Web8 Apr 2024 · The National Assembly, through the Finance Act 2012 amended section 37(5) of the Income Tax Ordinance, 2001 and for the first time levied capital gains tax (CGT) on the disposal of immovable property. Punjab Assembly reintroduced CGT in Finance Act 2013, which had been abolished in 1979, contesting the Parliament’s legislative … Web23 Dec 2024 · The SHC ruled that Section 4C of the Income Tax Ordinance 2001, which relates to imposition of levy on high earning persons and companies, shall be applicable from the tax year 2024

Sections 161/205 of tax law: action cannot be taken

WebWith Section 161 of the Income Tax Ordinance, 2001, with the contention that calling for such statement amounts to an audit of income tax affaires of the Petitioners and the proceedings initiated under the notices cannot be carried out without prior selection for audit under Section 214(C) of the Income Tax Ordinance, 2001. bisley stretch cotton drill cargo pants

INCOME TAX ORDINANCE 2001 TABLE OF CONTENTS

WebWhile explaining the rationale behind the exemption allowed under SRO.787(I)/2011, tax experts said that it is clarified that since the agricultural income is exempt in the hand of grower under section 41 of the Income Tax Ordinance, 2001, therefore, question to deduct income tax against supply of agricultural produce does not arise. WebThe judgement has decided the tax references, seeking interpretation of Section 153 of the Income Tax Ordinance, 2001 relating to the sector providing/rendering of services whether falls under Final Tax Regime or Normal Tax Regime. LHC order states, "The provisions of the Section 153 had undergone number of amendments during Tax Years 2003 to ... WebThe FBR has failed to tax those who have amassed mammoth wealth, some of whom have availed generous and unconstitutional amnesties provided in 2024 and 2024… bisley stretch pants