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Income Tax
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1. Income Tax Ordinance 2001
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• Definitions;
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• Charge to tax;
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• Tax on taxable income (computation of income from salary, property, business,
capital gains, other sources, exemptions, losses, deductible allowances, tax credits);
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• Common rules (general, tax year, assets);
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• Provisions governing persons (concept, individuals, aop, companies);
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• Special industries (insurance, oil & gas and other mineral deposits);
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• International (geographical source of income, taxation of foreign source of income
of residents, taxation of non-residents, double taxation);
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• Anti-avoidance;
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• Minimum tax;
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• Procedures (returns, assessments, appeals, collection and recovery of tax, payments
and deductions, refunds, records and audit, penalty, offence and prosecutions, additional
tax);
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• Administration (general, transitional advance tax provisions, miscellaneous);
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• Schedules (first schedule, second schedule, third schedule, sixth schedule, seventh
schedule).
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• Special provisions regarding depreciation,
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• Initial allowance,
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• Intangibles, pre-commencement expenses,
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• Scientific research expenditures,
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• Employees training and facilities,
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• Profit on debt,
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• Financial costs and lease payment,
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• Bad debts,
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• Provisioning regarding consumer loans,
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• Profit on non- performing debts,
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• Transfer to participating reserve and tax accounting.
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• Nature and areas of tax management;
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• Deduction of tax at source;
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• Advance payment of tax;
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• Importance of tax management, while claiming allowance;
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• Exemptions
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• Deductions and tax credits;
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• Filing of returns of income;
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• Defaults and penalties.
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• Capital gain tax
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2. Income Tax Rules, 2002
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• Definitions related to the rules;
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• Heads of income;
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• Income of residents;
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• Tax of non-residents;
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• Transfer pricing;
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• Records and books of accounts;
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• Certificates;
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• Advance tax collection or deduction,
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• Payment,
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• Statements of tax collected or deducted.
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• Income tax recovery rules,
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• Registration of income tax practitioners,
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• Recognized terminal benefits funds.
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