Income Tax Ordinance, 2001

CHAPTER-VI

SPECIAL INDUSTRIES PART II OIL, NATURAL GAS AND OTHER MINERAL DEPOSITS

Income Tax Ordinance, 2001 CHAPTER-VI SPECIAL INDUSTRIES PART II OIL, NATURAL GAS AND OTHER MINERAL DEPOSITS From: 2024-12-29 - To: 0000-00-00 (3) The provisions of section 111 shall not apply to capital investment made in a new project under clause (a) of sub-section (1) in the form of money or land, subject to the following conditions, namely:- (a) if the investment is made by a builder or developer being an individual - (i) in the form of money, such builder or developer shall open a new bank account and deposit such amount in it on or before the 4[30th day of June, 2021]; or (ii) in the form of land, such builder or developer shall have the ownership title of the land at the time of commencement of the Tax Laws (Amendment) Ordinance, 2020 (1 of 2020); (b) if the investment is made by a person in a project through a company or an association of persons,- (i) such company or association of person shall be a single object (builder or developer) company or association of persons registered under the Companies Act, 2017 (XIX of 2017), the Limited Liability Partnership Act, 2017 (XV of 2017) or the Partnership Act, 1932 (IX of 1932), as the case may be, after the date of commencement of the Tax Laws (Amendment) Ordinance, 2020 (I of 2020) and on or before the 4[30th day of June, 2021]; and (ii) the person shall be a member or shareholder of such association of persons or company, as the case may be; and if the capital investment is made,- (i) in the form of money, such amount shall be invested through a crossed banking instrument deposited in the bank account of such association of persons or company, as the case may be, on or before the 4[30th day of June, 2021]; or (ii) in the form of…