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A person can only have one primary residence at any given time, though they may share the residence with other people. A primary residence is considered to be a legal residence for the purpose of income tax and/or acquiring a mortgage. Criteria for a primary residence consist mostly of guidelines rather than hard rules, and residential status ...
The period from July 1 to June 30 is considered as a normal tax year for Pakistan tax law purposes. Income Tax: This tax is levied on the income of individuals, associations of persons (AOPs), and corporations. For instance, individuals earning less than PKR 600,000 annually are exempt from income tax, while those with annual earnings exceeding ...
The criteria for residence for tax purposes vary considerably from jurisdiction to jurisdiction, and "residence" can be different for other, non-tax purposes. For individuals, physical presence in a jurisdiction is the main test. Some jurisdictions also determine residency of an individual by reference to a variety of other factors, such as the ...
Tax exclusion on home sale profits: One of the key benefits is the ability to exclude $250,000 of profit from the sale of a primary residence from capital gains taxes. Joint filers (such as ...
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Residency: a country may tax the income of anyone who lives there, regardless of citizenship or whether the income was earned in that country or abroad (most common system); Source: a country may tax any income generated there, regardless of whether the earner is a citizen, resident, or non-resident; or
Examples of other pay systems in Pakistan include the Special Pay Scale (SPS) and army scales, while private organizations, companies, and industries are free to devise their own pay structures, subject to the government setting a minimum salary for private employees.
In 2007, the Federal Board of Revenue unearthed historical documentation revealing that Mohammed Ali Jinnah, the founder of Pakistan, once owned the Corps Commander House in Lahore. [1] The revelation ignited a dispute between the military and civilian administrations, as the army staunchly resisted relinquishing their entitlement to the property.