Tax Commentary - Riaz Ahmad, Saqib, Gohar & Company

Income Tax Ordinance, 2001
Deductions in computing income chargeable under the head "Income from Business"

Section : 20

Comments :

The concept of allowing expenditure to the extent it is incurred in deriving income from business chargeable to tax through Income Tax Ordinance 2001 is being dispensed with and old concept of allowing expenditure if “wholly and exclusively for the purpose of business” is being reintroduced. Thus the new law is being cursed with the mischief of the repealed ordinance.

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	Definition Deduction in computing income Deductions not allowed Depreciation Initial Allowance Profit on debt... Consumer Loan Accural basis accounting Exemptions and tax provisions Group Relief Workers' Participation Fund Profit on debt The Central Board of Revenue Unexplained income or assets Minimum tax on the income Tax on Income of certain persons Return of income To furnish a return of income Wealth statement Revision by the Commissioner Appeal to the Commissioner Alternate Dispute Resolution Due date for payment of tax Advance tax paid by the taxpayer Imports Payments to non-residents Payments for goods and services Income from property Petroleum Products Exemption or lower rate certificate Collection or deduction of tax As a final tax Payment for delayed refunds Audit Additional tax Delegation Brokerage and Commission