Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART V ADVANCE TAX AND DEDUCTION OF TAX AT SOURCE Division II Advance Tax Paid to a Collection Agent

Income Tax Ordinance, 2001 CHAPTER-X PROCEDURE PART V ADVANCE TAX AND DEDUCTION OF TAX AT SOURCE Division II Advance Tax Paid to a Collection Agent From: 2024-07-01 - To: 0000-00-00 148. Imports.- (1) The Collector of Customs shall collect advance tax from every importer of goods on the value of the goods at the rate specified in Part II of the First Schedule 1[in respect of goods classified in Parts I to III of the Twelfth Schedule] 2[: and] 2[Provided that the Board may, by a notification in the official Gazette, add in the Twelfth Schedule any entry thereto or omit any entry therefrom or amend any entry therein: Provided further that in case of goods classified under Part III of the Twelfth Schedule which are used both as raw material and finished goods, the Board may, by notification in the official Gazette, specify that goods imported by a person or class of persons as raw material for its own use shall be treated as classified under Part II of the Twelfth Schedule, subject to such conditions and procedure as may be prescribed.] 3[***] 4[(2A) Notwithstanding omission of sub-section (2) any notification issued under the said sub-section and for the time being in force, shall continue to remain in force, unless 5[amended or] rescinded by the Board through notification in the official Gazette.] 6[***] 7[***] 8[***] (5) Advance tax shall be collected in the same manner and at the same time as the customs-duty payable in respect of the import or, if the goods are exempt from customs-duty, at the time customs-duty would be payable if the goods were dutiable. (6) 9[Subject to sub-section (6A), the] provisions of the Customs Act, 1969 (IV of 1969), in so far as relevant, shall apply to the collection of tax under this section. 10[(6A) The Board may, by notification in the official Gazette, determine the minimum value of goods for the purpose of collection of advance tax under this section.] 11[(7) The tax 12[required to be] collected under this section shall be 13[minimum] tax 14[ 15[***]] on the income of the importer arising from the imports subject to sub-section (1) and this sub-section shall not apply in the case of import of 16[goods on which tax is required…