Category: FAQs

Definition of Salary

Salary means any amount received by an employee from any employment, whether of a revenue or capital nature, including : any pay, wages or other remuneration provided to an employee, including leave pay, payment in lieu of leave, overtime payment, bonus, commission, fees, gratuity or work condition supplements (such as for unpleasant or dangerous working conditions any perquisite, whether convertible to money or not; the amount of any allowance provided by an employer to an […]

Definition of Speculation Business

Speculation business means any business in which a contract for the purchase and sale of any commodity (including 7[stocks] and shares) is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity, but does not include a business in which: a contract in respect of raw materials or merchandise is entered into by a person in the course of a manufacturing or mercantile business to guard against loss through future price […]

Definition of Resident and Non-resident person

A person shall be a resident person for a tax year if the person is:  present in Pakistan for a period of, or periods amounting in aggregate to, one hundred and [eighty-three] days or more in the tax year present in Pakistan for a period of, or periods amounting in aggregate to, one hundred and twenty days or more in the tax year and, in the four years preceding the tax year, has been in […]

Definition of REIT Scheme

*REIT Scheme means a REIT Scheme as defined in the Real Estate Investment Trust Regulations, 2015. **Rental REIT Scheme means a Rental REIT Scheme as defined under the Real Estate Investment Trust Regulations, 2015. According to Real Estate Investment Trust Regulations, 2015 “REIT Scheme”means a listed closed-end fund registered under these Regulations for investment in a single Real Estate Project and Rental REIT Scheme” means a REIT Scheme established with the object of making investment in industrial, […]

Definition of Imputable Income

*Imputable income in relation to an amount subject to final tax means the income which would have resulted in the same tax, had this amount not been subject to final tax. The value of benefits or services, other than salary, which are provided to an employee by an employer , falls into imputable income.     *Inserted by the Finance Act, 2015

Definition of Depreciable Asset

Depreciable asset means any tangible movable property, immovable property (other than unimproved land), or structural improvement to immovable property, owned by a person that: has a normal useful life exceeding one year is likely to lose value as a result of normal wear and tear, or obsolescence is used wholly or partly by the person in deriving income from business chargeable to tax but shall not include any tangible movable property, immovable property, or structural […]

Definition of Capital Asset

Capital asset means property of any kind held by a person, whether or not connected with a business, but does not include: any stock-in-trade *[ ], consumable stores or raw materials held for the purpose of business; any property with respect to which the person is entitled to a depreciation deduction under section 22 or amortisation deduction under section 24; **[or] ***[ ] any movable property ****[excluding capital assets specified in sub-section (5) of section […]

Definition of Business

Business includes any trade, commerce, manufacture, profession, vocation or adventure or concern in the nature of trade, commerce, manufacture, profession or vocation, but does not include employment. The term business also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit. Businesses range in scale from a sole proprietorship to an international corporation. Several lines of theory are engaged with understanding business administration including organizational behavior, organization […]

How can I file revised Wealth Statement?

Process for filing revised Wealth Statement on Iris is as under: Click “Declaration” on the Horizontal Bar Menu at the top of the Screen. A Vertical Drop Down Menu will open. Select “116(3) (Statement of Assets / Liabilities filed voluntarily after revision)“.   An Interface will open. Click on “Period” Button on right of the Screen. A Dialog will open. Enter relevant tax year against “Tax Period”. Click on “Search”. Click on “select” against the […]

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