Law: Income Tax Ordinance, 2001

Section: 120(1),120(1)(b),122(5A),133(1),Clause74 ,76(A),Part-I oftheSecond Schedule,Clause132,Part-I oftheSecond Schedule

(A) Words & Pharases - Words "Bank deposits" -" Call deposits" - Meaning of - Whether Bank deposits are made to deposit accounts at banking institution, such as savings accounts, checking accounts and money market accounts - Held yes - Whether the term call deposits refers to specific type of interest bearing investment account that allows person to withdraw their money from account without penalty - Held yes - Whether the term "deposit" general refers to saving account or certificate of deposit which pays fixed rate of profit on maturity of on certain date - Held Yes. "Term Deposit (definition): Term deposit is the popular name used for a savings product In Australia, New Zealand and Canada, but they are used throughout the world by both consumers and businesses to store cash for the future. Term deposits are also known as Certificates of Deposit in the United States, Bonds in the United Kingdom and Fixed Deposits in India and some other countries. "Term Deposit (meaning) In deposit terminology, the phrase Term deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Term Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed. "Bank Deposits" Money placed into a banking institution for safekeeping. Bank deposits are made to deposit accounts at a banking institution, such as savings accounts, checking accounts and money market accounts. The account holder has the right to withdraw any deposited funds, as set forth in the terms and conditions of the account. The "deposit" itself is a liability owed by the bank to the depositor (the person or entity that made the deposit), and refers to this liability rather than to the actual funds that are deposited. "Call Deposit/Bank Deposit (meaning)" In deposit terminology, the term "call deposit" refers to a specific type of interest bearing investment account that allows a person to withdraw their money from the account without a penalty. In many cases the money…