Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
accumulated taxable income
The income of a corporation as adjusted for certain items (such as excess charitable contributions), less the dividends-paid deduction and the accumulated-earnings credit. ( It serves as the base upon which the accumulated-earnings tax is imposed. See accumulated-earnings tax under TAX.
taxable income
Gross income minus all allowable deductions and exemptions. 0 Taxable income is multiplied by the applicable tax rate to compute one's tax liability.