Income Tax Ordinance, 2001

CHAPTER-XII

TRANSITIONAL ADVANCE TAX PROVISIONS

From: 2023-07-01 - To: 0000-00-00 1[236A. Advance tax at the time of sale by auction.- (1) Any person making sale by public auction, 2[or auction by a tender] of any property or goods 3[(Including property or goods confiscated or attached)] either belonging to or not belonging to the Government, local Government, any authority, a company, a foreign association declared to be a company under sub-clause (vi) of clause (b) of sub-section (2) of section 80, or a foreign contractor or a consultant or a consortium or Collector of Customs or Commissioner of 4[Inland Revenue] or any other authority, shall collect advance tax, computed on the basis of sale price of such property and at the rate specified in Division VIII of Part IV of the First Schedule, from the person to whom such property or goods are being sold. 5[Explanation.-For the removal of doubt it is clarified for the purpose of this section that- (a) the expression “sale by public auction or auction by a tender” includes renewal of a license previously sold by public auction or auction by a tender; and (b) where payment is received in installments, advance tax is to be collected with each installment.] (2) The credit for the tax collected under sub-section (1) in that tax year shall, subject to the provisions of section 147, be given in computing the tax payable by the person purchasing such property in the relevant tax year or in the case of a taxpayer to whom section 98B or section 145 applies, the tax year, in which the “said date” as referred to in that section, falls or whichever is later. Explanation.- For the purposes of this section, sale of any property includes the awarding of any lease to any person, including a lease of the right to collect tolls, fees or other levies, by whatever name called.] 6[(3) Notwithstanding the provisions of sub-section (2), tax collected on a lease of the right to collect tolls shall be final tax.] ____________________________________________ 1-Section 236A was inserted vide the Finance Act, 2009 (I of 2009 assented on 30th June, 2009) 2-The words inserted by the Finance Act, 2011 (XVI of 2011 assented on 29th June, 2011) 3-Substituted for the words “confiscated or…