Taxable income, total income under statute

Taxable income, total income under statute

ISLAMABAD: Section 9 and Section 10 of Income Tax Ordinance, 2001 deal with taxable income and total income of persons.

The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Sections 9 & 10 of the Ordinance, 2001:

9. Taxable income.—The taxable income of a person for a tax year shall be the total income under clause (a) of section 10 of the person for the year reduced (but not below zero) by the total of any deductible allowances under Part IX of this Chapter of the person for the year.

10. Total Income.— The total income of a person for a tax year shall be the sum of the —

(a) person’s income under all heads of income for the year; and

(b) person’s income exempt from tax under any of the provisions of this Ordinance.

(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.)

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