RATES OF TAX FOR NON-SALARIED PERSONS FOR TAX YEAR 2013

Rates of income tax for non-salaried persons for the tax year 2013 are as follows:

ASSESSMENT OF COMPANIES

Assessment of a company is different from individuals in the following respects:

(a) The rate of income tax is different.

(b) No tax is chargeable if the total taxable income of an individual is less than Rs. 3,00,000. A company is liable to income tax even if its income is less than this amount.

RATES OF INCOME TAX FOR COMPANIES

1. Rate of tax on the taxable income of a company for the tax year 2012 and onwards is 35%.

2. The total donation on which tax concession may be granted to a company should not exceed 20% of taxable income.”

3. Where the taxpayer is a small company as defined in Section 2, tax shall be payable at the rate of 25%.

4.In case of Modarba the rate of tax is 25%.

5. Dividend taxation @ 10% will not be applicable in respect of the inter- corporate dividend within the group of companies entitled to group taxation.
6. Tax on Property Income

However, the tax on property income at the above rate shall be deducted and deposited with the government by the payee.

7. Tax on Dividend The rates of income tax in respect Dfa Ho of the amount representing income from dividends declared or distributed by a company shall be as under: