Income Tax Ordinance, 2001

CHAPTER-V

PROVISIONS GOVERNING PERSONS PART I CENTRAL CONCEPTS Division I Persons

Income Tax Ordinance, 2001 CHAPTER-V PROVISIONS GOVERNING PERSONS PART I CENTRAL CONCEPTS Division I Persons From: 2024-12-29 - To: 0000-00-00 80. Person.- (1) The following shall be treated as persons for the purposes of this Ordinance, namely:- (a) An individual; (b) a company or association of persons incorporated, formed, organized or established in Pakistan or elsewhere; (c) the Federal Government, a foreign government, a political sub-division of a foreign government, or public international organization. (2) For the purposes of this Ordinance - (a) “association of persons” includes a firm, a Hindu undivided family, any artificial juridical person and anybody of persons formed under a foreign law, but does not include a company; (b) “company” means - (i) a company as defined in the 1[Companies Act, 2017 (XIX of 2017)]; (ii) a body corporate formed by or under any law in force in Pakistan; (iii) a modaraba; (iv) a body incorporated by or under the law of a country outside Pakistan relating to incorporation of companies; 2[(v) a co-operative society, a finance society or any other society;] 3[(va) a non-profit organization; (vb) a trust, an entity or a body of persons established or constituted by or under any law for the time being in force;] (vi) a foreign association, whether incorporated or not, which the 4[Board] has, by general or special order, declared to be a company for the purposes of this Ordinance; (vii) a Provincial Government; 5[*** ] (viii) a 6[Local Government] in Pakistan; 7[or] 8[(ix) a Small Company as defined in section 2;] (c) “firm” means the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all; (d) “trust” means an obligation annexed to the ownership of property and arising out of the…