Section 45 of Income Tax Ordinance, 2001 has allowed tax exemption on award or medal given by the President of Pakistan.
Following is the text of Section 45 of the Income Tax Ordinance, 2001:
45. President’s honours.— (1) Any allowance attached to any Honour, Award, or Medal awarded to a person by the President of Pakistan shall be exempt from tax under this Ordinance.
(2) Any monetary award granted to a person by the President of Pakistan shall be exempt from tax under this Ordinance.
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