Weekly TipsEdition: 243
Issue: 03-11-15
C o n s u l t i n g | T r a i n i n g | W e b b a s e d
T a x a t i o n S u p p o r t S e r v i c e s
Surah Al-Baqara, Ayat 286
Maulana Muhammad Joona Garhi
Maulana Ishaq Madni
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()Maulana Mahmood ul Hassan Deobandi
Maulana Fateh Muhammad Jalandhri
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Maulana Ahmad Ali Lahori
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Maulana Abul Aala Maududi
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Maulana Abdur Rehman Kilani
Maulana Taqi Usmani
Allah does not obligate anyone beyond his capacity. For him is what he has earned, and on him what he has incurred. :Our Lord, do not hold us accountable, if we forget or make a mistake, and, Our Lord, do not place on us such a burden as You have placed on those before us, and, Our Lord, do not make us bear a burden for which we have no strength. And pardon us, and grant us forgiveness, and have mercy on us. You are our Lord. So then help us against the disbelieving people.
Maulana Abdul Majid Daryabadi
Allah tasketh not a soul except according to its capacity. For it shall be the good it earnoth, and against it the evil it earnoth. Our Lord! reckon with not if we forget or er. Our Lord! ray not on us a burthen like unto that which Thou laidest on those before us, Our Lord! impose not on US that for which we have not strength. And Pardon us; forgive US; and have mercy on us; Thou art our Patron: so make US triumph over the disbelieving people!
Sahih International
Allah does not charge a soul except [with that within] its capacity. It will have [the consequence of] what [good] it has gained, and it will bear [the consequence of] what [evil] it has earned. "Our Lord, do not impose blame upon us if we have forgoen or erred. Our Lord, and lay not upon us a burden like that which You laid upon those before us. Our Lord, and burden us not with that which we have no ability to bear. And pardon us; and forgive us; and have mercy upon us. You are our protector, so give us victory over the disbelieving people."
TAX TIP OF THE WEEK
BUSINESS TERM OF THE WEEK
QUOTE OF THE WEEK
WEEKLY UPDATES (SROs, Circulars etc.)
Under the Tax Statutes, there is no room for assessment on Guess work and surmises.
Adaptaon1.Edited or revised version of a work aimed at serving a specific need.2.Modificaon of a concept or object to make it applicable in situaons different from originally ancipated.
Income TaxSRO # 1092(I)/2015 09Nov2015
Sales TaxNo Update
Federal Excise DutyNo Update
Lahore Karachi Islamabad SargodhaE: [email protected] | W: www.softax.com.pk
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Upcoming EventsWorkshop on
Taxation System for Non-Profit Organizations
19 & 20 November, 2015 | Movenpick Hotel, Karachi25 & 26 November, 2015 | Sunfort Hotel, Lahore
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Queson: We are maintaining an approved gratuity fund (approved from Commissioner Income Tax) being exempt from tax. Due to the above reason, any gratuity paid to an employee leaving the company is exempt from tax. Please guide if we dissolve the fund by paying the employees their due gratuity share, will such payment remain exempt from tax?
Answer: Gratuity payment is only exempt if paid at the me of rerement or death of the employee otherwise it is taxable, please refer to clause (13), Part I of the second schedule of the Income Tax Ordinance, 2001.
Queson: We require following informaon on account of an approved provident fund: 1. What are the tax exempon limits of employer and employee contribuons for approved provident fund in hands of employee / employer. 2. What is the maximum amount of contribuon that an employee or an employer can contribute to the fund.
Answer: Employer Contribuon is exempt upto 10% of Salary or Rs. 100,000/ whichever is less. (Salary as defined in Sixth Schedule of the Income Tax Ordinance, 2001). For remaining please refer to Rule 97 of the Income Tax Rules, 2002.
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