In a bid to clarify the limitation on exemption under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has highlighted Section 55 of the ordinance.

Section 54 of the Income Tax Ordinance, 2001 establishes guidelines regarding exemption and tax provisions found in other laws.

Section 53 of Income Tax Ordinance, 2001 highlighted tax exemption and concessions granted to income under Second Schedule of the Ordinance.  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 53 of Income […]

In a move to incentivize the return of expatriates to Pakistan, Section 51 of the Income Tax Ordinance, 2001 has been highlighted by the Federal Board of Revenue (FBR).

Section 50 of the Income Tax Ordinance, 2001 has exempted tax on foreign source income. Issued by the Federal Board of Revenue (FBR) and updated up to June 30, 2021, this section acknowledges the unique circumstances of individuals who are residents solely due to their employment and have a limited stay in Pakistan.

Section 49 of Income Tax Ordinance, 2001 has exempted the income of federal, provincial and other local governments.  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 49 of the Income Tax Ordinance, […]

Section 48 of the Income Tax Ordinance, 2001 has exempted tax on support payment made to a spouse under an agreement to live apart from income tax obligations.

Section 47 of the Income Tax Ordinance, 2001 has been designed to exempt the cost incurred on scholarships. The Federal Board of Revenue (FBR) recently updated the Income Tax Ordinance, 2001 up to June 30, 2021, incorporating amendments introduced through the Finance Act, 2021.