Income Tax Ordinance, 2001

CHAPTER-II

CHARGE OF TAX

Income Tax Ordinance, 2001 CHAPTER-II CHARGE OF TAX From: 2024-12-29 - To: 0000-00-00 4. Tax on taxable income.- (1) Subject to this Ordinance, income tax shall be imposed for each tax year, at the rate or rates specified in 1[Division I, 2[ ] or II] of Part I of the First Schedule, as the case may be, on every person who has taxable income for the year. (2) The income tax payable by a taxpayer for a tax year shall be computed by applying the rate or rates of tax applicable to the taxpayer under this Ordinance to the taxable income of the taxpayer for the year, and from the resulting amount shall be subtracted any tax credits allowed to the taxpayer for the year. (3) Where a taxpayer is allowed more than one tax credit for a tax year, the credits shall be applied in the following order - (a) any foreign tax credit allowed under section 103; then (b) any tax credit allowed under Part X of Chapter III; and then (c) any tax credit allowed under sections 3[***] 147 and 168. (4) Certain classes of income (including the income of certain classes of persons) may be subject to - (a) separate taxation as provided 5[under this chapter]; or (b) collection of tax under Division II of Part V of Chapter X or deduction of tax under Division III of Part V of Chapter X as a final tax on the income 4[of] the person. (5) Income referred to in sub-section (4) shall be…