Part III, Sixth Schedule of Income Tax Ordinance, 2001 has explained the procedure for the grant of approval to gratuity funds for treatment of income tax. by Commissioner Inland Revenue (IR). The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through […]

Part II, Sixth Schedule of Income Tax Ordinance, 2001 has provided taxation for approve superannuation funds. 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 Part II, Sixth Schedule of Income Tax Ordinance, 2001: 1. Approval of superannuation funds.— (1) […]

Part I, Sixth Schedule of Income Tax Ordinance, 2001 has provided recognition of provident funds for computation of income tax. 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 Part I, Sixth Schedule of Income Tax Ordinance, 2001: […]

Rules for tax computation of the profits and gains from the exploration and extraction of mineral deposits (other than petroleum) under Part II, Fifth Schedule of Income Tax Ordinance, 2001. 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 […]

Rules for tax computation on income of exploration companies under Part I, Fifth Schedule of Income Tax Ordinance, 2001.

Rates for tax on profits and gains of insurance under Fourth Schedule of Income Tax Ordinance, 2001. 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 Fourth Schedule of Income Tax Ordinance, 2001: Profits on Life Insurance to be […]

The Federal Board of Revenue (FBR) has unveiled the updated Income Tax Ordinance, 2001, effective up to June 30, 2021. The comprehensive amendments incorporated through the Finance Act, 2021, bring crucial changes to various sections of the ordinance, including Part III, Third Schedule, outlining the rates for tax concession on pre-commencement expenditure.

Rates for tax concession on first year allowance under Part II, Third Schedule of Income Tax Ordinance, 2001.

The Income Tax Ordinance, 2001, provides a comprehensive framework for calculating tax deductions related to depreciable assets used in business.