Author: Hamza Shahnawaz

Section 99 of Income Tax Ordinance, 2001 discussed special tax provisions related to various businesses including profits and gains of any insurance business shall be computed in accordance with the rules in the Fourth Schedule.

Treatment of deduction in change of entity control has been explained under Section 98 of the Income Tax Ordinance, 2001 as it plays a significant role in addressing changes in ownership and business continuity, ensuring that the tax implications are appropriately managed.

Asset disposal under scheme of arrangement has been explained under Section 97A of the Income Tax Ordinance, 2001.

Gain on asset disposal between companies has been explained by the Federal Board of Revenue (FBR) through an updated the Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2021.

Gain on assets disposal of Association of Persons (AOP) between companies has been highlighted by the Federal Board of Revenue (FBR).

Computation of gains on business disposal to company has been explained by the Federal Board of Revenue (FBR) through an updated Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.

Section 92 of the Income Tax Ordinance, 2001, outlines the fundamental principles governing the taxation of Associations of Persons (AOPs) in Pakistan.

Section 81 of the Income Tax Ordinance, 2001, delineates the criteria for classifying individuals and entities as either resident or non-resident persons for the purpose of tax obligations.

Section 80 of Income Tax Ordinance, 2001 has defined persons for the purpose of the ordinance. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021.