~~with focus on tax education~~

Heads of Income, Total Income and Taxable Income

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Taxable income.- (Section - 9) means

The total income of the person
Less: deductible allowances (Zakat, WWF, WPPF).

Total Income.- (Section - 10) means

Sum of the person’s income under each of the heads of income for the year  + Exempt Income

Heads of income.- (Section - 11) can be classified under the following heads, namely:–

(a) Salary;
(b) Income from Property;
(c) Income from Business;
(d) Capital Gains; and
(e) Income from Other Sources.

The total of the amounts derived by the person in that year that are chargeable to tax under the head as reduced by the total deductions to the person for the year under that head.

Where the total deductions allowed to a person for a tax year under a head of income exceed the total of the amounts derived by the person in that year that are chargeable to tax under that head, the person shall be treated as Sustaining a Loss for that head for that year of an amount equal to the excess.

All incomes, which are chargeable to tax under Income Tax Ordinance, 2001 may broadly be classified into the following two catogaries:

  • Pakistan Source Income
  • Foreign Source Income (that is not Pakistan Source income)
  • Status Pakistan source Income Foreign source Income
    Resident Taxable Taxable
    Non - Resident Taxable Non Taxable

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posted @ 10:17 AM,


At March 27, 2012 at 8:26 AM, Blogger Shirazi said...

Wish I was a tax student. Nice resource.

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