Treatment of time for receiving amount under tax law

Treatment of time for receiving amount under tax law

Section 69 of Income Tax Ordinance, 2001 has explained the treatment of time of receiving amount or benefit.

 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 Section 69 of the Income Tax Ordinance, 2001:

69. Receipt of income.— For the purposes of this Ordinance, a person shall be treated as having received an amount, benefit, or perquisite if it is —

(a) actually received by the person;    

(b) applied on behalf of the person, at the instruction of the person or under any law; or

(c) made available to the person.

(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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