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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