For Company

Tax Credit= (A/B)*C 725,795

Tax Liability for the year A 5,000,000

Taxable Income for the Year B 13,778,000
C 2,000,000

C Lower of:
Contribution Made
20% of Taxable Income
 For Individual / AOP
Tax Credit= (A/B)*C 725,795

Tax Liability for the year A 5,000,000

Taxable Income for the Year B 13,778,000
C 2,000,000

C Lower of:
2,000,000 Contribution Made
2,755,600 30% of Taxable Income
2,000,000
2,000,000
4,133,400
2,000,000
 Advance Tax = (A/B)*C-D - 120,000

March Quarter A Tax liability of last year

June Quarter B Turnover of last year
September Quarter C turnover of till quarter
December Quarter D Advance tax paid till quarter
 -

500,000 121,819
6,000,000 1,304,160
- -
120,000 -
Mr. Asif
Monthly Annual
Salary Income 250,000 3,000,000
Driver Provided by Company 22,000 264,000
House Rent Allowance 15,000 180,000
Medical Allowance 37,500 450,000
3,894,000

Less: Deductible Allowances

A Zakat Paid
b
c
d Educational Exp Allowance

Taxable Income after Adjustment of Deductible Allowances

Calculation of Tax Liability

Less:

Tax credit
Withholding Tax Deducted at source

Tax Payable / (Refundable)

Exempt Income Taxable Income
3,000,000
264,000
180,000
300,000 150,000
3,594,000

300,000

-
300,000

3,294,000

343,800 333,950

300,000 350,000

43,800 - 16,050
Every Resident Individual Will have to File Wealth Statement

Income for the year

Personal Expenses 1,600,000

Agriculture Property -
Residential / Commercial Property 5,000,000
Business Capital 1,500,000
Bank Account 650,000
Advance Given -
Jewellery / Antique 500,000
Vehicles 1,200,000
Personal Items 350,000
Household Items 320,000
Cash non Business 160,000
Any other Assets -
Assets in other Name -
9,680,000
Loan Taken from Any Bank or else -
 3,894,000
2,100,000
1,794,000
Opening Value of Assets / Assets related to Previous Years

5,000,000
1,000,000 500,000
650,000 -
-
500,000
1,200,000
350,000 -
134,000 186,000
160,000 -
-

2,294,000 7,386,000

- 500,000
Net Profit / Profit Before Tax

Calculation of Taxable Income

Profit Before Tax

Add Back: Inadmissible Expenses / Not Allowable Exp

Accounting Depreciation
Accounting Amortization
Provision for Doubtful Debt
Penalties
Tax Gain
Provision of Any type
Expenses mentioned in Section 21 of Income Tax Ordinance

Less: Admissible Expenses / Allowable Exp

Tax Depreciation
Tax Amortization
Accounting Gain
Actual Bad Debt

Taxable Income Before Adjustment of Deductible Allowances

Less: Deductible Allowances
A
b
c
d

Taxable Income after Adjustment of Deductible Allowances

Less:
Any brought forward losses from Previous Year

Tax income for Tax calculation

Calculation of Tax Liability

For Ind / AOP

Normal Tax
Minimum Tax under section 113

Tax Liability is higher from the above

Tax Credit
Tax Deducted at Source

Tax Payable / (Refundable)

For Company

Normal Tax
Minimum Tax under section 113
Alternative Corporate Tax (ACT) 113C
Minimum Tax as per Withholding Section
Tax Liability is higher from the above

Less:

Tax credit
Withholding Tax Deducted at source

Tax Payable / (Refundable)

 3,800,000

3,800,000

200,000
-
500,000
-
-
-
-
700,000

First Part of Income Tax Return

600,000
-
-
300,000

900,000

3,600,000

-
-
-
-
-

3,600,000

3,600,000

Individual / AOP
TY 2023 TY 2022

As per Slab Rates 15.83% 570,000 520,000

1.25% of Revenue - - if revenue is more than 100 Million

570,000 520,000
 300,000
550,000

- 30,000

29.00% 1,044,000
1.25% of Revenue 625,000 Normal Tax
17% of Accounting Profit 646,000 Minimum Tax
5,000,000 Final Tax
5,000,000

-
5,000,000 Subject to minimum Tax

-
Minimum Tax as per Withholding #REF!
Net Profit / Profit Before Tax

Calculation of Taxable Income

Profit Before Tax

Add Back: Inadmissible Expenses / Not Allowable Exp

Accounting Depreciation
Provision for Doubtful Debt
Provision for Gratuity
Provision for WWF

Less: Admissible Expenses / Allowable Exp

Tax Depreciation
Gratuity Paid
WWF Paid
Actual Bad Debt

Taxable Income Before Adjustment of Deductible Allowances

Less: Deductible Allowances
A
b
c
d

Taxable Income after Adjustment of Deductible Allowances

Less:
Any brought forward losses from Previous Year

Tax income for Tax calculation

Calculation of Tax Liability

For Company

Normal Tax
Turnover Tax / Minimum Tax under section 113
Alternative Corporate Tax (ACT) 113C

Tax Liability is higher from the above

Less:
Tax credit
Withholding Tax Deducted at source

Tax Payable / (Refundable)

Minimum Tax as per Withholding Section

 5,680,000

5,680,000

250,000
50,000
300,000
200,000
800,000

350,000

First Part of Income Tax Return

150,000
250,000
30,000

780,000

5,700,000

Zakat Paid 800,000

-
-
-
800,000

4,900,000

4,900,000

29.00% 1,421,000
1.25% of Revenue 625,000
17% of Accounting Profit 965,600

1,421,000
 -
5,000,000 Subject to minimum Tax

- 3,579,000

5,000,000
Normal Tax
Minimum Tax
Final Tax Minimum Tax as per Withholding #REF!
o minimum Tax
Net Profit / Profit Before Tax

Calculation of Taxable Income

Profit Before Tax

Add Back: Inadmissible Expenses / Not Allowable Exp

Accounting Depreciation
Provision for Doubtful Debt
Provision for Gratuity

Less: Admissible Expenses / Allowable Exp

Tax Depreciation
Gratuity Paid

Actual Bad Debt

Taxable Income Before Adjustment of Deductible Allowances

Less: Deductible Allowances
A
b
c
d

Taxable Income after Adjustment of Deductible Allowances

Less:
Any brought forward losses from Previous Year

Tax income for Tax calculation

Calculation of Tax Liability

For Company

Normal Tax
Minimum Tax under section 113
Alternative Corporate Tax (ACT) 113C
Minimum Tax as per Withholding Section
Tax Liability is higher from the above

Less:

Tax credit
Withholding Tax Deducted at source
u/s 153
u/s 231

Tax Payable / (Refundable)

Minimum Tax as per Withholding Section

 25,000,000

25,000,000

246,000
420,000
3,334,000

4,000,000

226,979

First Part of Income Tax Return

2,500,000 2,750,000

250,000

2,976,979

26,023,022

-
-
-
-
-

26,023,022

26,023,022

29.00% 7,546,676
1.25% of Revenue 1,500,000
17% of Accounting Profit 4,250,000
9,600,000
9,600,000

-
 9,600,000 Subject to minimum Tax
200,000
9,800,000

-Rs 200,000

5,000,000
Normal Tax
Minimum Tax
Final Tax Minimum Tax as per Withholding #REF!
inimum Tax

8.00%