Irfan & Co, Chartered Accountants

:: Eid Mubarak

Eid Greetings

:: ITR 2024. Due date extended to 14th Oct

::

Key Budget Proposals

INCOME TAX
1) Tax Rates
Salaried
a. Income Tax Exemption to be maintained at Rs. 600,000 per annum but highest bracket @35% starts from 4.1M as compared to 6M.
b. Slabs being revised
Business Income
a. Rates revised upward with highest rate @45%
- Tax @40% on income exceeding 3.2M
- Tax @45% on income exceeding 5.6M

2) Exporters to be taxed under normal tax @ 29% (as against fixed tax @ 1%)

3) Capital Gain on Real Estate & Securities @ 15% for filer and 45% for non-filer. Period reduction for properties is also proposed to be abolished wef July 2024.

4) Withholding Income Tax on transfer of Immoveable property (separate tax rates for timely filer of return, delayed filer and non-filer)

5) Advance Income Tax to be collected from Non-filer Distributor, Wholesaler, Dealer and Retailer to be increased from 1% to 2.25%

6) Income Tax on registration of Motor Vehicles to be shifted from Engine Capacity to Value

SALES TAX
7) Sales tax on Textile and leather to be increased from reduced rate 15% to standard 18%

😎 Standard 18% Sales Tax rate on Mobile phones

9) Sales Tax withholding regime for Bronze, Coal and Plastic scrap

10) Sales Tax exemption on Iron and Steel scrap

11) End of exemption for FATA / PATA newly merged districts

12) Default Surcharge rate to be changed from 12% to KIBOR+3%

13) Sales Tax to be charged at time of supply or the time when any payment is received by the supplier in respect of that supply, whichever is earlier

14) Best Judgment Assessment concept introduced in Sales Tax

15) Electronic sales invoicing to be made mandatory by all

:: Articles / Training

:: Job Alert

:: Eid Greetings to all.

:: Date for filing of returns extended to December 15, 2022

:: Exciting opportunities to join growing firm as Supervisor / Manager - Job Alert