{"id":1081,"date":"2020-10-16T15:35:16","date_gmt":"2020-10-16T10:35:16","guid":{"rendered":"https:\/\/www.yourrightdecision.com\/blog\/?p=1081"},"modified":"2021-07-01T20:19:53","modified_gmt":"2021-07-01T15:19:53","slug":"tax-rates-for-tax-year-2021","status":"publish","type":"post","link":"https:\/\/www.yourrightdecision.com\/blog\/tax-rates-for-tax-year-2021\/","title":{"rendered":"Tax Rates for Tax Year 2021"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The Government of Pakistan announced the Federal Budget 2020 and amendments were included in Finance Act, 2020. The latest version of the Finance Act can be accessed at the following link:
https:\/\/www.fbr.gov.pk\/Categ\/Finance-Acts\/620<\/a><\/p>\n\n\n\n

After the publication of the finance act, the amendments are also updated in the main\/source document ‘Income Tax Ordinance, 2001’. The latest version of the Income Tax Ordinance can be accessed at the following link:
https:\/\/www.fbr.gov.pk\/Categ\/Income-Tax-Ordinance\/326<\/a><\/p>\n\n\n\n

The latest version of the Income Tax Rules, 2002 can be accessed at the following link:
https:\/\/www.fbr.gov.pk\/categ\/income-tax-rules-2002\/335<\/a><\/p>\n\n\n\n

As of this writing, the most recent version of Income Tax Ordinance is ‘Income Tax Ordinance, 2001 amended up to 30th June 2020’. The current tax year began on July 01, 2020, and will end on June 30, 2021. Hence, there is no updated version available on FBR’s website for Tax Year 2021. However, based on the Finance Act, 2020, and the latest version of Income Tax Ordinance 2001, some websites have mentioned tax rates for Tax Year 2021. I have selected one of these websites and the tax rates from this website are mentioned below for Tax Year 2021:<\/p>\n\n\n\n

1. Tax Year 2021: Tax Rates for Salary Income<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-tax-rates-for-salary-income<\/a><\/p>\n\n\n\n

2. Tax Year 2021: Income Tax Rates for Business Individuals, AOPs<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-income-tax-rates-for-business-individuals-aops<\/a><\/p>\n\n\n\n

3. Tax Year 2021: Rates of Income Tax for Companies<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rates-of-income-tax-for-companies<\/a><\/p>\n\n\n\n

4. Tax Year 2021: Rate of Super Tax<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rate-of-super-tax<\/a><\/p>\n\n\n\n

5. Tax Year 2021: Rate of Dividend Tax<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rate-of-dividend-tax<\/a><\/p>\n\n\n\n

6. Tax Year 2021: Rate of Advance Tax on Dividends<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rate-of-advance-tax-on-dividends<\/a><\/p>\n\n\n\n

7. Tax Year 2021: Tax Rate for Profit on Debt<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-tax-rate-for-profit-on-debt<\/a>
https:\/\/pkrevenue.com\/tax-rate-at-15-percent-applicable-on-profit-on-debt-fbr<\/a><\/p>\n\n\n\n

8. Tax Year 2021: Tax Rate on Profit on Bank Deposits<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-tax-rate-on-profit-on-bank-deposits<\/a><\/p>\n\n\n\n

9. Tax Year 2021: Tax rates on Income from Property<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-tax-rates-on-income-from-property<\/a><\/p>\n\n\n\n

10. Tax Year 2021: Rate of CGT (Capital Gains Tax) on Immovable Property<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rate-of-cgt-on-immovable-property<\/a><\/p>\n\n\n\n

11. Tax Year 2021: Minimum Tax Rates<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-minimum-tax-rates<\/a><\/p>\n\n\n\n

12. Tax Year 2021: Rates of Advance Tax on Imports<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rates-of-advance-tax-on-imports<\/a><\/p>\n\n\n\n

13. Tax Year 2021: Tax Rate on Sukuks<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-tax-rate-on-sukuks<\/a><\/p>\n\n\n\n

14. Tax Rates on Payments to Non-residents on Services, Contract Execution<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-rates-on-payments-to-non-residents-on-services-contract-execution<\/a><\/p>\n\n\n\n

15. Penalty for Not Filing Return of Income<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/penalty-for-not-filing-return-of-income<\/a>
https:\/\/pkrevenue.com\/tax-year-2020-return-may-be-filed-on-payment-of-penalty<\/a>
https:\/\/pkrevenue.com\/fbr-launches-crackdown-against-non-filers-fine-penalty-imposed<\/a>
https:\/\/pkrevenue.com\/fbr-to-impose-100-percent-penalty-for-not-mentioning-money-in-tax-returns<\/a>
https:\/\/pkrevenue.com\/three-years-imprisonment-for-sales-tax-registration-failure<\/a><\/p>\n\n\n\n

16. Rate of Tax on Payments for Goods, Services<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-tax-on-payments-for-goods-services<\/a><\/p>\n\n\n\n

17. Rate of Income Tax on Export Proceeds<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-income-tax-on-export-proceeds<\/a><\/p>\n\n\n\n

18. Income Tax Rates on Prize Winnings<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/income-tax-rates-on-prize-winnings<\/a><\/p>\n\n\n\n

19. Rate of Income Tax on Brokerage, Commission<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-income-tax-on-brokerage-commission<\/a><\/p>\n\n\n\n

20. Motor Vehicle Tax for Tax Year 2021<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/motor-vehicle-tax-for-tax-year-2021<\/a><\/p>\n\n\n\n

21. Income Tax Rates on Electricity Consumption<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/income-tax-rates-on-electricity-consumption<\/a><\/p>\n\n\n\n

22. Income Tax Rates on Telephone, Internet Usage<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/income-tax-rates-on-telephone-internet-usage<\/a><\/p>\n\n\n\n

23. Tax Year 2021: Rate of Tax on Cash Withdrawal from Banks<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/tax-year-2021-rate-of-tax-on-cash-withdrawal-from-banks<\/a><\/p>\n\n\n\n

24. Resident, Non-Resident Persons<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/ito-2001-defines-resident-non-resident-persons<\/a><\/p>\n\n\n\n

25. Fair Market Value of Property, Assets<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-explains-fair-market-value-of-property-assets<\/a><\/p>\n\n\n\n

26. Determination of Value of Bonus Shares<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rules-for-determination-of-value-of-bonus-shares<\/a><\/p>\n\n\n\n

27. Rate of Tax on Payment through Debit, Credit Cards<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-tax-on-payment-through-debt-credit-cards<\/a><\/p>\n\n\n\n

28. Rate of Advance Income Tax on Education Fee<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-advance-income-tax-on-education-fee<\/a><\/p>\n\n\n\n

29. Sales Tax Rate on Telecom Services<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/srb-issues-sales-tax-rate-on-telecom-services<\/a><\/p>\n\n\n\n

30. Tax Rate on Sale of Petroleum Products<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/income-tax-rate-on-sale-of-petroleum-products<\/a><\/p>\n\n\n\n

31. Rate of Tax on Sale to Distributors, Dealers and Wholesalers<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/rate-of-tax-on-sale-to-distributors-dealers-and-wholesalers<\/a><\/p>\n\n\n\n

32. Sales Tax Rates on Banking Services<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/srb-issues-sales-tax-rates-on-banking-services<\/a><\/p>\n\n\n\n

33. Rates of Duty, Tax on Import of Vehicles<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-updates-rates-of-duty-tax-on-import-of-vehicles<\/a><\/p>\n\n\n\n

34. FBR Valuation of Immovable Properties in Karachi<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-valuation-of-immovable-properties-in-karachi<\/a><\/p>\n\n\n\n

35. Taxpayer Profile<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/taxpayers-to-get-profile-update-format-at-iris-portal<\/a>
https:\/\/pkrevenue.com\/fbr-facilitates-taxpayers-in-updating-profile-user-guide-issued<\/a>
https:\/\/pkrevenue.com\/rules-notified-for-taxpayers-profile-update<\/a><\/p>\n\n\n\n

36. Amnesty Date for Developers, Builders Extended up to June 30<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/amnesty-date-for-developers-builders-extended-up-to-june-30<\/a><\/p>\n\n\n\n

37. Cash paid for Housing Unit above Rs2 million Required to be Reported under AML\/CFT<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/cash-paid-for-housing-unit-above-rs2-million-required-to-be-reported-under-aml-cft-fbr<\/a><\/p>\n\n\n\n

38. Active Taxpayers’ List<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-to-issue-atl-2020-on-march-01<\/a><\/p>\n\n\n\n

39. Exemption Certificates to Gratuity, Provident Funds<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-directs-issuing-exemption-certificates-to-gratuity-provident-funds<\/a><\/p>\n\n\n\n

40. E-appeals for Tax Disputes<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/fbr-launches-e-appeals-for-tax-disputes<\/a><\/p>\n\n\n\n

41. Transfer of Foreign Assets Required to be Declared in Annual Return<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/transfer-of-foreign-assets-required-to-be-declared-in-annual-return<\/a><\/p>\n\n\n\n

42. Criteria for Selection, Conduct of Income Tax Audit<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/criteria-for-selection-conduct-of-income-tax-audit<\/a><\/p>\n\n\n\n

43. Salary Persons require retaining Tax Deduction Certificate for Six Years<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/salary-persons-require-retaining-tax-deduction-certificate-for-six-years<\/a><\/p>\n\n\n\n

44. National Saving Schemes: Tax Rate at 10 Percent on Profit subject to Furnishing Certificate<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/national-saving-schemes-tax-rate-at-10-percent-on-profit-subject-to-furnishing-certificate<\/a><\/p>\n\n\n\n

45. Salary Persons require retaining Tax Deduction Certificate for Six Years<\/h1>\n\n\n\n

https:\/\/pkrevenue.com\/salary-persons-require-retaining-tax-deduction-certificate-for-six-years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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