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INCOME TAX : List of All Amounts Completely Exempted under INCOME FROM SALARY

 List of All Amounts Completely Exempted under INCOME FROM SALARY
INCOME TAX : List of All Amounts Completely Exempted under INCOME FROM SALARY

Amounts that are completely EXEMPTED under the head income from salary
1.      Training course fee paid by employer
2.      Hotel bills for official duties
3.      Fee for refresher course paid by employer
4.      Expenditure on entertainment facility during official duty
5.      Pick & drop Facility provided by employer
6.      Entertainment bills reimbursed (official meeting)
7.      Travelling allowance for official duty
8.      Fee paid for management course by employer
9.      Car used for business personal only
10.  Medical insurance premium paid by employer
11.  Pension received from Ex-Employer
12.  Reimbursement of internet usage bills(official us)
13.  Free gas water electricity(if employer provides such services from his own resources permanent withdrawal from RPF
14.  Amount of gratuity received from government
15.  Salary received by virtue of employment outside Pakistan during the tax year till end of year Free loading and boarding facility

(1) MEDICAL ALLOWANCE
Medical allowance 100000
Exempt:       10% of basic salary 80000
                     Excess amount will be taxable so 20000 taxable
(2)RE-IMBURSEMENT OF MADICAL EXPENDITURES
1) If paid under the terms of employment                       Exempt
2) If paid not under the terms of employment                Taxable
(3)LOAN TO EMPLOYEE:
Bench mark rate is 10%
If loan provided by employer at less than 10% rate if interest, then difference will be taxable
For example:
Loan Rs 1000000@7% Then 10-7=3% of 1000000=>30000 taxable
Note:
This rule will not be applicable if loan is up to Rs. 500000
(4) ACCOMODATION FACILITY
(Furnished or un-furnished same treatment)
a)Rent entitled amount(given in questions)
OR
b)45%of MTS/Basic salary
Whichever of (a) or (b) is higher will be taxable
Note:
If accommodation is provided in less developed areas (under-developed) then 30% of MTS will be used

(5) CONVEYANCE FACILITY
1) If conveyance provided for personal use only:
10% of cost of vehicle will be taxable
2) If conveyance provided for personal & official use:
5% of cost vehicle will be taxable
3) If vehicle acquire on lease:
Same as above (5% or 10% of fair MBT value of vehicle)


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