Tax Commentary - Riaz Ahmad, Saqib, Gohar & Company

Income Tax Ordinance, 2001
Petroleum Products

SECTION : 156 A - 1st Sch. Part III Div VI A

Comments :

Income of the petrol pump operates on account of commission or discount allowed to them by seller of petroleum products has been subject to deduction of tax @ 10% which will be in the final discharge of their tax liability on account of their sale of such petroleum products.

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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