Rules of Income Tax Ordinance 2001

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§ 103: Tax credit on foreign income of residents § 79: Non-recognition of the provisions of the Income Tax Ordinance. 1. Short title, scope and beginning2. Definitions3. Order Repealing Other Acts.4 Tax on taxable income4B. Super tax for the rehabilitation of temporarily displaced persons5. Dividend tax5A. Tax on retained earnings5AA. Tan on the return on investment in Sukuks.6.

Tax on certain payments to non-residents7. Tax on non-resident`s maritime and air transport income7A. Tax on a resident`s shipment7B. Tax on the profit of debt7C. Builders` tax7D. Tax on promoters8. General provisions relating to taxes imposed under Sections 5, 6 and 79. Taxable income10. Total income11. Revenue12.

Salary13. Value of ancillary services14. Employee share ownership schemes15. Property income15A. Deductions in computing income under the heading « Income from property »16. Omitted17. Significant amounts relating to buildings18. Business income19. Speculative activities20. Deductions in computing income to be recorded under « Income from industrial activities »21. Unauthorized deductions.22 Depreciation23.

Initial assistance23A. omitted23B. Accelerated depreciation of alternative energy projects24. Intangible assets25. Pre-departure expenses26. Expenditure on scientific research27. Staff training and facilities28. Gain on debt, finance costs and lease payments.29 Bad debts29A Provision for consumer credit30.

Gain on non-performing liabilities of a banking company or development finance institution.31 Transfer to the participatory reserve32. Accounting policy33. Cash accounting34. Accrual accounting35. Stock36. Long-term contracts37. Capital gains37A. Capital gain on the sale of securities38.

Deduction of losses when calculating the amount to be included in capital gains39. Income from other sources.40 Deductions in computing income to be recorded under « Income from other sources »41. Farm income42. Diplomatic and United Nations exceptions.43 Foreign government representatives.44 Exceptions under international agreements.45 Honours of the President.46 Profit on debt47. Scholarships.48 Support payments under a separation agreement.49 Federal, provincial and local governments.50 Income from foreign sources of short-term resident natural persons51. Income from foreign sources of returning expatriates.52 omitted.53 Tax exemptions and advantages in the second list54. Tax exemptions and provisions in other laws.55 Limitation of exemption56. Loss compensation56A. Compensation for losses incurred by hotel operating companies57. Business losses carried forward57A. Compensation for business losses resulting from mergers58. Loss carry-forward from speculative operations.59 Capital losses carried forward59A.

Restrictions on offsetting and carry-forward of losses59AA. Group taxation59B. Group discharge60. Zakat60A. Workers` Social Protection Fund60B. Employee Participation Fund60C. Deductible value adjustment for profit on debts60D. Deductible for training costs61.

Charitable donations.62 Tax credit for investments in stocks and insurance62A. Tax credit for investment in health insurance.63 Contribution to a recognised pension fund64. Section omitted 64A renumbered 60C64AB section renumbered 60D64B. Manufacturers` Job Creation Tax Credit64D. Point of sale machine tax credit.65 Miscellaneous Tax Credit Provisions65A. omitted65B. Investment Tax Credit65C. omitted65D.

omitted65E. Tax credit for industrial enterprises established before the first day of July 201165E. Tax credit for certain persons65G. Tax credit for certain industrial enterprises.66 Income of co-owners67. Allocation of deductions68. Market value69. Collection of revenues70. Expenditures recovered.71 Currency conversion72. Loss of source of income.73 Rules to prevent double derivatives and double deductions74. Taxation year75. Sale and acquisition of assets75A. Purchase of assets through banking76.

Cost77. Recital 78. Non-arm`s length transactions.79 Non-recognition rules80. Person81. Residents and non-residents.82 Resident individual.83 Resident company84. Residents` Association85. Employees86. Principle of taxation of natural persons87. Deceased.88 An individual as a member of an association of persons88A. omitted.89 Authors90. Transfer of assets.91 Income of a minor child92.

Principles for the taxation of associations of persons93. omitted.94 Principles of corporate taxation95. Sale of the business by individuals to a wholly-owned business.96 Sale of business activities by association of persons to a wholly-owned corporation.97 Sale of assets between wholly-owned companies97A. Sale of assets as part of a regulatory and recovery plan.98 Change of control over an enterprise98A. Amendment of the statutes of an association of persons98B. Cessation of business activities or dissolution of an association of persons98C. Succession, except death99. Special provisions for insurance99A. Specific provisions for economic operators99B. Special procedure for small traders and traders99C.

Special procedure for certain persons100. Special provisions for the extraction of oil and gas and for the exploration and extraction of other mineral deposits100A. Special provisions for banks100B. Special capital gains tax scheme100BA. Special provisions for persons not included in the list of active taxable persons.100C. Tax credit for certain persons100D. Special provisions for builders and developers100E. Special provisions for small and medium-sized enterprises101. Geographic source of income101A Gain on disposal of assets outside Pakistan102. Wages of residents of foreign origin103. Foreign tax credit.104 Foreign losses.105 Taxation of a permanent establishment in Pakistan of a non-resident.106 Thin capitalization106A.

Limitation of the deduction of profits from liabilities to associates.107 Convention for the avoidance of double taxation and the prevention of tax evasion.108 Transactions between partners108A. Report of an independent auditor or management and cost accountant.108B Transactions under commercial agreements109. Income reclassification and deductions109A Controlled foreign enterprise110.

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