Tax Commentary - Riaz Ahmad, Saqib, Gohar & Company

Income Tax Ordinance, 2001
Payments for goods and services

SECTION : 153 Sub- Section (3) Clause (d)& (e) 1st Sch. Part III Div.III cl. 4 (d)

Comments :

The provision contained in this section relates to withholding of tax on payment of goods and services. The proposed amendment seeks to include in the ambit of this section, payments on account of contract for advertisement, services rendered by T.V. satellite channels. It is proposed to deduct tax @ 5% on the gross amount payable on account of these services.

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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