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 1[4C. Super tax on high earning persons - (1) A super tax shall be imposed for tax year 2022 and onwards at the rates specified in Division IIB of Part I of the First Schedule, on income of every person: Provided that this section shall not apply to a banking company for tax year 2022. (2) For the purposes of this section, “income” shall be the sum of the following:- (i) profit on debt, dividend, capital gains, brokerage and commission; (ii) taxable income (other than brought forward depreciation and brought forward business losses) under section 9 of the Ordinance, excluding amounts specified in clause (i); (iii) imputable income as defined in clause (28A) of section 2 excluding amounts specified in clause (i); and (iv) income computed, other than brought forward depreciation, brought forward amortization and brought forward business losses under Fourth, Fifth 2[Seventh and Eighth] Schedules. (3) The tax payable under sub-section (1) shall be paid, collected and deposited on the date and in the manner as specified in sub-section (1) of section 137 and all provisions of Chapter X of the Ordinance shall apply. (4) Where the tax is not paid by a person liable to…