Pakistan Revenue
Income Tax Ordinance, 2001 has defined the meaning of salary for the purpose of determining income of a paid employee. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) defined the salary as : (1) Any salary received by an employee in a tax year, […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of royalty paid by companies for use of rights. The Income Tax Ordinance, 2001 up dated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), defined the meaning of ‘royalty’ as any amount paid or payable, however described or computed, whether periodical or […]
Continue Reading
Income Tax Ordinance (ITO), 2001 has explained principal officer of a company for the purpose or apply law and rules for the purpose of income tax payment. The Income Tax Ordinance, 2001 updated up to June 30, 2001 issued by the Federal Board of Revenue (FBR) defined ‘principal officer’ with reference to a company or […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of liaison office of a company for the purpose of imposition and calculation of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) defined ‘liaison office’ as a place of business acting for the principal, […]
Continue Reading
Income Tax Ordinance, 2001 has defined the concept of person for the collection and deduction of tax on income. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), the “person” means a person as defined in section 80 of the Ordinance. Section 80 defines person […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of permanent establishment of a foreign entity operating in Pakistan. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue 9FBR), defined as “permanent establishment” in relation to a person, means a fixed place of business through which the […]
Continue Reading
Income Tax Ordinance, 2001 has defined the meaning of Non-Profit Organization for the purpose of tax treatment on the activity of NPOs. The Income Tax Ordinance, 2001 up dated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained as: “Non-profit organization” means any person other than an individual, which is […]
Continue Reading
Income Tax Ordinance, 2001 has explained that the meaning of income year is same as defined in repealed Income Tax Ordinance, 1979. The repealed Income Tax Ordinance, 1979 defined the income year as: Income year”, in relation to any assessment year (hereafter in this clause, referred to as `the said assessment year’), means- (a) the […]
Continue Reading
Tax year, as defined by Income Tax Ordinance, 2001, means the tax year as defined in sub-section (1) of section 74 and, in relation to a person, includes a special year or a transitional year that the person is permitted to use under section 74. According to the Income Tax Ordinance, 2001, updated up to […]
Continue Reading
Income Tax Ordinance, 2001 had defined Greenfield industrial undertaking for the purpose of granting exemption and concession. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained Greenfield industrial undertaking as – (a) a new industrial undertaking which is – (i) setup on land which […]
Continue Reading