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" COMMENTS, EFFECTS AND IMPLICATIONS COMMENTS, EFFECTS AND IMPLICATIONS OF THE AMENDMENTS MADE IN THE INCOME-TAX ORDINANCE, 2001 BY THE FINANCE ACT 2010   By Habib Fakhruddin, FCA Amir Alam Khan & Co., Rawalpindi   SUMMARY OF IMPLICATIONS ON AN INDIVIDUAL:   Reference Implications Effective Para 2 Exemption of deemed income of an employee on account of waiver of interest on an account maintained with the employer Tax Year 2011 Para 9 Levy of Minimum Tax (turnover tax) on certain individuals Tax Year 2010 Para 10 Threshold for filing of wealth statement in case of income subject to final tax increased Tax Year 2010 Para 19 Capital gains brought in the ambit for payment of advance tax and threshold of latest assessed income for payment of advance tax increased from 200,000 to Rs.500,000 Tax Year 2011 Para 21 Obligation imposed of withholding tax at source from payments made against sale of goods, rendering of or providing of services and execution of contracts. July 01, 2010 Para 40/41 Increase in the threshold of taxable income subject to zero tax to Rs.300,000 both for salaried and non salaried taxpayers Withdrawal of preferential tax treatment for available to a women taxpayer Increase in tax rate by 1% of salaried persons having taxable income between Rs.4,550,001 and Rs.8,650,000 Tax Year 2011 Para 42 Increase in the rate of tax on Retailers with turnover upto Rs.5 million opting for tax on the basis of turnover from 0.50% to 1.00% Tax Year 2011 Para 46 Decrease in the rate of withholding tax and final tax in respect of winnings from cross-word puzzle from 20% to 10% July 01, 2010 Para 52 Increase in the threshold of taxable income for claiming senior citizen reduction in tax liability from Rs.750,000 to Rs. 1,000,000 Tax Year 2011 Para 53…