S.R.O. 880(I)/2006, Islamabad, the 25th August , 2006

SROS: S.R.O. 880(I)/2006, Islamabad, the 25th August , 2006 CENTRAL BOARD OF REVENUE IS PLEASED TO DIRECT THAT THE FOLLOWING FURTHER AMENDMENT SHALL BE MADE IN THE INCOME TAX RULES, 2002 S.R.O. 880(I)/2006, Islamabad, the 25th August , 2006:- In exercise of the powers conferred by sub-section(1) of section 237 of the Income Tax Ordinance, 2001(XLIX of 2001), the Central Board of Revenue is pleased to direct that the following further amendment shall be made in the Income Tax Rules, 2002, the same having been previously published as required by sub-section(3) of the said section. (2) in rule220A,- (a) in sub-rule(1),- (i) for the words Central Board of Revenue, the words Regional Commissioner of Income Tax shall be substituted; and (ii) in clause(a), for the words Board, the words Regional Commissioner of Income Tax shall be substituted; (b) in sub rule(2), (i) in clause(a), for the words Central Board of Revenue, the words Regional Commissioner of Income Tax shall be substituted; and (ii) clause(c ) shall be substituted, namely: (c) The approval granted under rule 220A(2) will remain in force for subsequent years unless withdrawn under sub rule(7) of rule 220A. (c) in sub-rule(3), (i) for the words Central Board of Revenue the words Regional Commissioner of Income Tax shall be substituted; and (ii) in clause(e), in sub-clause(ii), words Central Board of Revenue shall be substituted by words Regional Commissioner of Income Tax; for sub-clause(vii) the following shall be substituted, namely:- (vii) for restricting the surpluses or monies validly set apart, excluding restricted funds, up-to twenty-five per cent of the total income of the year: Provided that such surpluses or monies validly set apart are invested in Government securities, NIT units, a collective investment scheme authorized or registered under the . Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003, mutual fund, a real estate investment trust approved and authorized under the Real Estate Investment Trust Rules, 2006, or scheduled banks: Explanation: For the purpose of this rule, restricted funds mean any fund received by the organization but could not be spent and treated as…