Income Tax Ordinance, 2001

CHAPTER-I

PRELIMINARY

Income Tax Ordinance, 2001 CHAPTER-I PRELIMINARY From: 2024-12-29 - To: 0000-00-00 2. Definitions.- In this Ordinance, unless there is anything repugnant in the subject or context - (1) “accumulated profits” in relation to 1[distribution or payment of] a dividend, 2[include] - (a) any reserve made up wholly or partly of any allowance, deduction, or exemption admissible under this Ordinance; (b) for the purposes of 3[sub-clauses (a), (b) and (e) of clause (19)”] all profits of the company including income and gains of a trust up to the date of such distribution or such payment, as the case may be; and (c) for the purposes of 4[sub-clause (c) of clause (19)], includes all profits of the company including income and gains of a trust up to the date of its liquidation; 5[(1A) “active taxpayers’ list” means the list instituted by the Board under section 181A and includes such list issued by the Azad Jammu and Kashmir Central Board of Revenue or Gilgit-Baltistan Council Board of Revenue] 6[7[[(1B)] “amalgamation” means the merger of one or more banking companies or non-banking financial institutions, 8[or insurance companies,] 9[or companies owning and managing industrial undertakings] 10[or companies engaged in providing services and not being a trading company or companies] in either case 11[at least one of them] being a public company, or a company incorporated under any law, other than 11a[Companies Act, 2017 (XIX of 2017)], for the time being in force, (the company or companies which so merge being referred to as the “amalgamating company” or companies and the company with which they merge or which is formed as a result of merger, as the “amalgamated company”) in such manner that - (a) the assets of the amalgamating company or companies immediately before the amalgamation become the assets of the amalgamated company by virtue of the amalgamation, otherwise than by purchase of such assets by the amalgamated company or as a result of distribution of such assets to the amalgamated company after the winding up of the amalgamating company or companies; 12[and] (b) the liabilities of the amalgamating company or companies immediately before the amalgamation become the…