Author: Hamza Shahnawaz

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.

Non-recognition of rules under income tax ordinance has been explained by the Federal Board of Revenue (FBR).

Section 78 of the Income Tax Ordinance, 2001 has been instituted to address non-arm’s length transactions. The Federal Board of Revenue (FBR) has provided clarity on this provision, which was updated up to June 30, 2021, through the Finance Act, 2021.

The Federal Board of Revenue (FBR) has provided clarity on the determination of consideration received by individuals on the disposal of assets through Section 77 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021.