Calculation of asset cost for income tax purpose

Section 76 of Income Tax Ordinance, 2001 has defined the procedure for calculating income tax against cost incurred on purchase of assets. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 76 of the Income Tax Ordinance, 2001: … Continue reading Calculation of asset cost for income tax purpose