S.R.O. 776(I)/2023, Islamabad, the 27th June, 2023.

Amendments in Income Tax Rules, 2002 Government of Pakistan Revenue Division Federal Board of Revenue **** Notification (Income Tax) Islamabad, the 27th June, 2023. S.R.O. 776(I)/2023.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O.640(I)/2023 dated the 31st May, 2023, as required by sub-section (3) of section 237 of the said Ordinance, namely:- In the aforesaid rules,- (1) in rule 13N, in sub-rule (3A), after the expression “Notwithstanding the” the expression “provisions of the second proviso to sub-section (1) of section 37A and” shall be inserted; (2) in rule 19H, - (i) in sub-rule (1),- (a) after the word “of”, occurring for the first time, the expression “sub-section (7) of section 37 and” shall be inserted; (b) in clause (b), the word “and” shall be omitted; (c) in clause (c), for the full stop at the end the expression “; and” shall be substituted; and (d) after clause (c) amended as aforesaid, the following new clause shall be added, namely: - “(d) fair market value of shares for the purposes of sub-section (7) of section 37.”; (3) after sub-rule (6), the following new sub-rules shall be added, namely:- “(7) For the purpose of determining fair market value of shares under sub-section (7) of section 37, component D in the formula in clause (c) of sub-rule (2) shall be taken as zero. (8)…