Tag: Income Tax Ordinance 2001

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).

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.

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).