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Income Tax
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Taxation according to a
person’s ability to pay is universally accepted principle, and income is
considered a satisfactory though not a sufficient index of such ability to
pay. Income Tax is, therefore, generally recognized as a highly equitable
form of taxation. A tax levied on income can nor normally be shifted to
others and thus its incidence is on those for whom it is intended. Since
income tax is progressive in nature, it tends to reduce economic disparity.
Tax rates and method of calculating taxable income varies with fiscal status
of the tax payer. Following are the broad categories of taxpayers:- |
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Companies |
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Association of Persons (AOP) |
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Non Salaried Individuals |
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Salaried individuals |
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Capital Value Tax
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It is payable by
individuals, firms and companies which
acquire an asset by purchase or a right
to use for more than 20 years. |
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Corporate Asset Tax
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It is levied through
section 12 of the Finance Act, 1991.
This is one time levy payable by a
company as defined in Companies
Ordinance, 1984, on the value of fixed
assets held by the company on the
"specified date". |
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Form more information please click
here
Income Tax - Brochures |
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