“Tax in Budget” based on Finance Act 2012. 
This “Tax in Budget″ based on Finance Act 2012 has been compiled by ASC Tax Team to facilitate our CLIENTS and STAFF only, for understanding the changes made in the Income Tax Laws through Finance Act 2012, passed in the National Assembly in June, 2012. The provision of Finance Act 2012 are mainly operative w.e.f July 01, 2012. The changes proposed in Finance Bill 2012 have been adopted with a few slight adjustments. We have tried to explain those changes as simple as possible for the convenience of our Clients and Staff.
For further information we can be contacted at (091) 5260647-8.
Download the “Tax in Budget 2012″ (Finance Act 2012).
“Tax in Budget 2012″
This “Tax in Budget’2012″ has been compiled by ASC Tax Team to facilitate our CLIENTS and STAFFonly, for understanding the changes proposed in the Income Tax Laws through Finance Bill 2012, presented in the National Assembly on June 01, 2012. This finance bill will be passed by National Assembly before July 01, 2012 and will become Finance Act 2012.
Download the “Tax in Budget 2012″ (Finance Bill 2012).
Comparisons of Existing Tax Rate with Proposed (New) Tax Rate.
(Assess the relief you will get)
Changes in Income Tax Law – Proposed Changes
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Basic exemption limit is raised for salaried & business individuals to Rs.400,000.
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Slab rates for salaried & business individuals are rationalised and simplified by reducing tax brackets.
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Basic exemption limit is also set for AOPs as Rs. 400,000 (Previously no such limit existed for AOPs).
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Slab rates for AOPs are set by eliminating fixed tax rate of 25%.
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Tax Rate on income of certain persons u/s 113A reduced from 1% to 0.5%.
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Limit of cash withdrawal enhanced to Rs. 50,000 per day from Rs. 25,000.
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Manfacturers to collect 1% tax against sales made to traders & distributors.
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Initial depreciation rate on new buildings is reduced to 25% from 50%.
Economic Survey of Pakistan 2011-12 Released on May 31, 2012
Download Executive Summary of Survey by Clicking Here
