S.R.O. 1956(I)/2022, Islamabad, the 24th October, 2022

Amendments in the Income Tax Rules, 2002 Government of Pakistan Revenue Division Federal Board of Revenue ***** Notification Islamabad, the 24th October, 2022. S.R.O. 1956(I)/2022.- 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.1768(I)/2022, dated the 27th day of September, 2022, as required by sub-section (3) of section 237 of the said Ordinance, namely:- In the aforesaid Rules,- (1) in rule 13L, in sub-rule (1), in clause (d),- (a) for sub-clause (i), the following shall be substituted, namely:- “(i) in case of right share, means the discounted price at which the right shares are issued to a shareholder by the issuer including the cost of acquisition of letter of rights;”; and (b) in sub-clause (iii), for paragraph (iii), the following shall be substituted, namely:- “(iii) shall be zero, in any other case.”; (2) in rule 13N,- (a) in sub-rule (5A), for full stop at the end, a colon shall be substituted and thereafter the following new proviso shall be added, namely: - “Provided that NCCPL shall adjust the capital gain tax liability based on status of investor as filer or non-filer as per Active Taxpayers’ List at the end of tax year.”; and (b) in sub-rules (15) and (16), for the word “thirty”, the words “forty- five” shall be substituted respectively; in rule 13P - (a) in clause (q), for sub-clauses (ii) and (iii), the following shall be substituted, namely:- “(ii) Tax Treatment- Bonus Share Entitlement prior to the 1st July, 2014 or from 1st July, 2018 onwards:- Where bonus share entitlement is prior to the first day of July, 2014 or from the first day of July, 2018 onwards, the cost of such shares shall be computed by spreading the cost of old shares over the old shares plus the bonus shares taken together. This cost of a share shall be the same for the old shares and the new shares. Subsequently, when such bonus shares are disposed of, such cost shall be taken for computation of…