Computation of income of a banking company for imposition of super tax
Computation of income of a banking company for imposition of super tax for tax year 2020
The rate of super tax for a banking company is 4% of the income up to the tax year 2021. Income for the purpose of imposition of super tax is computed as per sub-section (2) of section 4B.
An amendment has been made in clause (iv) of subsection (2) to the effect that brought forward depreciation, brought forward amortization and brought forward business losses shall be excluded while computing income of a banking company for the purpose of imposition of super tax.
These explanations have been issued by FBR after the Finance Act 2019 approved / passed from the parliament of Pakistan.
