2015 Monthly Tax Deduction from Remuneration (“PCB”) amendment

Please be informed that P.U.(A) 263/2014 Income Tax (Deduction From Remuneration)(Amendment)(No.2) RUles 2014 has been gazetted on 31 Dec 2014. Among the Statutory changes are as follow –

1. "Remuneration" means income in respect of gains or profits from an employment. Benefit in Kind (BIK) and Value of Living Allowance (VOLA) are subjected to PCB.

2. Employee shall be allowed to claim allowable deductions and rebates under the Act not less than twice in the current year by using TP1 form.