Income Tax Ordinance, 2001

CHAPTER-XII

TRANSITIONAL ADVANCE TAX PROVISIONS

From: 2023-07-01 - To: 0000-00-00 1[***] ________________________________________________________________ 1-Omitted vide Finance Act, 2018, (XXX of 2018) assented on 22nd May, 2018. At the time of omission section 236M was as under:- 236M. Bonus shares issued by companies quoted on stock exchange.-(1) Notwithstanding anything contained in any law for the time being in force, every company, quoted on stock exchange, issuing bonus shares to the shareholders of the company, shall withhold five per cent of the bonus shares to be issued. (2) Bonus shares withheld under sub-section (1) shall only be issued to a shareholder, if the company collects from the shareholder, tax equal to five per cent of the value of the bonus shares issued to the shareholder including bonus shares withheld, determined on the basis of day-end price on the first day of closure of books. (3) Tax under sub-section (2), shall be collected by the company, within fifteen days of the first day of closure of books. (4) If the shareholder fails to make the payment of tax under sub-section (2) within fifteen days or the company fails to…