Income Tax Ordinance, 2001

CHAPTER-IX

ANTI-AVOIDANCE

From: 2023-07-01 - To: 0000-00-00 1[***] ________________________________________________________________ 1-Section 113B was omitted vide the Finance Act, 2016 (XXIX of 2016). At the time of omission section 113B was as under:- “113B. Minimum tax on land developers.- (1) Subject to this Ordinance, where a person derives income from the business of development and sale of residential, commercial or other plots, he shall pay minimum tax ii[at the rate of two per cent of the value of land notified by any authority for the purpose of stamp duty] The Federal Government may also specify the mode, manner and time of payment of such amount of tax. (2) The tax paid under this section shall be minimum tax on the income of the developer from the sale of such residential, commercial or other plots sold or booked. iii[Provided that turnover chargeable to tax under this section shall not include the sale of goods on which tax is deducted or deductible under clause (a) of sub-section (1) of section 153.] i. Section 113B was substituted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013. At the time of substitution, section 113B was as under:-- *[113B. Taxation of income of certain retailers.-Subject to this Ordinance, a retailer being an individual or association of persons, (a) whose turnover exceeds five million rupees; and (b) who is subject to special procedure for payment of sales tax under i[Chapter II of the Sales Tax Special Procedures Rules, 2007] shall pay final tax at the ii[following rates] which shall form part of single stage sales tax iii[***] as envisaged in the aforesaid rules iv[;]] v[S. No. Amount of turnover Rate of tax 1. Where turnover exceeds Rs. 5,000,000 but does not exceed Rs. 10,000,000 Rs.25,000 plus 0.5% of the turnover exceeding Rs.5 ,000,000 i. Substituted for the figure and comma “chapter III of the sales Tax Special procedure Rules, 2006 vide the Finance Act, 2011 (XVI of 2011 assented on 29th June, 2011) ii. The words “rate of one per cent of turnover for a tax year” substituted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) iii. The words “at the rate of three percent of the declared turnover”…