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Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

After the Second World War, the provision of advance tax [now encased in section 147 of the Income Tax Ordinance, 2001 [hereinafter "the Ordinance"] was introduced as a measure to…

Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

When the government of General Pervez Musharraf decided to promulgate a new income tax law in 2000, we opposed it strongly. Our main objection was that his regime had no…

Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

Draft of proposed Income Tax Act CHAPTER I PRELIMINARY Part 1 - Enactment 1. (1) This Act may be called the Income tax Act, 2012. (2) It extends to the…

Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

CHAPTER 2 - CHARGE OF INCOME TAX: Part 1 - General rate of income tax 15. Save as otherwise provided in any other provision of the Act, income tax in…

Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

The following persons shall file a return of income for every year in the prescribed form; (1) All persons whose net annual income exceeds Rs 400,000; (2) All persons whose…

Income Tax Ordinance, 2001

Income Tax Ordinance, 2001

102. Every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of…

FBR: Dwindling tax collection

Pakistan has one of the world’s lowest tax ratios, stemming from five main weaknesses: complexity, a narrow tax base, low compliance, inefficient tax administration, and low and declining provincial tax…

Determining fair income tax base

According to the latest data available on the website of Pakistan Telecommunication Authority (PTA), as on December 31, 2023, total number of SIMs issued was 189 million (78.93% mobile teledensity);…