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 Fund1
Step 2: Claim Tax Credit on the investment from your Tax Liability of 2022-2023
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
| Annual Taxable Income (ATI) (PKR) | Tax Amount (PKR) | Effective Tax Rate % | Permissible Investment for Tax Credit (PKR) Pension Funds |
Tax Credit (PKR) Pension Funds |
|---|---|---|---|---|
| A | B | C | D | (as per sec 63) E=D x C |
| 1,200,000 | 15,000 | 1.25% | 240,000 | 3,000 |
| 2,400,000 | 165,000 | 6.88% | 480,000 | 33,000 |
| 3,600,000 | 405,000 | 11.25% | 720,000 | 81,000 |
| 6,000,000 | 1,005,000 | 16.75% | 1,200,000 | 201,000 |
| 12,000,000 | 2,955,000 | 24.63% | 2,400,000 | 591,000 |
| 14,000,000 | 3,655,000 | 26.11% | 2,800,000 | 731,000 |
Other than Salaried Class
| Annual Taxable Income (ATI) (PKR) | Tax Amount (PKR) | Effective Tax Rate % | Permissible Investment for Tax Credit (PKR) Pension Funds |
Tax Credit (PKR) Pension Funds |
|---|---|---|---|---|
| A | B | C | D | (as per sec 63) E=D x C |
| 800,000 | 10,000 | 1.25% | 160,000 | 2,000 |
| 1,200,000 | 60,000 | 5.00% | 240,000 | 12,000 |
| 2,400,000 | 270,000 | 11.25% | 480,000 | 54,000 |
| 3,000,000 | 405,000 | 13.50% | 600,000 | 81,000 |
| 4,000,000 | 680,000 | 17.00% | 800,000 | 136,000 |
| 6,000,000 | 1,330,000 | 22.17% | 1,200,000 | 266,000 |
| 11,000,000 | 3,080,000 | 28.00% | 2,200,000 | 616,000 |
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.