ISLAMABAD
\nFinance Minister (FM) Muhammad Aurangzeb while wrapping up debate on budget has said national economy is likely to be affected due to Iran-Israel war.
\nHe held that persons above 75 years are exempted from tax. There will be tax on pension more than one crore.
\nHe said there will be no withholding tax on personal residence till 15 years. There will be 20 percent tax on investment on government security.
\nHe held we are aware of tax burden on salaried class. Therefore, we have decided to impose one percent tax on income from Rs 6 lac to 12 lac. Tax was proposed on E-Commerce. E-Commerce has been shifted to easy system. There will be limited tax on it. No tax will be slapped on gratuity. Private business will be provided more loan.
\nWe are bringing electronic warehouse for farming community. It will help them in storing the things.
\nTax net has been extended.
\nTax on solar has been reduced to 10 percent.
\nStern action will be taken against the profiteers on solar panels.
\nFBR \twill make arrest after 3 conditions. The proposals of national assembly standing committee have been included in budget.
\nTax exemption has been ended on import of cotton and thread.
\nHe pointed out that the powers rested with FBR were reviewed again. No arrest will be made in the cases upto Rs 5 crore without court\u2019s warrants. A three member committee of FBR will decide about arrest instead of one officer.
\nHe stated government has presented a balanced budget and government expenses have been kept under control.
\nPTI MNAs continued to chant slogans Orderly, orderly. Israel ka jo yar ha ghadar ha ghadar ha.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Finance Minister (FM) Muhammad Aurangzeb while wrapping up debate on budget has said national economy is likely to be affected due to Iran-Israel war. He held that persons above 75 years are exempted from tax. There will be tax on pension more than one crore. He said there will be no withholding tax on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-486156","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n