Income tax credit allowed for real time reporting of sales

Income tax credit allowed for real time reporting of sales

ISLAMABAD: The government has granted income tax credit for person who integrates the point of sales machine for real time reporting sales or receipt.

According to budget 2021/2022 documents, amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2021.

A new section 64D has been proposed for the purpose, which states:

“Tax credit for point of sale machine.– (1) Any person who is required to integrate with Board’s computerized system for real time reporting of sale or receipt, shall be entitled to tax credit in respect of the amount invested in purchase of point of sale machine.

(2) The amount of tax credit allowed under sub-section (1) for a tax year in which point of sale machine is installed, integrated and configured with the Board’s computerized system shall be lesser of –

(a) amount actually invested in purchase of point of sale machine; or

(b) rupees one hundred and fifty thousand per machine.

(3) For the purpose of this section, the term point of sale machine means a machine meant for processing and recording the sale transactions for goods or services, either in cash or through credit and debit cards or online payments in an internet enabled environment.”

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