Recharacterization of income for determining tax liability

Section 109 of Income Tax Ordinance, 2001 has stated that a commissioner may recharacterise a transaction for determining tax liability. 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 109 of the Income … Continue reading Recharacterization of income for determining tax liability