Law: Income Tax Act, 1922

Section: 4,4(1),24(2)

(a) Income-tax Act (XI of 1922)---Ss. 4(1) & 24(2)--Income-tax Rules, 1962, R. 40--Scope and application of R. 40--Provisions of S. 4(1) of the Act are not in conflict with R.40, in fact both the provisions i.e. Ss. 4(1) & 24(2) of the Act are to be read together-- From perusal of R. 40, Income-tax Rules, 1962 it appears that if the Income-tax Officer is satisfied that-- (1) the assessee resides outside Pakistan, and (2) actual amount of income, profit or gains accrue or arise in Pakistan, but (3) arise or accrue directly or indirectly through or from-- (a) any business connection in Pakistan, (b) any property in Pakistan, (c) any asset or source of income in Pakistan, (d) any money lent at interest and brought into Pakistan in cash or in kind but which cannot be ascertained. (4) The amount of such income, profits or gains, for purposes of assessment to income-tax may be-- (a) calculated on such percentage of the turn-over so accruing or arising as the Income-tax Officer may consider it to be reasonable, or (b) calculated on an amount which bears the same proportion to the total profits of the business of such person (such profits being computed in accordance with the provisions of the Income-tax Act) as the receipts so accruing or arising bear to the total receipts of the business, or (c) calculated in such other manner as the Income-tax Officer may deem suitable. Rule 40 of the Income-tax Rules, 1962 talks of computation of the world income according to the provisions of the repealed Income-tax Act and both the provisions of sections 4(1) and 24(2) of the Income-tax Act and section 35 and section 11 of the Ordinance are to be read together. (b) Income-tax Act (XI of 1922)---Ss. 4(1) & 24(2)--Income-tax Ordinance (XXXI of 1979), Ss. 35 & 11--Scope and application--Assessee a non-resident--Depreciation allowance of--Limits of such allowance--Loss--Carrying forward of losses to the coming assessment years for six years is allowable but depreciation has not such limit-- Section 4(1) of Income-tax Act, 1922 applies to the income profits and gains received or deemed to be received in previous year "subject to the provisions of the Act". And since…

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