Rate of minimum income tax section 113 income tax ordinance 2001
This section shall apply to a resident company [, an individual (having turnover of [ten] million rupees or above in the tax year or in any subsequent tax year) and an association of persons (having turnover of [ten] million rupees or above in the tax year or in any subsequent tax year)] where, for any reason whatsoever allowed under this Ordinance. It is sometimes also called turnover tax.
RATES OF MINIMUM TAX UNDER SECTION 113
Rate of minimum income tax section 113 income tax ordinance 2001 are as under,
1)- @ 0.75%
(a) Oil marketing companies, Oil refineries, Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited (for the cases where annual turnover exceeds rupees one billion.)
(b) Pakistani Airlines; and
(c) Poultry industry including poultry breeding, broiler production, egg production and poultry feed production.
(d) Dealers or distributors of fertilizer
(e) person running an online marketplace
2)- @ 0.25%
(a)Distributors of pharmaceutical products, fast moving consumer goods & cigarettes;
(b)Petroleum agents & distributors who are registered under Sales Tax Act, 1990; (c)Rice mills and dealers; and
Motorcycle dealers registered under the Sales Tax Act, 1990.
In all other cases
Kindly advise that reduced rate under section 113 @ 0.75 on poultry units applicable for tax year 2020 or tax year 2019.
I would like to confirm that my business turnover is 10-20mln. I am a retailer of Auto parts kindly tell what should be the turnover tax on business turnover other than my income tax liability.
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