S.R.O. 1768(I)/2022, Islamabad, the 27th September, 2022

SROS: S.R.O. 1768(I)/2022, Islamabad, the 27th September, 2022 Amendments in the Income Tax Rules, 2002 Government of Pakistan Revenue Division Federal Board of Revenue ***** Notification Islamabad, the 27th September, 2022 S.R.O. 1768(I)/2022.- The following draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published for information of all persons likely to be affected thereby and, as required under sub-section (3) of the said section 237, notice is hereby given that objections or suggestions thereon, if any, may for the consideration of the Federal Board of Revenue be sent within fifteen days of publication of the draft in the official Gazette. Any objection or suggestion which may be received in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue, namely,- Draft Amendments 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,”; in rule 13N, in sub-rule (5A), for the 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,”; (3) 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…