INCOME TAX MANUAL

PART I
INCOME TAX ORDINANCE, 2001
AMENDED UPTO
30
th
June, 2013
GOVERNMENT OF PAKISTAN
FEDERAL OARD OF REVENUE
!REVENUE DIVISION"
.
INCOME TAX MANUAL
PART I
INCOME TAX ORDINANCE, 2001
AMENDED UPTO 30
T#
JUNE, 2013
Pu$%&'he( $)*
FACILITATION AND TAXPA+ERS
EDUCATION ,ING
INCOME TAX ORDINANCE 2001
TALE OF CONTENTS
C#APTER 1
PRELIMINAR+
1. Short title, extent and commencement 1
2. Definitions 1
3. Ordinance to override other laws 22
C#APTER II
C#ARGE OF TAX
4. Tax on taxable income 23
5. Tax on dividends 24
. Tax on certain !a"ments to non#residents 24
$. Tax on shi!!in% and air trans!ort income of a non#
resident !erson
25
&. 'eneral !rovisions relatin% to taxes im!osed (nder
sections 5, and $
25
C#APTER III
TAX ON TAXALE INCOME
PART I
COMPUTATION OF TAXALE INCOME
). Taxable income 2$
1*. Total income 2$
11. +eads of income 2$
PART II
#EAD OF INCOME
SALAR+
12. Salar" 2)
13. ,al(e of !er-(isites 31
14. .m!lo"ee share schemes 35
PART III
#EAD OF INCOME
INCOME FROM PROPERT+
15. /ncome from !ro!ert" 3$
150. Ded(ctions in com!(tin% income char%eable (nder
the head 1/ncome from 2ro!ert"
3$
1. 3on#ad4(stable amo(nts received in relation to
b(ildin%s
4*
17. Omitted by the Finance Act, 2006.
PART IV
#EAD OF INCOME
INCOME FROM USINESS
D&-&'&.n I
In/.0e 12.0 u'&ne''
1&. /ncome from b(siness 42
1). S!ec(lation b(siness 43
D&-&'&.n II
De(u/t&.n'
Gene23% P2&n/&4%e'
2*. Ded(ctions in com!(tin% income char%eable (nder
the head 5/ncome from 6(siness5
44
21. Ded(ctions not allowed 45
D&-&'&.n III
De(u/t&.n'
S4e/&3% P2.-&'&.n'
22. De!reciation 4$
23. /nitial allowance 51
230. 7irst 8ear 0llowance 52
236. 0ccelerated de!reciation to alternate ener%"
!ro4ects.
52
24. /ntan%ibles 52
25. 2re#commencement ex!endit(re 55
2. Scientific research ex!endit(re 55
2$. .m!lo"ee trainin% and facilities 5
2&. 2rofit on debt, financial costs and lease !a"ments 5
2). 6ad debts 5&
2)0 2rovision re%ardin% cons(mer loans 5)
3*. 2rofit on non#!erformin% debts of a ban9in%
com!an" or develo!ment finance instit(tion
*
31. Transfer to !artici!ator" reserve *
D&-&'&.n IV
T35 A//.unt&n6
32. :ethod of acco(ntin% 1
33. ;ash#basis acco(ntin% 1
34. 0ccr(al#basis acco(ntin% 1
35. Stoc9#in#trade 3
3. <on%#term contracts 5
PART V
#EAD OF INCOME
CAPITAL GAINS
3$. ;a!ital %ains
3$0. ;a!ital %ain on dis!osal of sec(rities &
3&. Ded(ction of losses in com!(tin% the amo(nt
char%eable (nder the head 1;a!ital 'ains=
)
PART VI
#EAD OF INCOME
INCOME FROM OT#ER SOURCES
3). /ncome from other so(rces $*
4*. Ded(ctions in com!(tin% income char%eable (nder
the head 1/ncome from Other So(rces=
$2
PART VII
EXEMPTIONS AND TAX CONCESSIONS
41. 0%ric(lt(ral income $4
42. Di!lomatic and >nited 3ations exem!tions $4
43. 7orei%n %overnment officials $5
44. .xem!tions (nder international a%reements $5
45. 2resident?s hono(rs $
4. 2rofit on debt $
4$. Scholarshi!s $$
4&. S(!!ort !a"ments (nder an a%reement to live a!art $$
4). 7ederal and 2rovincial 'overnment, and local
a(thorit" income
$$
5*. 7orei%n#so(rce income of short#term resident
individ(als
$&
51. 7orei%n#so(rce income of ret(rnin% ex!atriates $&
52. Omitted by Finance Ordinance, 2002
53. .xem!tions and tax concessions in the Second
Sched(le
$)
54. .xem!tions and tax !rovisions in other laws $)
55. <imitation of exem!tion &*
PART VIII
LOSSES
5. Set off of losses &1
50. Set off of losses of com!anies o!eratin% hotels. &1
5$. ;arr" forward of b(siness losses &1
5$0. Set off of losses conse-(ent to amal%amation &2
5&. ;arr" forward of s!ec(lation b(siness losses &3
5). ;arr" forward of ca!ital losses &4
5)0. <imitations on set off and carr" forward of losses &4
5)00. 'ro(! Taxation. &5
5)6. 'ro(! relief &
PART IX
DEDUCTILE ALLO,ANCES
*. @a9at &)
*0. Aor9ers? Aelfare 7(nd &)
*6. Aor9ers? 2artici!ation 7(nd &)
PART X
TAX CREDITS
1. ;haritable donations )*
2. Tax credit for investment in shares and ins(rance )1
3. ;ontrib(tion to an 0!!roved 2ension 7(nd. )3
4. 2rofit on debt )4
5. :iscellaneo(s !rovisions relatin% to tax credits )5
50. Tax credit to a !erson re%istered (nder the Sales Tax
0ct, 1))*
)
56. Tax credit for investment )
5;. Tax credit for enlistment )&
5D. Tax credit for newl" established (nderta9in%s )&
5.. Tax credit for ind(strial (nderta9in%s established
before the first da" of B(l", 2*11
1**
C#APTER7IV
COMMON RULES
PART I
GENERAL
. /ncome of 4oint owners 1*2
$. 0!!ortionment of ded(ctions 1*2
&. 7air mar9et val(e 1*2
). Cecei!t of income 1*3
$*. Ceco(!ed ex!endit(re 1*3
$1. ;(rrenc" conversion 1*3
$2. ;essation of so(rce of income 1*3
$3. C(les to !revent do(ble derivation and do(ble
ded(ctions
1*4
PART II
TAX +EAR
$4. Tax "ear 1*5
PART III
ASSETS
$5. Dis!osal and ac-(isition of assets 1*$
$. ;ost 1*$
$$. ;onsideration received 1*)
$&. 3on#armDs len%th transactions 11*
$). 3on#reco%nition r(les 11*
C#APTER V
PROVISIONS GOVERNING PERSONS
PART I
CENTRAL CONCEPTS
D&-&'&.n I
Pe2'.n'
&*. 2erson 112
D&-&'&.n II
Re'&(ent 3n( N.n72e'&(ent Pe2'.n'
&1. Cesident and non#resident !ersons 113
&2. Cesident individ(al 114
&3. Cesident com!an" 114
&4. Cesident association of !ersons 114
D&-&'&.n III
A''./&3te'
&5. 0ssociates 115
PART II
INDIVIDUALS
D&-&'&.n I
T353t&.n .1 In(&-&(u3%'
&. 2rinci!le of taxation of individ(als 11$
&$. Deceased individ(als 11$
D&-&'&.n II
P2.-&'&.n' Re%3t&n6 t. A-e236&n6
&&. 0n individ(al as a member of an association of
!ersons
11&
&&0. Share !rofits of com!an" to be added to taxable
income
11&
&). 0(thors 11)
D&-&'&.n III
In/.0e S4%&tt&n6
)*. Transfers of assets 11)
)1. /ncome of a minor child 12*
PART III
ASSOCIATIONS OF PERSONS
)2. 2rinci!les of taxation of associations of !ersons 121
93. Omitted by the Finance Act, 2007.
PART IV
COMPANIES
)4. 2rinci!les of taxation of com!anies 122
)5. Dis!osal of b(siness b" individ(al to wholl"#owned
com!an"
122
). Dis!osal of b(siness b" association of !ersons to
wholl"#owned com!an"
124
)$. Dis!osal of asset between wholl"#owned com!anies 125
)$0. Dis!osal of asset (nder scheme of arran%ement and
reconstr(ction.
12$
PART V
COMMON PROVISIONS APPLICALE TO
ASSOCIATIONS OF PERSONS AND COMPANIES
)&. ;han%e in control of an entit" 12)
PART VA
TAX LIAILIT+ IN CERTAIN CASES
)&0. ;han%e in the constit(tion of an association of
!ersons
13*
)&6. Discontin(ance of b(siness or dissol(tion of an
association of !ersons
13*
)&;. S(ccession to b(siness, otherwise on death 13*
C#APTER7VI
SPECIAL INDUSTRIES
PART I
INSURANCE USINESS
)). S!ecial !rovisions relatin% to ins(rance b(siness 132
PART II
OIL, NATURAL GAS AND OT#ER MINERAL
DEPOSITS
1**. S!ecial !rovisions relatin% to the !rod(ction of oil
and nat(ral %as, and ex!loration and extraction of
other mineral de!osits
133
1**0. S!ecial !rovisions relatin% to ban9in% b(siness. 133
1**6. S!ecial !rovision relatin% to ca!ital %ain tax. 133
C#APTER VII
INTERNATIONAL
PART I
GEOGRAP#ICAL SOURCE OF INCOME
1*1. 'eo%ra!hical so(rce of income 135
PART II
TAXATION OF FOREIGN7SOURCE INCOME OF
RESIDENTS
1*2. 7orei%n so(rce salar" of resident individ(als 13)
1*3. 7orei%n tax credit 13)
1*4. 7orei%n losses 14*
PART III
TAXATION OF NON7RESIDENTS
1*5. Taxation of a !ermanent establishment in 2a9istan of
a non#resident !erson
141
1*. Thin ca!italiEation 142
PART IV
AGREEMENTS FOR T#E AVOIDANCE OF
DOULE TAXATION AND
PREVENTION OF FISCAL EVASION
1*$. 0%reements for the avoidance of do(ble taxation and
!revention of fiscal evasion
145
C#APTER VIII
ANTI7AVOIDANCE
1*&. Transactions between associates 14
1*). Ce#characteriEation of income and ded(ctions 14
11*. Salar" !aid b" !rivate com!anies 14
111. >nex!lained income or assets 14
112. <iabilit" in res!ect of certain sec(rit" transactions 14&
C#APTER IX
MINIMUM TAX
113. :inim(m tax on the income of certain !ersons. 15*
1130. :inim(m tax on b(ilders 152
1136. :inim(m tax on land develo!ers 152
C#APTER X
PROCEDURE
PART I
RETURNS
114. Cet(rn of income 154
115. 2ersons not re-(ired to f(rnish a ret(rn of income 15)
11. Aealth statement 11
11$. 3otice of discontin(ed b(siness 13
11&. :ethod of f(rnishin% ret(rns and other doc(ments 13
11). .xtension of time for f(rnishin% ret(rns and other
doc(ments
15
PART II
ASSESSMENTS
12*. 0ssessments 1$
12*0. Omitted by Finance Act, 2005
121. 6est 4(d%ment assessment 1&
122. 0mendment of assessments 1$*
1220. Cevision b" the ;ommissioner 1$3
1226. Cevision b" the Ce%ional ;ommissioner 1$4
122;. 2rovisional assessment 1$4
123. 2rovisional assessment in certain cases 1$5
124. 0ssessment %ivin% effect to an order 1$5
1240. 2owers of tax a(thorities to modif" orders, etc. 1$$
125. 0ssessment in relation to dis!(ted !ro!ert" 1$$
12. .vidence of assessment 1$$
PART III
APPEALS
12$. 0!!eal to the ;ommissioner F0!!ealsG 1$)
12&. 2roced(re in a!!eal 1&1
12). Decision in a!!eal 1&1
13*. 0!!ointment of the 0!!ellate Trib(nal 1&3
131. 0!!eal to the 0!!ellate Trib(nal 1&5
132. Dis!osal of a!!eals b" the 0!!ellate Trib(nal 1&$
133. Ceference to +i%h ;o(rt 1&&
134. Omitted by Finance Act, 2005
1340. 0lternative Dis!(te Cesol(tion 1)1
135. Omitted by the Finance Ordinance, 2002
13. 6(rden of !roof 1)3
PART IV
COLLECTION AND RECOVER+ OF TAX
13$. D(e date for !a"ment of tax 1)5
13&. Cecover" of tax o(t of !ro!ert" and thro(%h arrest of
tax!a"er
1)
13&0. Cecover" of tax b" District Officer FCeven(eG 1)$
13&6. .state in ban9r(!tc" 1)$
13). ;ollection of tax in the case of !rivate com!anies
and associations of !ersons
1)$
14*. Cecover" of tax from !ersons holdin% mone" on
behalf of a tax!a"er
1)&
141. <i-(idators 2**
142. Cecover" of tax d(e b" non#resident member of an
association of !ersons
2*1
143. 3on#resident shi! owner or charterer 2*1
144. 3on#resident aircraft owner or charterer 2*2
145. 0ssessment of !ersons abo(t to leave 2a9istan 2*3
14. Cecover" of tax from !ersons assessed in 0Ead
Bamm( and Hashmir
2*3
140. /nitiation, validit", etc., of recover" !roceedin%s. 2*4
146. Tax arrears settlement incentives scheme 2*4
PART V
ADVANCE TAX AND DEDUCTION OF TAX AT
SOURCE
D&-&'&.n I
A(-3n/e T35 P3&( $) the T3543)e2
14$. 0dvance tax !aid b" the tax!a"er 2*
D&-&'&.n II
A(-3n/e T35 P3&( t. 3 C.%%e/t&.n A6ent
14&. /m!orts 211
D&-&'&.n III
De(u/t&.n .1 T35 3t S.u2/e
14). Salar" 215
15*. Dividends 215
151. 2rofit on debt 215
152. 2a"ments to non#residents 21$
153. 2a"ments for %oods, services and contracts 22*
1530. Omitted by Finance Act, 2005
154. .x!orts 225
155. /ncome from !ro!ert" 22
15. 2riEes and winnin%s 22&
150. 2etrole(m !rod(cts 22&
156. Aithdrawal of balance (nder !ension f(nd 22&
157. Omitted by the Finance Ordinance, 2002
15&. Time of ded(ction of tax 22)
D&-&'&.n IV
Gene23% P2.-&'&.n' Re%3t&n6 t. the A(-3n/e
P3)0ent .1 T35 .2 the De(u/t&.n .1 T35 3t
S.u2/e
15). .xem!tion or lower rate certificate 23*
1*. 2a"ment of tax collected or ded(cted 231
11. 7ail(re to !a" tax collected or ded(cted 231
12. Cecover" of tax from the !erson from whom tax was
not collected or ded(cted
232
13. Cecover" of amo(nts !a"able (nder this Division 233
14. ;ertificate of collection or ded(ction of tax 233
15. Statements 233
150. 7(rnishin% of information b" ban9s 23
1. 2riorit" of tax collected or ded(cted 23$
1$. /ndemnit" 23$
1&. ;redit for tax collected or ded(cted 23$
1). Tax collected or ded(cted as a final tax 23)
PART VI
REFUNDS
1$*. Cef(nds 242
1$1. 0dditional !a"ment for dela"ed ref(nds 243
PART VII
REPRESENTATIVES
1$2. Ce!resentatives 245
1$3. <iabilit" and obli%ations of re!resentatives 24$
PART VIII
RECORDS, INFORMATION COLLECTION AND
AUDIT
1$4. Cecords 24&
1$5. 2ower to enter and search !remises 24)
1$. 3otice to obtain information or evidence 25*
1$$. 0(dit 251
1$&. 0ssistance to ;ommissioner 254
1$). 0cco(nts, doc(ments, records and com!(ter#stored
information not in >rd( or .n%lish lan%(a%e
254
1&*. 2ower to collect information re%ardin% exem!t
income
254
PART IX
NATIONAL TAX NUMER CERTIFICATE
1&1. Tax!a"er?s Ce%istration 255
1&10. 0ctive tax!a"ers? list 255
1&16. Tax!a"er card 255
1&1;. Dis!la"in% of 3ational Tax 3(mber 255
PART X
PENALT+
1&2. Offences and !enalties 25
1&3. .xem!tion from !enalt" and defa(lt s(rchar%e 21
1&4. Omitted by the Finance Act, 2010.
1&5. Omitted by the Finance Act, 2010.
1&. Omitted by the Finance Act, 2010.
1&$. Omitted by the Finance Act, 2010.
1&&. Omitted by the Finance Act, 2010.
1&). Omitted by the Finance Act, 2010.
1)*. Omitted by the Finance Act, 2010.
PART XI
OFFENCES AND PROSECUTIONS
1)1. 2rosec(tion for non#com!liance with certain
stat(tor" obli%ations
25
1)2. 2rosec(tion for false statement in verification 2
1)20. 2rosec(tion for concealment of income. 2
1)3. 2rosec(tion for fail(re to maintain records 2
1)4. 2rosec(tion for im!ro!er (se of 3ational Tax
3(mber ;ertificate
2
1)5. 2rosec(tion for ma9in% false or misleadin%
statements
2$
1). 2rosec(tion for obstr(ctin% an income tax a(thorit" 2$
1)$. 2rosec(tion for dis!osal of !ro!ert" to !revent
attachment
2$
1)&. 2rosec(tion for (na(thoriEed disclos(re of
information b" a !(blic servant
2&
1)). 2rosec(tion for abetment 2&
2**. Offences b" com!anies and associations of !ersons 2&
2*1. /nstit(tion of !rosec(tion !roceedin%s witho(t
!re4(dice to other action
2)
2*2. 2ower to com!o(nd offences 2)
2*3. Trial b" S!ecial B(d%e 2)
2*30. 0!!eal a%ainst the order of a S!ecial B(d%e 2$*
2*4. 2ower to tender imm(nit" from !rosec(tion 2$*
PART XII
ADDITIONAL TAX
2*5. Defa(lt s(rchar%e 2$2
2*50. Ced(ction in defa(lt s(rchar%e, conse-(ential to
red(ction in tax or !enalt"
2$4
PART XIII
CIRCULARS
2*. ;irc(lars 2$
2*0. 0dvance r(lin% 2$
C#APTER XI
ADMINISTRATION
PART I
GENERAL
2*$. /ncome tax a(thorities 2$$
2*&. 0!!ointment of income tax a(thorities 2$&
2*). B(risdiction of income tax a(thorities 2$)
21*. Dele%ation 2&1
211. 2ower or f(nction exercised 2&3
212. 0(thorit" of a!!roval 2&3
213. '(idance to income tax a(thorities 2&4
214. /ncome tax a(thorities to follow orders of the 6oard 2&4
2140. ;ondonation of time limit 2&4
2146. 2ower of the 6oard to call for records 2&5
214;. Selection for a(dit b" the 6oard 2&5
215. 7(rnishin% of ret(rns, doc(ments etc. 2&
21. Disclos(re of information b" a !(blic servant 2&
21$. 7orms and noticesI a(thentication of doc(ments 2)*
21&. Service of notices and other doc(ments 2)*
21). Tax or ref(nd to be com!(ted to the nearest C(!ee 2)1
22*. Cecei!ts for amo(nts !aid 2)1
221. Cectification of mista9es 2)2
222. 0!!ointment of ex!ert 2)2
223. 0!!earance b" a(thoriEed re!resentative 2)2
224. 2roceedin%s (nder the Ordinance to be 4(dicial
!roceedin%s
2)5
225. 2roceedin%s a%ainst com!anies (nder li-(idation 2)5
22. ;om!(tation of limitation !eriod 2)5
22$. 6ar of s(its in ;ivil ;o(rts 2)
22$0. Ceward to officers and officials of /nland Ceven(e 2)
PART II
DIRECTORATES7GENERAL
22&. The Directorate#'eneral of /nternal 0(dit 2)$
22). Directorate 'eneral of Trainin% and Cesearch 2)$
23*. Directorate 'eneral F/ntelli%ence and /nvesti%ationG,
/nland Ceven(e
2)$
PART III
DIRECTORATES7GENERAL
23*0. Directorate#'eneral of Aithholdin% Taxes 2))
23*6. Directorate#'eneral of <aw 2))
23*;. Directorate#'eneral of Cesearch and Develo!ment 2))
231. Omitted by Finance Act, 2005
C#APTER XII
TRANSITIONAL ADVANCE TAX PROVISIONS
2310. ;ash withdrawal from a ban9 3**
23100. 0dvance tax on transactions in ban9 3**
2316.
2(rchase of motor cars and 4ee!s
3*1
232. Omitted by the Finance Ordinance, 2002
233. 6ro9era%e and ;ommission 3*2
2330. ;ollection of tax b" a stoc9 exchan%e re%istered in
2a9istan
3*3
23300. ;ollection of tax b" 3;;2< 3*3
234. Tax on motor vehicles 3*4
2340. ;3' Stations. 3*5
235. .lectricit" ;ons(m!tion 3*5
23. Tele!hone (sers 3*
230. 0dvance tax at the time of sale b" a(ction 3*
236. 0dvance tax on !(rchase of air tic9et 3*$
23;. 0dvance Tax on sale or transfer of immovable
2ro!ert"
3*$
23D. 0dvance tax on f(nctions and %atherin%s 3*&
23. 0dvance tax on forei%n#!rod(ced T, !la"s and
serials
3*&
237. 0dvance tax on cable o!erators and other electronic
media
3*&
23'. 0dvance tax on sales to distrib(tors, dealers and
wholesalers
3*)
23+. 0dvance tax on sales to retailers 3*)
23/. ;ollection of advance tax b" ed(cational instit(tions 3*)
23B. 0dvance tax on dealers, commission a%ents and
arhatis etc.
31*
C#APTER XIII
MISCELLANEOUS
23$. 2ower to ma9e r(les 311
23$0. .lectronic record 312
23&. Ce!eal 312
23). Savin%s 312
23)0. Transition to 7ederal 6oard of Ceven(e. 31
23)6. Ceference to a(thorities 31
24*. Cemoval of diffic(lties 31
SC#EDULES
FIRST SC#EDULE
PART I
RATES OF TAX
31&
D&-&'&.n I
R3te' .1 T35 1.2 In(&-&(u3%' 3n( A''./&3t&.n .1
Pe2'.n'
31&
D&-&'&.n IA
(Omitted by the Finance Act, 2013)
D&-&'&.n I
(Omitted by the Finance Act, 2012)
D&-&'&.n II
R3te' .1 T35 1.2 C.043n&e'
325
D&-&'&.n III
R3te .1 D&-&(en( T35
32
D&-&'&.n IV
R3te .1 T35 .n Ce2t3&n P3)0ent' t. N.n7
2e'&(ent'
32
D&-&'&.n V
R3te .1 T35 .n Sh&44&n6 .2 A&2 T23n'4.2t In/.0e
.1 3 N.n72e'&(ent Pe2'.n
32$
D&-&'&.n VI
(Omitted by the Finance Act, 2013)
D&-&'&.n VII
C34&t3% G3&n' .n (&'4.'3% .1 Se/u2&t&e'
32)
D&-&'&.n VIII
C34&t3% G3&n' .n D&'4.'3% .1 I00.-3$%e P2.4e2t)
33*
PART II
R3te' .1 A(-3n/e T35
T35 .n I04.2t .1 G..('
331
PART IIA
C.%%e/t&.n .1 T35 12.0 D&'t2&$ut.2',
De3%e2', An( ,h.%e'3%e2'
332
PART III
DEDUCTION OF TAX AT SOURCE
333
D&-&'&.n I
P2.1&t .n (e$t
333
D&-&'&.n II
P3)0ent' t. n.n72e'&(ent'
333
D&-&'&.n III
P3)0ent' 1.2 G..(' .2 Se2-&/e' 334
D&-&'&.n III A
(Omitted by the Finance Act, 2012)
D&-&'&.n IV
E54.2t'
33
D&-&'&.n V
In/.0e 12.0 P2.4e2t)
33$
D&-&'&.n VI
P2&8e' 3n( ,&nn&n6'
33&
D&-&'&.n VIA
Pet2.%eu0 P2.(u/t'
33&
D&-&'&.n VI
CNG St3t&.n'
33)
PART IV
DEDUCTION OR COLLECTION OF
ADVANCE TAX
34*
D&-&'&.n II
2.9e236e C.00&''&.n
34*
D&-&'&.n IIA
R3te' 1.2 C.%%e/t&.n .1 T35 $) 3 St./9 E5/h3n6e
Re6&'te2e( &n P39&'t3n
341
D&-&'&.n II
R3te' 1.2 /.%%e/t&.n .1 t35 $) NCCPL
341
D&-&'&.n III
T35 .n 0.t.2 -eh&/%e'
341
D&-&'&.n IV
E%e/t2&/&t) C.n'u04t&.n
343
D&-&'&.n V
Te%e4h.ne u'e2'
345
D&-&'&.n VI
C3'h :&th(23:3% 12.0 $3n9
34
D&-&'&.n VIA
A(-3n/e t35 .n T23n'3/t&.n' &n 3n9
34
D&-&'&.n VII
Pu2/h3'e .1 M.t.2 C32' 3n( Jee4'
34
D&-&'&.n VIII
A(-3n/e t35 3t the t&0e .1 '3%e $) 3u/t&.n 34$
D&-&'&.n IX
A(-3n/e t35 .n Pu2/h3'e .1 A&2 T&/9et 34$
D&-&'&.n X
A(-3n/e t35 .n '3%e .2 t23n'1e2 .1
I00.-3$%e 42.4e2t)
34$
D&-&'&.n XI
A(-3n/e t35 .n 1un/t&.n' 3n( 63the2&n6'
34$
D&-&'&.n XII
A(-3n/e t35 .n 1.2e&6n742.(u/e( 1&%0' 3n( TV
4%3)'
34&
D&-&'&.n XIII 34&
D&-&'&.n XIV
A(-3n/e t35 .n '3%e t. (&'t2&$ut.2', (e3%e2' .2
:h.%e'3%e2'
34)
D&-&'&.n XV
A(-3n/e t35 .n '3%e t. 2et3&%e2'
34)
D&-&'&.n XVI
C.%%e/t&.n .1 3(-3n/e t35 $) e(u/3t&.n3%
&n't&tut&.n'
34)
D&-&'&.n XVII
A(-3n/e t35 .n (e3%e2', /.00&''&.n 36ent' 3n(
32h3t&', et/;
34)
T#E SECOND SC#EDULE
EXEMPTIONS AND TAX CONCESSIONS
35*
PART I
EXEMPTIONS FROM TOTAL INCOME
35*
PART II
REDUCTION IN TAX RATES
3)2
PART III
REDUCTION IN TAX LIAILIT+
4*1
PRT IV
EXEMPTION FROM SPECIFIC PROVISIONS
4*5
T#E T#IRD SC#EDULE
43
PART I
DEPRECIATION
43
PART II
INITIAL ALLO,ANCE
43&
PART III
PRE7COMMENCEMENT EXPENDITURE 43)
T#E FOURT# SC#EDULE
RULES FOR T#E COMPUTATION OF T#E
PROFITS AND GAINS OF INSURANCE USINESS
44*
T#E FIFT# SC#EDULE
445
PART I
RULES FOR T#E COMPUTATION OF T#E
PROFITS AND GAINS FROM T#E EXPLORATION
AND PRODUCTION OF PETROLEUM
445
PART II
RULES FOR T#E COMPUTATION OF T#E
PROFITS AND GAINS FROM T#E EXPLORATION
AND EXTRACTION OF MINERALS DEPOSITS
!OT#ER T#AN PETROLEUM"
451
T#E SIXT# SC#EDULE
454
PART I
RECOGNI<ED PROVIDENT FUNDS
454
PART II
APPROVED SUPERANNUATION FUNDS
43
PART III
APPROVED GRATUIT+ FUNDS
4$
T#E SEVENT# SC#EDULE
4$*
RULES FOR T#E
COMPUTATION OF T#E PROFITS AND GAINS OF
A ANKING COMPAN+ AND TAX PA+ALE
T#EREON
4$2
T#E EIG#T# SC#EDULE
4$)
RULES FOR T#E COMPUTATION OF CAPITAL
GAINS ON
LISTED SECURITIES
4$)