Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2023-07-01 - To: 0000-00-00 1[***] _________________________________________________________________ 1-Section 120A was omitted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013. At the time of omission section 12A was as under: “120A. Investment Tax on income.- (1) Subject to this Ordinance, the Board may make a scheme of payment of investment tax in respect of undisclosed income, representing any amount or investment made in movable or immovable assets. (2) Where any person declares undisclosed income under sub-section (1) in accordance with the scheme and the rules, the tax on such income called investment tax shall be charged at such rate as may be prescribed. (3) Where a person has paid tax on his undisclosed income in accordance with the scheme and the rules, he shall- (a) be entitled to incorporate in his books of account such undisclosed income in tangible form; and (b) not be liable to pay any tax, charge, levy, penalty or prosecution in respect of such income under this Ordinance. (4) For the purposes of this section – (i) “undisclosed income” means any income, including any investment to be deemed as income under section 111 or any other deemed income, for any year or years, which was chargeable to tax but was not so charged; and (ii) “investment tax” means tax chargeable on the undisclosed income under the scheme under sub-section (1) and shall have the same meaning as given in clause (63) of section 2 of the Income Tax Ordinance, 2001.” Initially, section 120A was inserted vide the Finance Act, 2008 (I of 2008 assented on 26th June, 2008) From: 2013-07-01 - To: 2023-06-30 1[***] _________________________________________________________________ 1-Section 120A was omitted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013. At the time of omission section 12A was as under: “120A. Investment Tax on income.- (1) Subject to this Ordinance, the Board may make a scheme of payment of investment tax in respect of undisclosed income, representing any amount or investment made in movable or immovable assets. (2) Where any person declares undisclosed income under sub-section (1) in accordance with the…