S.R.O. 112(I)/2011, Islamabad, the 11th February, 2011

AMENDMENTS IN THE INCOME TAX RULES, 2002 S.R.O. 112(I)/2011, Islamabad, the 11th February, 2011:- 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. SRO. 865(I)/2010 dated 7 September, 2010, as required by sub-section(3) of the said section, namely:- In the aforesaid Rules, in Chapter-II, after Part-II, the following new Part shall be added, namely:- Part III COMPUTATION OF CAPITAL GAIN ON DISPOSAL OF SECURITIES UNDER SECTION 37A OF THE INCOME TAX ORDINANCE, 2001 13A, Acquisition of Securities.-(1) A security may be acquired through purchase, exchange, bonus issue, right issue, gift, bequest, inheritance, leverage schemes and derivative contracts. (2) A security may be acquired in the electronic book entry form or in the form of physical certificate. (3) A security may be acquired through the trading platform provided by a stock exchange or through off market transactions. (4) In case of securities other than units of an open mutual fund, brokers bill for the purchase, broker generated computerized ledger statement of the investors brokerage account, CDC statement of the investors CDC sub account and payment of cost of acquisition through cheques shall be supportive evidence of acquisition of securities. (5) In case of units of an open end mutual fund, certified statement of investors account provided by the asset management company shall be supportive evidence of acquisition of securities. 13B Disposal of securities.-(1) A security may be disposed of through sale, gift, exchange or transfer by the security holder in any other way. (2) A security may be disposed of in the electronic book entry form or in the form of physical certificate. (3) A security may be disposed of through the trading platform provided by a stock exchange or through off market transactions. (4) In case of securities other than units of an open mutual fund, brokers sale proceeds or difference bill, broker generated computerized…