(1) Section 4, Subsection 1 INCOME TAX
ORDINANCE, 2001 FBR PAKISTAN), In simpler terms, this means that every year,
people who earn money subject to taxes have to pay income tax based on the
rates set by the government.
(2) Section 4, Subsection 2, INCOME TAX
ORDINANCE, 2001 FBR PAKISTAN, your income tax for the
year is calculated by taking your taxable income and applying the tax rate
specified by the law. Then, any tax credits you're eligible for are subtracted
from that amount.
(3) Section 4, Subsection 3 INCOME TAX
ORDINANCE, 2001 FBR PAKISTAN If a taxpayer qualifies
for multiple tax credits in a year, they will be used in this order: (a) First,
any foreign tax credit allowed under section 103. (b) Next, any tax credit
allowed under Part X of Chapter III. (c) Finally, any tax credit allowed under
sections 8, 147, and 168.
(4) Section 4, Subsection 4 INCOME TAX
ORDINANCE, 2001 FBR PAKISTAN Some types of income,
like those earned by certain groups of people, might be taxed differently: (a)
They could be taxed separately under the rules in this section. (b) Or, the tax
might be collected directly from the income or deducted before it's paid out as
a final tax.
(5) Section 4, Subsection 5 INCOME TAX ORDINANCE, 2001 FBR PAKISTAN the income mentioned in
subsection (4) will be taxed according to the rules outlined in this chapter or
part v of chapter x, depending on the situation. This income won't be
considered when calculating your taxable income as described in section 8 or
169, depending on the circumstances.
(6) Section 4, Subsection 6 INCOME TAX ORDINANCE, 2001 FBR PAKISTAN if the law says that
income tax must be taken directly from the source of income, or collected or
paid beforehand, then it will be done as required.
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