Tag: Income Tax Ordinance 2001

Tax incentive for companies on purchase of machinery and expansion has been clarified by the Federal Board of Revenue (FBR).

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Tax credits for various provisions of law have outlined by the Federal Board of Revenue (FBR) as explained under Section 65 of the Income Tax Ordinance, 2001.

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Section 64D of Income Tax Ordinance, 2001 has allowed tax credit for installing point of sale machine.

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 64D of the Income Tax Ordinance, 2001:

64D. 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.

(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

The Federal Board of Revenue (FBR) has allowed tax credit for employment generation under Section 64B of Income Tax Ordinance, 2001 to taxpayers who set up new manufacturing unit and employed persons registered with Employees Old Age Benefits Institution (EOBI).

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Islamabad – The Federal Board of Revenue (FBR) has provided tax incentives for contributions to approved pension funds as outlined in Section 63 of the Income Tax Ordinance, 2001.

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The Federal Board of Revenue (FBR) has implemented amendments through the Finance Act, 2021, updating the Income Tax Ordinance, 2001, and introducing new provisions related to tax credits for investments. Section 62 and 62A outline the eligibility and computation of tax credits for investments in shares, insurance, and health insurance.

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In a move to encourage philanthropy and support charitable causes, Section 61 of the Income Tax Ordinance, 2001 allows individuals and entities in Pakistan to claim a tax credit for charitable donations.

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Deductible allowance against income tax liability of a person has been explained under Section 60 of Income Tax Ordinance, 2001.

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