INCOME TAX : List of All Amounts Completely Exempted under INCOME FROM SALARY

 List of All Amounts Completely Exempted under INCOME FROM SALARY

Amounts that are completely EXEMPTED under the head income from
salary

1.      Training course
fee paid by employer

2.      Hotel bills for official
duties

3.      Fee for
refresher course paid by employer

4.      Expenditure on
entertainment facility during official duty

5.      Pick & drop
Facility provided by employer

6.      Entertainment
bills reimbursed (official meeting)

7.      Travelling
allowance for official duty

8.      Fee paid for
management course by employer

9.      Car used for
business personal only

10.  Medical
insurance premium paid by employer

11.  Pension received
from Ex-Employer

12.  Reimbursement of
internet usage bills(official us)

13.  Free gas water
electricity(if employer provides such services from his own resources permanent
withdrawal from RPF

14.  Amount of
gratuity received from government

15.  Salary received
by virtue of employment outside Pakistan during the tax year till end of year Free
loading and boarding facility

(1) MEDICAL ALLOWANCE

Medical allowance 100000

Exempt:       10%
of basic salary 80000

                    
Excess amount will be taxable so 20000 taxable

(2)RE-IMBURSEMENT OF MADICAL EXPENDITURES

1) If paid under the terms of
employment                       Exempt

2) If paid not under the terms of
employment                Taxable

(3)LOAN TO
EMPLOYEE:

Bench mark rate is 10%

If loan provided by employer at less
than 10% rate if interest, then difference will be taxable

For example:

Loan Rs 1000000@7% Then 10-7=3% of
1000000=>30000 taxable

Note:

This rule will not be applicable if
loan is up to Rs. 500000

(4) ACCOMODATION FACILITY

(Furnished or
un-furnished same treatment)

a)Rent entitled amount(given in
questions)

OR

b)45%of MTS/Basic salary

Whichever of (a) or (b) is higher
will be taxable

Note:

If accommodation is provided in less
developed areas (under-developed) then 30% of MTS will be used

(5) CONVEYANCE FACILITY

1) If conveyance
provided for personal use only:

10% of cost of vehicle
will be taxable

2) If conveyance
provided for personal & official use:

5% of cost vehicle will
be taxable

3) If vehicle acquire
on lease:

Same as above (5% or 10% of fair MBT value of
vehicle)

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