What Is Current Tax Year Pakistan?

What is current tax year in US?

Start of the 2020 tax year.

The tax year in the US in most cases is the same as the calendar year.

The difference is: Calendar year – 12 consecutive months beginning January 1 and ending December 31..

What is normal tax year?

Tax Year. … For example, tax year for the period of twelve months from July 01, 2017 to June 30, 2018 shall be denoted by calendar year 2018 and the period of twelve months from July 01, 2018 to June 30, 2019 shall be denoted by calendar year 2019. It is called Normal Tax Year.

What is the last date for tax return 2019?

As announced by the government in a press conference, the due date for all income-tax return (ITR) for FY 2019-20 has been extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to October 31 2020.

What does current tax year mean?

Deeper definition The current year tax payable depends on two categories of tax years: the calendar year and the fiscal year. The calendar year refers to 12 consecutive months that begin on Jan. 1 and end on Dec. 31. The fiscal year refers to 12 consecutive months that end on the final day of any month except December.

What is the tax slab for 2019 2020?

Tax Rates for Individuals as per budget 2019-2020Income Tax Slab (in Rupees)Tax Rate for Individual Below the Age Of 60 Years0 to 2,50,000*Nil2,50,001 to 5,00,0005% of total income exceeding 2,50,0005,00,001 to 10,00,000Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,0001 more row•Dec 11, 2019

What date is the end of the tax year 2020?

5 April 2020The last tax year started on 6 April 2019 and ended on 5 April 2020. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).

What is the most recent tax year?

The most recent tax year depends on context, but it usually refers to the last completed tax year. In the example above, the most recent tax year for the May-to-April ski resort would be 2012, because 2013 isn’t completed yet. For most US taxpayers, the most recent tax year is now 2013.

What is the tax slab for 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs. 5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs15%Rs 10.00 lakhs – Rs. 12.50 Lakhs20%Rs. 12.5 lakhs- Rs. 15.00 Lakhs25%4 more rows•Dec 17, 2020

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

What is the last date of tax return 2019 in Pakistan?

Income Tax due datesPersonDue datesIndividual & Association of Person (AOP)On or before 30th SeptemberCompanyOn or before 31st DecemberCompany having a special tax yearOn or before 30th September1 more row

What is the last date of FBR returns 2020?

December 8, 2020The government considers that the second wave of Covid-19 pandemic was creating difficulties in the filing of increased number of returns. The FBR’s announcement on Monday stated that no further general extension in date will be granted to file annual income tax returns after the last date i.e. December 8, 2020.

What is 80c in income tax 2020 21?

Income Tax Deductions under New Tax Regime FY 2020-21 The most commonly claimed deductions under section 80C will go. Section 80C deductions claimed for provident fund contributions, life insurance premium, school tuition fee for children and various specified investments such as ELSS, NPS, PPF can not be availed.