Income Tax Ordinance, 2001

CHAPTER-XII

TRANSITIONAL ADVANCE TAX PROVISIONS

From: 2023-07-01 - To: 0000-00-00 1[***] ______________________________________________________________________________ 1-Secton “236U” omitted by Finance Act, 2020, dated 30-06-2020. Before omission read as under: 1[236U. Advance tax on insurance premium.- (1) Every insurance company shall collect advance tax at the time of collection of insurance premium from 2[a person whose name is not appearing in the active taxpayers’ list] in respect of general insurance premium and life insurance premium, at the rates specified in Division XXV of Part IV of the First Schedule. (2) Insurance premium collected through agents of the insurance company shall be treated to have been collected by the insurance company. (3) Advance tax collected under this section shall be adjustable. 1-Inserted vide the Finance Act, 2016 (XXIX of 2016) 2-Substituted for the word “non-filers” vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019 From: 2020-07-01 - To: 2023-06-30 1[***] ______________________________________________________________________________ 1-Secton “236U” omitted by Finance Act, 2020, dated 30-06-2020. Before omission read as under: 1[236U. Advance tax on insurance premium.- (1) Every insurance company shall collect advance tax at the time of collection of insurance premium from 2[a person whose name is not appearing in the active taxpayers’ list] in respect of general insurance premium and life insurance premium, at the rates specified in Division XXV of Part IV of the First Schedule. (2) Insurance premium collected through agents of the insurance company shall be treated to have been collected by the insurance company. (3) Advance tax collected under this section shall be adjustable. 1-Inserted vide the Finance Act, 2016 (XXIX of 2016) 2-Substituted for the word…