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Tax Credit

Your investment in pension scheme entitles you to avail tax credit and enhance the overall return on your savings.
Tax Credit

Invest In Al Meezan Pension Fund- Enjoy Tax Savings & Competitive Returns!

Step 1:
Invest In Al Meezan Pension Fund upto your tax ceiling before June 30

  • Invest upto maximum of 20% of taxable income in Meezan Tahaffuz Pension Fund

Step 2:
Claim Tax Credit on the investment from your Tax Liability of 2023-2024

Taxes

How To Avail
Tax Credit Facility

To claim your tax credit amount you just need to do following:
  • As a Salaried individual, you can inform your HR or Finance Department about your investments by submitting the account statement to adjust your tax credit amount from the monthly income tax deductions.
  • As a Self-employed individual, you can adjust your tax payable by showing investment in your wealth statement at the time of Income tax return filing.
The benefits shown in the following tables are calculated as an illustration based on maximum Investments subject to respective income brackets as defined in ITO, 2001.

Salaried Individual

Monthly Taxable Income (PKR) Monthly Tax (PKR) [A] Effective Tax Rate % Investment in VPS* (PKR) Monthly Tax Saving (PKR) [B] Net Monthly Tax Payable (PKR) [A-B]
100,000 1,250 1.25% 20,000 250 1,000
200,000 13,750 6.88% 40,000 2,750 11,000
300,000 36,250 12.08% 60,000 7,250 29,000
400,000 63,750 15.94% 80,000 12,750 51,000
500,000 91,250 18.25% 100,000 18,250 73,000

Other Than Salaried Class

Monthly Taxable Income (PKR)Monthly Tax (PKR) [A]Effective Tax Rate %Investment in VPS* (PKR)Monthly Tax Saving (PKR) [B]Net Monthly Tax Payable (PKR) [A-B]
100,0006,2506.25%20,0001,2505,000
200,00026,25013.13%40,0005,25021,000
300,00053,75017.92%60,00010,75043,000
400,00087,08321.77%80,00017,41769,667
500,000122,08324.42%100,00021,41797,667

You can also use the Tax Saving Calculator to know the tax credit amount.

*As per section 63 of the income tax ordinance 2001, an eligible person joining Meezan Tahaffuz Pension Fund can avail tax credit up to 20% of the (eligible) person’s taxable income for the relevant tax year. This information is for general purpose only. In view of Individual nature of tax consequences each investor is advised to consult with his/her tax advisor with respect to specific tax consequences of investing in the Fund.