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 […]
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 […]
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 […]
Income Tax Ordinance, 2001 has explained that the meaning of income year is same as defined in repealed Income Tax Ordinance, 1979. The repealed Income Tax Ordinance, 1979 defined the income year as: Income year”, in relation to any assessment year (hereafter in this clause, referred to as `the said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 […]
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 […]
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 […]
Income Tax Ordinance (ITO), 2001 has defined various approved funds for the chargeability of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the following: “Approved gratuity fund” means a gratuity fund approved by the Commissioner in accordance with Part III of […]
Income Tax Ordinance, 2001 has defined the meaning of ‘foreign source of income’ derived by Pakistani individual by working or giving services abroad. Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) stated that an amount shall be foreign-source income to the extent to which it […]
Income Tax Ordinance, 2001 has explained the meaning of ‘fee for technical services’ rendered by non-resident persons to users in Pakistan. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained the fee for offshore digital services as: “Fee for technical services” means any consideration, […]
Income Tax Ordinance, 2001 has explained the meaning of ‘fast moving consumer goods’ for calculation and imposition of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR) explained it as: “Fast moving consumer goods” means consumer goods which are supplied in retail marketing […]