Tag: Income Tax Ordinance 2001

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.

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.

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

The Federal Board of Revenue (FBR) has issued an updated version of the Income Tax Ordinance, 2001 to explain tax treatment of losses under group relief.

ISLAMABAD: In a bid to streamline tax treatment for holding companies and subsidiary companies within a 100% owned group, Section 59AA of the Income Tax Ordinance, 2001 has been explained by the Federal Board of Revenue (FBR).

Islamabad – The Federal Board of Revenue (FBR) has granted individuals the ability to carry forward capital losses under Sections 59 and 59A of the Income Tax Ordinance, 2001.

In a bid to address the dynamics of speculation businesses, Section 58 of the Income Tax Ordinance, 2001 plays a pivotal role by allowing individuals who sustain losses in a tax year to carry forward speculation business losses against income.