Home Business Income Tax for shopkeepers Will be Fixed at Rs20,000 Per Year

Income Tax for shopkeepers Will be Fixed at Rs20,000 Per Year

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Income Tax for shopkeepers Will be Fixed at Rs20,000 Per Year

For shopkeepers working in a covered area, the federal Revenue Board (FBR) is likely to set Rs20,000 as income tax for each year up to 150 squared feet.

A person having shop with area of up to 150 square feet in category A area than the tax rate shall be Rs35,000.

Sources in FBR said that the fixed tax rates likely to be for area up t 150 square feet and for area above 150 square feet and less than 300 square feet. The rate of tax will be different for category A shopkeepers and other than this category shopkeepers.

A person having shop with covered area above 150 square feet and not exceeding 300 square feet and located in other than category A the fixed tax likely be Rs25,000.

Meanwhile, a person having shop with covered area above 150 square feet and not exceeding 300 square feet and located in a category area A the fixed tax shall be Rs40,000 per year.
The sources indicated that for small shopkeepers, the FBR had finalized the revenue tax return tax form for 2019. This form will be one-page simple form.

Reports suggested that small business owners should be able to pay 2% of turnover income tax.

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