I want to rectify one thing in this video. the rule applied in this regard is if total income is more than 75% of salary, then salry rate is applied. in case Two Total salry is 800K Rental income is 300K. after 1/5th deduction rental income is 240K. Total income is 10,40,000. If 75% formula is applied here. 1040000*75% = 780000. It means salary should be more than 780K to be charged on salary rates. here salary is 800K which is higher than 75% of total income. Thats why salary slabs are apllied. . Shah from FBR
Sir, sorry for disagreement. You have made it little complex. The simple condition is "if the salary is more than 75% of the total taxable income, the salary rates will apply, in all other cases, individual/AOP rates will apply". If I am wrong, please correct me.
Sir I have a question. Govt.School mein NSB(Non salary budget) ki amount ati hein . Us pay Sale tax Tu hum pay kertay hein or sath sath income tax bhi pay ker rahy hein according to registered firm. Kindly ye bta dein KY Jo income tax hum pay ker rahy hein wo q pay ker rahy hein Kia Reason hy ? Pay kerna chay ya nhi?
please guide, how I supposed to file return for the year 2022, source of income (salary + house rent ), iris calculate wrong tax as compared to my public sector organization deducted from house rent income.
Great effort for us. Sir agar 1 banda apni private car 2 saal k foran bahd 200000/- profit mein sell kar deta hy tu iris mein ham iss ko kis tara treet karain gy. Thanks in advance
Salam sir, jesa k ap maloom hoga k manufacturere k sale hone pe 1% tax lag raha hai to distributor or wholesaller ko tax pay nahi karna hota to wo kesy apni sale show karengy phr is pe video banain yaa hmain batain
my question is related to commercial importer, if you could Plz answer this: where will be the closing stock (import) adjusted in income tax return, a) amount subject to normal tax b) amount exempt from tax/subject to fixed/final tax.
Aoa Sir, (Application for Obtaining Certificate of Residence (COR) under Rule 19A) sir aik video is pr bana de jo non resident ha aur income bhi pakistan se 149 se ho. and foreign income bhi earn kr raha ho. aur tax bhi dono countries me pay kr raha ho. aur wo aik country se kaise tax avoid krwa sakta ha is application k according certificate le kr.
Jo amount rental income say 1/5 deduact hoti he ,,wo b to hamary account me hi ati he ,,us ko reconciliation me "income exempt from tax 7032 k tab me show kary?????? And kindly 7034 k tab ki info b dy
Thanks Fahim bhai. Please do a video practical for Non resident Pakistanis after change of definition of NRPs, please inclue rental income example too. Thank you.
Dear , How to enter the 2 different rental incomes. Let's suppose, a person earning 4 lac and 6 lac from different rental sources and both organizations deduct advance tax under 155. Now, a person wants to return a tax file but Property income got one column for rental income, so if a person put 10 lac instead of 6 lac and 4 lac, as a year's income. so tax rates would be definitely different according to tax cards. What could be the soltuion??
As Salam o Alaikum Sir, i want to ask regarding deduction of tax on my house loan on the name of house subsidy due to which my annual income has been increased. I just want to ask at which clause or place should i placed this income which was increased due to house subsidy? Please advise.
If a person has received Rs. Profit from pensioner benifit account (National saving) and simmilarly he got rental income Rs.1000000. what tax treatment is applied on these incomes?
Salaam, Very useful video brother. I am getting two types of different incomes i.e, from profit on behbood certificate and rental income. My rental income is less than 4 Lakh. so the system should ignore this rental income. But I have noted that the system has added my both income together and applied AOP's tax band. In this way, more tax is deducted. Please advise why the system has added both incomes. Thanks
Yes , it is ok, but deduct all applicable expenses as rules from rental income, if income more reduced then may be taxable slan reduce, check latest lecture of property income already explained
@@faheempracticallearning, the system is already taking off 1/5 in respect of the repair of the property so in my case I can not claim any other expenses. My situation was same in the previous tax year. But the system has not added my both income. they just ignored my rental income which was less than 4 Lakh. But in this year they have added both incomes together. It looks like they have changed the system from this tax year. Now, all earnings will be added together and the appropriate business tax band will apply to the total income. Technically this is right. There was an error in the IRIS system and the same is rectified now from this tax year. Please comments.
Gov.employees HRS lety he ,salary k ilawa seperate jo self hiring hoti he,,or ager usko hum wealth statment me "other income exempt from tax " I tab me show kr sakty he q k HRS 2 lakh sa kam he,,
aoa i hope u r fine i face the same problem i receive rental income from bank and i also receive salary on both tax deducted at source but due to this formula it increase my tax alot one thing need to clear when tax deducted at source why the tax amount include in my income because this amount which actually i am not received i mean rental income gross and net which is paid by bank i hope you will answer my question and from the same amount i paid my property tax to provincial govt
2020 The Act has restored the scheme of taxation for Individual and AOP from separate block of taxation to net income basis. As a background until 2016 income from house property in both cases were on net income basis. Finance Act, 2019 amended the taxation regime to provide: Property income upto Rs. 4 Million was liable to be taxed as a separate block of income without deduction of expenses. Income of property of more than Rs. 4 Million, the Individual and AOP were allowed to opt for taxation on net income basis.
What if rental income and a small business of kiryana store ,, rental income is 720000 and business profit is 394000, is there any way to save the person from tax liability
Sir 1/5 amount jo hmin deduction milti hai rent mn os mn se kuch amount hmray account main credit hoti hai os ki wealth statement main treatment kia ho gi plz bata dain.
Sir bank profit pr 30% tax deduct hua hy, is my jo extra 15% tax deduct hua hy usko ADJUSTABLE TAX me kaha pr yani kis section pr mention kryn, ta k ye refund ho sky?
Jo amount rental income say 1/5 deduact hoti he ,,wo b to hamary account me hi ati he ,,us ko reconciliation me "income exempt from tax 7032 k tab me show kary?????? And kindly 7034 k tab ki info b dy
MashaAllah Faheem sb. buhat Zabardast samjhaya. this is best way of giving tax lectures, with help of irs calculation. JazakAllah
Sir, very nice brief. Course ki yaad taza kar daty han. Jazak Allah
اللہ اجر دے گا آپ کو اسکا ، سلامت رہیں
Jazak Allah
zabardast faheem bhai u r genius
ALLAH SALAMAT RAKHEE AMEEN Nice guide line
I want to rectify one thing in this video. the rule applied in this regard is if total income is more than 75% of salary, then salry rate is applied.
in case Two
Total salry is 800K
Rental income is 300K. after 1/5th deduction rental income is 240K.
Total income is 10,40,000.
If 75% formula is applied here. 1040000*75% = 780000. It means salary should be more than 780K to be charged on salary rates. here salary is 800K which is higher than 75% of total income. Thats why salary slabs are apllied. .
Shah from FBR
yes but check from online poral, it is not applicable dear ;)
I will share screenshots with you. It is testified.
Sir, sorry for disagreement. You have made it little complex. The simple condition is "if the salary is more than 75% of the total taxable income, the salary rates will apply, in all other cases, individual/AOP rates will apply".
If I am wrong, please correct me.
We need to understand, why this is separate tax, rates , for proper understanding .
Bht acha smjhaya ap ny .percentage agr eska b koi chart upload kr den
Aapki videos informative hoti han.Minimum Tax or Turn over tax k hwaly se video bnye.Deemed tax k topic ko bhi discuss kre
Already have on channel, pls check
means the same calculation...
Sir I have a question.
Govt.School mein NSB(Non salary budget) ki amount ati hein . Us pay Sale tax Tu hum pay kertay hein or sath sath income tax bhi pay ker rahy hein according to registered firm.
Kindly ye bta dein KY Jo income tax hum pay ker rahy hein wo q pay ker rahy hein Kia Reason hy ? Pay kerna chay ya nhi?
Case 4 only rental income ho to no salary income ????
please guide, how I supposed to file return for the year 2022, source of income (salary + house rent ), iris calculate wrong tax as compared to my public sector organization deducted from house rent income.
Tax will be calculated on total income
did you find any solution?
Sir kia pakistan mein jo employee embassy mein job kr rahy hai unko salary pr tax exemption hai? Kun k fbr kuch clear nahi is pr please guide
Great effort for us.
Sir agar 1 banda apni private car 2 saal k foran bahd 200000/- profit mein sell kar deta hy tu iris mein ham iss ko kis tara treet karain gy.
Thanks in advance
Report in other reconciliation TAB
@@faheempracticallearning
Code number plz
Sir agr new car latay hai uska sale tax or income tax kasay return mai declear karty hain kia refund la sakty hain? Plz guide me. Thanks.
sales tax not refundable, income tax we can adjust
Good Topic.sir G mere business mei agar Sale 1,50,00,000/- hai.than mughe turnover tax lgy ga?tax year 2022 mei
yes
Sir G 100 million tk exemption nhi hai Tax year 2022 mei?
@@kkch7475 this is for withholding agent, not for turnover tax
Thanks for the explanation. It means if the turnover is above 10M then it has to be paid.okay
@@kkch7475 yes
Bohat Aala❤❤
👍
Should tax on hiring be paid by owner or employee
based on term of employment contract
Section ref related to 42% rule of income from property?
Salam sir,
jesa k ap maloom hoga k manufacturere k sale hone pe 1% tax lag raha hai
to distributor or wholesaller ko tax pay nahi karna hota to wo kesy apni sale show karengy phr is pe video banain yaa hmain batain
Aoa can u please inform me under which amendment this rule is applied? section. I will highly be obliged
thank u so much faheem bhai kindly ordinance m reference b bata dain ap
my question is related to commercial importer, if you could Plz answer this:
where will be the closing stock (import) adjusted in income tax return,
a) amount subject to normal tax
b) amount exempt from tax/subject to fixed/final tax.
Normal, because now importer fall under minimum income tax regime
Aoa Sir, (Application for Obtaining Certificate of Residence (COR) under Rule 19A) sir aik video is pr bana de jo non resident ha aur income bhi pakistan se 149 se ho. and foreign income bhi earn kr raha ho. aur tax bhi dono countries me pay kr raha ho.
aur wo aik country se kaise tax avoid krwa sakta ha is application k according certificate le kr.
Jo tax u/s 155 withheld kia wo adjust kahan krn? Wo tab he ni?
Adjustable
Sir under section 155 jo exempted hay 300000 wo kahan mention karen gy return ma?
Income from Property
Jo amount rental income say 1/5 deduact hoti he ,,wo b to hamary account me hi ati he ,,us ko reconciliation me "income exempt from tax 7032 k tab me show kary??????
And kindly 7034 k tab ki info b dy
can an individual also adjust 4percent collection charges in rental income?
It is expense
Thanks Fahim bhai. Please do a video practical for Non resident Pakistanis after change of definition of NRPs, please inclue rental income example too. Thank you.
yes sure, near future
@@faheempracticallearning thank you
Dear , How to enter the 2 different rental incomes. Let's suppose, a person earning 4 lac and 6 lac from different rental sources and both organizations deduct advance tax under 155. Now, a person wants to return a tax file but Property income got one column for rental income, so if a person put 10 lac instead of 6 lac and 4 lac, as a year's income. so tax rates would be definitely different according to tax cards. What could be the soltuion??
Combined
As Salam o Alaikum
Sir, i want to ask regarding deduction of tax on my house loan on the name of house subsidy due to which my annual income has been increased. I just want to ask at which clause or place should i placed this income which was increased due to house subsidy?
Please advise.
Sir where to enter security refundable amount against rent.
It is your liability
If a person has received Rs. Profit from pensioner benifit account (National saving) and simmilarly he got rental income Rs.1000000. what tax treatment is applied on these incomes?
Sir ye slab to withholding yax card sy bht different ha... Tax card ma 300,000 tk axempt ha.. Ap. 400,000 khry ha...
300K slab rates of 155, and 400K slab rates of income tax calculations
@@faheempracticallearning sir thankyu so much.. Ye 400k slab tax card ma ni ha... Ye kha sy milygi.. I mean FBR web pr kha ha???
Salaam, Very useful video brother. I am getting two types of different incomes i.e, from profit on behbood certificate and rental income. My rental income is less than 4 Lakh. so the system should ignore this rental income. But I have noted that the system has added my both income together and applied AOP's tax band. In this way, more tax is deducted. Please advise why the system has added both incomes. Thanks
Yes , it is ok, but deduct all applicable expenses as rules from rental income, if income more reduced then may be taxable slan reduce, check latest lecture of property income already explained
@@faheempracticallearning, the system is already taking off 1/5 in respect of the repair of the property so in my case I can not claim any other expenses. My situation was same in the previous tax year. But the system has not added my both income. they just ignored my rental income which was less than 4 Lakh. But in this year they have added both incomes together. It looks like they have changed the system from this tax year. Now, all earnings will be added together and the appropriate business tax band will apply to the total income. Technically this is right. There was an error in the IRIS system and the same is rectified now from this tax year.
Please comments.
Gov.employees HRS lety he ,salary k ilawa seperate jo self hiring hoti he,,or ager usko hum wealth statment me "other income exempt from tax " I tab me show kr sakty he q k HRS 2 lakh sa kam he,,
aoa i hope u r fine i face the same problem i receive rental income from bank and i also receive salary on both tax deducted at source but due to this formula it increase my tax alot one thing need to clear when tax deducted at source why the tax amount include in my income because this amount which actually i am not received i mean rental income gross and net which is paid by bank i hope you will answer my question and from the same amount i paid my property tax to provincial govt
Sir if rental income is less than 1.5 lac annually wether it will be taxed along with salary or not?
if annual less thn 400K no tax, as business slabs rates will not be applicable
2020 The Act has restored the scheme of taxation for
Individual and AOP from separate block of taxation
to net income basis. As a background until 2016
income from house property in both cases were on
net income basis.
Finance Act, 2019 amended the taxation regime to
provide:
Property income upto Rs. 4 Million was
liable to be taxed as a separate block of
income without deduction of expenses.
Income of property of more than Rs. 4
Million, the Individual and AOP were
allowed to opt for taxation on net income
basis.
Assalam o alaikum. Are you saying that we can still put rental income in separate block?
What if rental income and a small business of kiryana store ,, rental income is 720000 and business profit is 394000, is there any way to save the person from tax liability
Yes check lecture of rent
چھ لاکھ آمدنی پر ٹیکس چھوٹ ھے وکیل کو کیا amount exempt from tax میں بھی چھ لاکھ لکھنی ھے؟
So what happened to the Tax rate card of 2021-22 re Rental Income in 2022 return?
Check lecture and follow
@@faheempracticallearning Thanks.
Sir meri rental income 650000 or salary income 900000 or PBA ka profit 350000 h mera tax kitna bny ga please guide me i am a widow
Sir kindly Jo Last Mai ap NY kaha ke 155 mia tax save kr sakty hai or kese formula Laga sakty hai plz guide
it is detailed part, covered in proper classes
@@faheempracticallearning sir but how can understand it. It's also my prob salary and rental income pr 26800 tax hai. Mje guide kr dain
@@ammarali99 check lecture and file accordingly
@@faheempracticallearning sir sorry but lecture ke mutabiq TU tax pay krna hai . Koi guide line mil sakti hai ke 155 ko kesy adjust krain
Sir 1/5 amount jo hmin deduction milti hai rent mn os mn se kuch amount hmray account main credit hoti hai os ki wealth statement main treatment kia ho gi plz bata dain.
In reconciliation put as exempt
@@faheempracticallearning sir adjustments in income declared as per return for the year code no 7034 ko b explain kr dain.
@@AhmadKhayyam sure, in future, I Will upload
Thanks Sir👍
Sir bank profit pr 30% tax deduct hua hy, is my jo extra 15% tax deduct hua hy usko ADJUSTABLE TAX me kaha pr yani kis section pr mention kryn, ta k ye refund ho sky?
bank profit for filer 15% for non filer 30% and not a adjustable tax, it will only be adjust again that particular profit, even not refundable
Great sir
agr sirf rental income ho to?
Same rules
@@faheempracticallearning if i don't earn any salary then how come same rules apply?
@@attiafatima9096 100% business rates for rental income
Z10 sir
Sir apki percentage calculation me problem hen.. kindly thik krlen... 42 % wali bat thik nhi .. 25 and 75 percentage ka ratio Hy .
Dear apply practically on IRIS, we are discussing about practical example
Follow IRIS
SALARY SLAB LAGANY K LIAY SALARY 75% SE ZIAZA HONY CHAHYE,AGAR SALARY 75% HA TO SALARY SLAB NAE BALKY BUSINESS SLAB LAGY GA,AAP NE GHALAT BATAIA HA
Dear double check IRIS calculation
check practical application on IRIS,
TOTAL KA 25% NAE HA BALKY 20% HA
Dear double check IRIS calculation
check practical application on IRIS,
Jo amount rental income say 1/5 deduact hoti he ,,wo b to hamary account me hi ati he ,,us ko reconciliation me "income exempt from tax 7032 k tab me show kary??????
And kindly 7034 k tab ki info b dy