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.