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Income Tax Definitions

Income Tax Definitions
Income Tax Definitions

1. Definition: Income includes
·         Any amount chargeable to tax under the Income Tax Ordinance, 2001
·         Any amount treated as income under any provision of the Ordinance
·         Any loss of income
2. Definition: Person
·         An individual;
·         A company or association of persons incorporated, formed, organized or established in Pakistan or elsewhere;
·         The  Federal  Government,  a  foreign  government,  a  political  subdivision  of  a  foreign government, or public international organization.
3. Definition: Association of Persons
“Association of persons” includes a firm, a Hindu undivided family, any artificial juridical person and anybody of persons formed under a foreign law, but does not include a company;
“Firm” means the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
4. Definition: Company
“Company” means:
1.   a company as defined in the Companies Ordinance, 1984 a small company
2.   a body corporate formed by or under any law in force in Pakistan;
3.   a modaraba;
4.   a body incorporated by or under the law of a country outside Pakistan relating to incorporation of companies;
5.   a foreign association, declared to be a company for the purposes of this Ordinance;
6.   a Provincial Government; or
7.   a local Government in Pakistan; or
8.   a co-operative society, a Finance society or any other society a non-profit organization
9.   a trust
10.      an equity or a body of persons established or constituted by or under any law for the time being in force
5. Definition: Local Government: shall have the same meaning as in the
   Punjab Local Government Ordinance, 2001,
   The Sindh Local Government Ordinance,2001,
   The NWFP Local Government Ordinance,2001 and
  The Baluchistan Local Government Ordinance,2001.

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