Income Tax Ordinance, 2001

CHAPTER-XII

TRANSITIONAL ADVANCE TAX PROVISIONS

From: 2023-07-01 - To: 0000-00-00 1[***] __________________________________________________________________________ 1-Sections “233A” omitted by Finance Act, 2021, dated 30-06-2021. Before omission read as: 1[233A. Collection of tax by a stock exchange registered in Pakistan- (1) A stock exchange registered in Pakistan shall collect advance tax,- (a) at the rates specified in Division IIA of Part IV of First Schedule from its Members on purchase of shares in lieu of 2[tax on] the commission earned by such Members; 3[and] (b) at the rates specified in Division IIA of Part IV of First 4[Schedule] from its Members on sale of shares in lieu of 5[tax on] the commission earned by such Members 6[.and] 7[***] 8[***] 9[(2) The tax collected under sub-section (1) shall be [adjustable] 10[(3) This section shall not apply from the first day of March, 2019.] 1-Section 233A inserted vide the Finance Act, 2004 (II of 2004 assented on 30th June, 2004) 2-The words were inserted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) 3-The word “and” added vide Finance Act, 2012 4-Substituted for the word “schedule” vide the Finance Act, 2005 (VII of 2005 assented on 29th June, 2005) 5-The words were inserted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) 6-Substituted for semicolon vide Finance Act, 2012 7-Clause (c) omitted vide the Finance Act, 2012. Earlier the same Clause (c) was omitted by the Finance (Amendment) Ordinance, 2012 (III of 2012 promulgated on 24th April, 2012. At the time of omission clause (c) was as under:-- “(c) from its i[Members] in respect of trading of shares by the Members at the rates specified in Division IIA of Part IV of First Schedule; and” i. Substituted for the word “members” vide the Finance Act, 2005 (VII of 2005 assented on 29th June, 2005) 1704 Clause (d) omitted vide the Finance Act, 2012. At the time of omission clause (d) was as under:-- (d.) from its i[Members) in respect of financing of carryover trades ii[***] in share business at the rate specified in Division IIA of Part IV of First Schedule.” i. Substituted for the word “Member” vide the Finance Act, 2005 (VII of 2005), (Assented on 29th June, 2005)…