Tax Commentary - Riaz Ahmad, Saqib, Gohar & Company

Income Tax Ordinance, 2001
Profit on debt, financial costs and lease payments

SECTION : 28 Sub-Section (1) Clause (a), (b) & (c)

Comments :

The substitution of the words means that the assessee shall be allowed deduction of these expenses if the purpose of the activity is for the business. Previously it was necessary that the activity should have been done for the purpose of deriving income chargeable to tax.

Contact Persons...

Mr. Riaz Ahmed
Mr. Gohar Manzoor
Mr. Zahid Chughtai
Mr. Fareed H Siddiqui
Mr. Abdur Rauf Mian
Mr. Nasir Hussain

Email Us Now!

Visit Our Website



	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