Tax Commentary - Riaz Ahmad, Saqib, Gohar & Company

Income Tax Ordinance, 2001
Definitions

Section : 2 (3D) & (3E)

Comments :

A new clause is proposed to be inserted to define a new term ‘Approved Employment Pension or Annuity Scheme’ and a new term ‘Approved Occupational Savings Scheme’ is proposed that will mean approved gratuity fund or recognized provident fund.

Section : 2(13B)

Comments :

Limit of Rs.500,000 on contribution to Voluntary Pension Scheme is sought to be removed.

Section : 2(19A)

Comments :

Individuals entitled to benefit under any approved employment pension or annuity scheme are currently excluded from the term ‘Eligible Person’ for the purposes of Voluntary Pension Scheme. This proposed amendment seeks to delete this exclusion.

This proviso is sought to be inserted to limit the quantum of tax credit available on contribution made to ‘Approved Employment Pension or Annuity Scheme’.

Section : 2(41) (c)

Comments :

Scope of the term ‘Permanent Establishment’ (PE) is proposed to be limited to only fixed places of business. It has also been proposed that only such site or project would be considered as PE where it or connected supervisory activities continued for a period(s) aggregating more than 90 days within any 12 months period.

Section : 2 (47A) & (47B)

Comments :

These two new terms sought to be introduced to define ‘Real Estate Investment Trust’ and ‘Real Estate Investment Trust Management Company.

Contact Persons...

Mr. Gohar Manzoor
Mr. M. Tanveer Alam
Mr. Fareed H Siddiqui
Mr. Abdur Rauf Mian
Mr. Adeel Shahzad
Mr. Abduraheem Ghauri
Mr. M. Imran Rana
Mr. M. Mobin Akhter
Mr. Fawad M. Siddiqui

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	Definition Income from property Deductions not allowed Income From Other Sources Government Income Investment in shares Contribution to a Pension Fund Resident individual Tax on certain retailers Return of income Furnish a return of income Revision by the Regional Alternate Dispute Resolution Advance tax paid by the taxpayer Import Profit on debt Payments to non-residents Payments for goods and services Export Income from property Withdrawal under Pension Fund Statements Credit for tax collected/deducted Collected/ deducted as a final tax Additional tax Circulars Cash withdrawal from a bank Brokerage and commission