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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[7E. Tax on deemed income.- (1) For tax year 2022 and onwards, a tax shall be imposed at the rates specified in Division VIIIC of Part-I of the First Schedule on the income specified in this section. (2) A resident person shall be treated to have derived, as income chargeable to tax under this section, an amount equal to five percent of the fair market value of capital assets situated in Pakistan held on the last day of tax year excluding the following, namely:- (a) one capital asset owned by the resident person; (b) self-owned business premises from where the business is carried out by the persons appearing on the active taxpayers’ list at any time during the year; (c) self-owned agriculture land where agriculture activity is carried out by person excluding farmhouse and land annexed thereto; (d) capital asset allotted to - (i) a Shaheed or dependents of a shaheed belonging to Pakistan Armed Forces; [Provided that the exclusions mentioned at clauses (a), (e), (f) and (g) of this sub-section shall not apply in case of a person not appearing in the active taxpayers list, other than persons covered in rule 2 of the Tenth Schedule.] (ii) a person or dependents of the person who dies while in the service of Pakistan armed forces or Federal or provincial government; (iii) a war wounded person while in service of Pakistan armed forces or Federal or provincial government; or (iv) an ex-serviceman and serving personal of armed forces or ex-employees or serving personnel of Federal and provincial governments, being original allottees of the capital asset duly certified by the allotment authority; (e) any property from which income is chargeable to tax under the Ordinance and tax leviable is paid thereon; (f) capital asset in the first tax year of acquisition where tax under section 236K has been paid; (g) where the fair market value of the capital assets in aggregate excluding the capital assets…
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