Salary Income - Difference Provisions
Friday, April 5, 2013
|Sr #||Description||Taxablity||Remarks / Condition / Limit|
|1||Utility Allowance||Taxable||Includes water, gas, electricity allowance.|
|2||House Rent Allowance||Taxable|
|3||Free accommodation||Taxable||45% of B. Salary or FMV of rent whichever is higher|
|4||Leave Fare Assistance||Taxable|
|5||Salary of domestic servant||Taxable||Includes house keeper, gardener, etc.|
|6||Capital Receipt on termination of employment||Taxable|
|7||Tax Paid by the employer - Tax on tax||Taxable||Amount would be grossed up by tax paid by employer.|
|8||Interest free / concessional rate Loan||Taxable||Difference between bench mark rate (10%) and rate charged by the employer.|
|Interest free / concessional rate Loan||Not Taxable||a) When amount of loan is upto Rs.500,000/-|
|b) Employee waives interest on his account with employer|
|10||Motor Vehicle||Taxable||Upto 5% of cost / FMV - Partly for Pvt. Use|
|(owned & maintained by employer)||Taxable||Upto 10% of cost / FMV - Wholly for Pvt. Use|
|11||Waiver of loan by the employer||Taxable|
|12||Discharge of debt by the employer||Taxable|
|13||Transfer to assets / Property||Taxable||FMV of asset: Less consideration paid if any.|
|14||Employee Share Scheme|
|Value of Right / Option||Not Taxable|
|Disposal of Right / Option||Taxable||Difference b/w consideration and cost of right / option.|
|Acquistion of Shares - without Ristriction||Taxable||Difference b/w FMV and cost of right / option. - At the time of acquition|
|Acquistion of Shares - With Ristriction||Taxable||Difference b/w FMV and cost of right / option. - At the earlier of time of end of restriction or actual disposal of shares.|
|15||Medical Allowance - without medical facility||Taxable||Exempt up10% of Basic salary|
|Medical Allowance - with Reimbursement||Taxable||No exemption|
|16||Medical benefit / Reimbursement (in accordance with the terms of employment)||Exempt if||- NTN of the hospital / clinic is disclosed|
|- The employer certifies and attests the bills|
|17||Special Allowance||Exempt if||Given to meet expenses in performance of official duties|
|18||Employer's contribution to App. Provident Fund||Exempt||Lower of 10% of B.S. + Dearness allowance / Rs.100,000|
|19||Employer's contribution to Non approved PF.||Exempt||and Taxable at the time of receipt of fund amount|
|20||Interest on approved provident fund||Exempt|
|21||Gratuity / Superannuation / Communation of Pension - ( Received in Pak. by resident)||On Retirement / Death|
|Exempt||Received from approved funds|
|Exempt||Upto Rs. 200,000/- if received from approved schemes|
|Exempt||Lower of 50% of amount received/Rs.75,000 - Other cases|
|20||Pension||Exempt||Where person does not continue work with same employer or an associate of the employer|
|Exempt||One of highest if received from more than one source.|
posted @ 10:41 AM,
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