Acts (general), as published 30 June 2016
This is the Acts (general) as it stood on 30 June 2016. It runs to 2 pages and contains 1 sections, with 0 amendment footnotes.
Recovered by OCR. This document had no text layer, so its 2 pages were read from images. Expect occasional character errors, particularly in tables and figures.
What this document is
Published by the Federal Board of Revenue as part of the Acts (general) collection. A consolidation of this kind folds every amendment made up to its cover date into the text, so it shows the law as it stood on 30 June 2016 rather than as originally enacted.
The date above was taken from the file name rather than a consolidation statement on the cover, so treat it as approximate.
The shape of this version
The operative text holds roughly 566 words across 1 sections.
What changed since the previous version
Against the version published 30 June 2016, this one has 1 new section.
New in this version
- section 2, Amendment of section 153 and 236P and Second Schedule, Ordinance xLIX of 2001
The source file
| File name | 2016211723139139AmenmendmentInomeTaxOrdianneB2016.pdf |
| Pages | 2 |
| Size | 0.24 MB |
| Text extraction | rapidocr |
| Extraction confidence | medium |
| Position in this collection | 3 of 13 |
SHA-256 of the source PDF:
5e81849bc998e009c6a70f2aa20645ea4861437979bfbedb7b5df01b2caf88d7Checking that value against the file you download confirms it is the same document these figures came from.
A note on these figures
Counts here are produced by software reading the PDF, not compiled by hand. The same method is applied to every document, which makes comparisons between versions meaningful, but a section with unusual formatting can be missed. Treat them as close measurements and the official document as the authority.
This is information, not legal or tax advice. Qanoon Digest is independent and not affiliated with the Federal Board of Revenue or the Government of Pakistan.
The full text of this version
All 1 sections as they appear in this document, reproduced from the source PDF. Amendment footnotes follow at the end.
2. Amendment of section 153 and 236P and Second Schedule, Ordinance xLIX of 2001
In the Income Tax Ordinance, 2001 (XLIX of 2001).-
(1) in section 153,
(a) in sub-section (3), in the provisio,in clause (b),for semicolon and the word“and”the expression “,provided that-“shall be substituted and thereafter the following sub-clauses shall be added, namely:- “(0) where the aforesaid minimum tax for providing or rendering services, in respect of sectors as specified in clause (94) of Part IV of the Second Schedule is in excess of tax payable under Division HI of Part I of the First Schedule, the excess amount of tax paid shall be carried forward for adjustment against tax liability under the aforesaid Part of the subsequent tax year; (每) where the excess tax is not wholly adjusted,the amount not adjusted shall be carried forward to the following tax year and adjusted against tax liability under the aforesaid Part for that year, and so on, but the said excess shall not be carried forward to more than five tax years immediately succeeding the tax year for which the excess was first paid; and
(iii) the said excess amount shell not be carried forward in case of a company for which provisions of this clause are not applicable under clause (94) of Part IV of the Second Schedule,and:and
(b) after sub-section (4), the following new sub-section shall be inserted, namely.- “(4A) The Commissioner, on an application made by the recipient of a payment referred to in clause (94) of Part IV of the Second Schedule, in cases where the said recipient has fulfilled the conditions as specified in the said clause, by an order in writing for a period of at least three months, may allow any person to make the payment without deduction of tax in respect of payments as referred to in clauses (b) of sub-section (l)of section 153: Provided that the recipient of the payment has made advance payment of tax equal to two percent of the total turnover of the corresponding period of the immediately preceding tax year.”:
(2) in section 236P, in sub-section (4), the expression “Pakistan Realtime Interbank Settlement Mechanism (PRISM) transactions or shall be omitted; and
(3) in the Second Schedule, in Part IV, after clause (93), the following new clause shall be added, namely: (94)The provisions ofclause (b) of the proviso to sub-section (3) of section 153 shall not apply for taxyear2016toa company beinga filer and engaged in providing or rendering freight forwarding services, air cargo services,courier services, manpower outsourcing services, hotel services,securityguard services, software development services,tracking services, advertising services (other than by print or electronic media), share registrar services, engineering services or car rental services: Provided that the tax payable or paid on the income from providing or rendering aforesaid services shall not be less than two percent of the gross amount of turnover from all sources and that the company furnishes in writing an irrevocable undertaking by the fifteenth day of November, 2oi5 topresent its accounts to the Commissioner within thirty days of filing of return, for audit ofits incometaxaffairsfortaxyear 2016.“