{"id":66801,"date":"2020-06-18T12:30:30","date_gmt":"2020-06-18T07:30:30","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=66801"},"modified":"2020-06-18T13:19:31","modified_gmt":"2020-06-18T08:19:31","slug":"govt-provided-pkr-90-bn-income-tax-exemption","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-provided-pkr-90-bn-income-tax-exemption.html","title":{"rendered":"Budget 2020-21: Income tax exemption worth PKR 90 bn provided"},"content":{"rendered":"\n<p>Islamabad: The federal government has exempted nearly PKR 90 billion worth in income taxes in the current fiscal year for charities and philanthropists, a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/punjab-budget-2020-21-reduction-in-stamp-duty.html\" target=\"_blank\" rel=\"noreferrer noopener\">Punjab Budget 2020-21: Reduction in stamp duty, tax exemption for builders proposed<\/a><\/p>\n\n\n\n<p>According to the Federal Board of Revenue (FBR) data, the income tax exemption was provided under various sections of the Income Tax Ordinance including Section 100-C, Section 61, and Section 66. Under these, PKR 21.2 billion was written off for non-profit organisations while PKR 4.6 billion was waived for philanthropists and PKR 64.2 was exempted for other charitable enterprises including the State Bank of Pakistan. (SBP)<\/p>\n\n\n\n<p>The government has also provided complete exemption to the income of Lahore University of Management Sciences (LUMS), whereas previously it was getting tax credit under Section 100-C \u2013 now it has been brought under Section 66 providing it with a full waiver.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/punjab-govt-gives-3-month-tax-exemption-40-sectors.html\" target=\"_blank\" rel=\"noreferrer noopener\">Punjab govt issues notice of 3-month tax exemption for 40 sectors<\/a><\/p>\n\n\n\n<p>Moreover, under Section 66, a total of about 67 entities have been provided exemption from income tax \u2013 37 of these availed the 64.2 billion of the total 90 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The federal government has exempted nearly PKR 90 billion worth in income taxes in the current fiscal year for charities and philanthropists, a news source reported. Read: Punjab Budget 2020-21: Reduction in stamp duty, tax exemption for builders proposed According to the Federal Board of Revenue (FBR) data, the income tax exemption was provided under various sections of the Income Tax Ordinance including Section 100-C, Section 61, and Section 66. Under these, PKR 21.2 billion was written off for non-profit organisations while PKR 4.6 billion was waived for philanthropists and PKR 64.2 was exempted for other charitable enterprises including the State Bank of Pakistan. (SBP) The government has also provided complete exemption to the income of Lahore University of Management Sciences (LUMS), whereas previously it was getting tax credit under Section 100-C \u2013 now it has been brought under Section 66 providing it with a full waiver. Read: Punjab govt issues notice of 3-month tax exemption for 40 sectors Moreover, under Section 66, a total of about 67 entities have been provided exemption from income tax \u2013 37 of these availed the 64.2 billion of the total 90 billion.<\/p>\n","protected":false},"author":57,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[32114,32097,32115],"persona":[],"class_list":{"0":"post-66801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-budget-2020-21-tax-exemptions","9":"tag-govt-provided-pkr-90-bn-in-income-tax-exemption","10":"tag-income-tax-exemption","11":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt provided PKR 90 bn in income tax exemption - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The federal government has exempted nearly PKR 90 billion worth in income taxes in the current fiscal year for charities and philanthropists, a news source reported.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-provided-pkr-90-bn-income-tax-exemption.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt provided PKR 90 bn in income tax exemption - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The federal government has exempted nearly PKR 90 billion worth in income taxes in the current fiscal year for charities and philanthropists, a news source reported.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-provided-pkr-90-bn-income-tax-exemption.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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