Tag: Income Tax Ordinance 2001

Treatment of deduction in change of entity control has been explained under Section 98 of the Income Tax Ordinance, 2001 as it plays a significant role in addressing changes in ownership and business continuity, ensuring that the tax implications are appropriately managed.

Asset disposal under scheme of arrangement has been explained under Section 97A of the Income Tax Ordinance, 2001.

Gain on asset disposal between companies has been explained by the Federal Board of Revenue (FBR) through an updated the Income Tax Ordinance, 2001, incorporating amendments introduced through the Finance Act, 2021.

Gain on assets disposal of Association of Persons (AOP) between companies has been highlighted by the Federal Board of Revenue (FBR).

Computation of gains on business disposal to company has been explained by the Federal Board of Revenue (FBR) through an updated Income Tax Ordinance, 2001, which incorporates amendments introduced through the Finance Act, 2021.

Section 94 of Income Tax Ordinance, 2001 delineates the fundamental principles governing the taxation of companies, setting the stage for a more structured and transparent approach to corporate taxation.

Section 92 of the Income Tax Ordinance, 2001, outlines the fundamental principles governing the taxation of Associations of Persons (AOPs) in Pakistan.

Section 91 of Income Tax Ordinance, 2001 intricately outlines the treatment of income earned by minor children during a tax year, shedding light on how such earnings should be assessed and taxed.

Section 90, updated up to June 30, 2021, aims to address treatment of tax on revocable transfers of assets, ensuring that income arising from such transfers is appropriately attributed to the transferor.

The Federal Board of Revenue (FBR) has shed light on the taxation of income for authors through Section 89 of the Income Tax Ordinance, 2001.