Tag: Income Tax Ordinance 2001

Section 100BA of the Income Tax Ordinance, 2001 introduces special provisions for persons not appearing on the Active Taxpayers’ List (ATL).

Section 100B of Income Tax Ordinance, 2001 presents a special provision outlining the computation of capital gain tax on listed securities, ushering in a more structured approach to the taxation of gains derived from stock market transactions.

Following is the complete sections of the Income Tax Ordinance, 2001 updated up to June 30, 2001 after incorporating changes brought through Finance Act, 2001.

In a bid to ensure clarity and precision in the taxation of banking companies, Section 100A of the Income Tax Ordinance, 2001 has been introduced, providing special provisions related to banking business.

The Federal Board of Revenue (FBR) has outlined critical provisions related to the exploration and production of oil, natural gas, and other minerals under Section 100 of the Income Tax Ordinance, 2001. This section, updated through the Finance Act, 2021, provides a framework for taxation specific to the energy and mining sectors, reflecting their importance to Pakistan’s economy.

Section 99 of Income Tax Ordinance, 2001 discussed special tax provisions related to various businesses including profits and gains of any insurance business shall be computed in accordance with the rules in the Fourth Schedule.

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).