Law: Income Tax Ordinance, 2001

Section: Clause103(A) ofPart-I,Second Schedule,18,113,122(5A),113(3),169,148(7 ),234(5),234A,151(1)(a),(b),(d),152(IB), (IBB),153(6),153A,154(4),155,156(3),156A (2),233(1)(3),150,169,59AA,59B

Income Tax Ordinance (XLIX of 2001)----Ss. 18, 113, 120, 122(5-A), 131, 150, 151, 169 & Second Schedule, Part-I, Clause 103-A--Charging minimum tax on declared dividend income and on profit on debt--Exemption, claim for--Taxpayer declared dividend income at Rs. 140,262,000 and profit on debt at Rs. 2,964,000--Taxpayer claimed exemption on said income under clause 103(A) of Part-I of Second Schedule to Income Tax Ordinance, 2001--Original Adjudicating Authority; included dividend income as well as profit on debt in the turnover of the taxpayer, and subjected the same to the minimum tax under S.113 of Income Tax Ordinance, 2001--Appeal of taxpayer before Appellate Authority was rejected-- Taxpayer had pleaded that the dividend income and profit on debt being subject of final tax, had been excluded from the purview of S.113 of the Income Tax Ordinance, 2001--Validity--Tax deductible on profit on debt fell under S.151 of the Income Tax Ordinance, 2001, which was reflected in S.169 of the Income Tax Ordinance, 2001 as final tax--Tax deduction from dividend income, was under S.150 of the Income Tax Ordinance, 2001, and was not reflected in S.169 of the Income Tax Ordinance, 2001, same could not be excluded from the turnover of the taxpayer--Tax payer had pleaded that, taxpayer, being an Inter corporate entity and was registered with the Security Exchange Commission of Pakistan as holding company, was exempt under clause 103-A to the Second Schedule of the Income Tax Ordinance, 2001--Taxation Officer, was directed to verify the plea of the taxpayer, whether taxpayer-company was inter-corporated entity or otherwise and Taxpayer was directed to submit complete details to the Taxation Officer in that respect--If the plea of the taxpayer was found documented, dividend income could be excluded from the turnover, as the same was exempt under Cl. 103-A to the Second Schedule of the Income Tax Ordinance, 2001, if not so, the dividend income would be straightaway subject to tax under S.150 of the Income Tax Ordinance, 2001--Same treatment, in case of failure on the part of taxpayer, could also be advanced to profit on debt, and be subjected to tax under S.151 of the Income…

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