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Monday 23 May 2011

Re: ::: vuaskari.com ::: book worm's fin623 mid

Characteristic of Salary:
Salary from more than one source during a tax year is taxable income. 
 
  Salary may be from former employer, present employer or prospective employer. 
  Salary may be from former employer, present employer or prospective employer. 
  No deductions are allowed under the head "Income from Salary" 
  In case of Tax Free Salary by the employer, the amount of tax paid by employer shall be added 
back to employee's salary. It tantamount to Tax on Tax 
  Voluntary Payments Taxable 
  Tax year of a salaried Person shall be Normal Tax year 
  In case of Tax Free Salary by the employer, the amount of tax paid by employer shall be added 
back to employee's salary. It tantamount to Tax on Tax 
  Voluntary Payments Taxable 
  Tax year of a salaried Person shall be Normal Tax year 
  Tax on salary income for Tax year 2009 (1st July 2008 to 30th July 2009) shall be computed 
according to amendments as made by Finance Act, 2008. 
  Salary by members of AOP is not treated as Salary but treated as appropriation of profit and 
charged under the head "Income from Business" 


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            VU ASKARI TEAM
              GUJRANWALA

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