutory Deduction of Rs.40,000 from Gross Income,if it is less than Rs. 100,000;
2)Zakat - paid under the zakat & ushar Ordinance;
3)Wealt Tax Paid;
4)Donations are admissible as deductions provided the amount is paid to such organizatons as are recognised under section 15/D of the Income Tax Act or to such funds which are specifically notified by the Government;
5)Subscriptions paid for membership of professional Associatons is exempted;
6)Group Insurance & Benevolent Fund are exempted for rebate computation on investment;
No comments:
Post a Comment