Income Tax Ordinance, 2001

CHAPTER-IX

ANTI-AVOIDANCE

From: 2023-07-01 - To: 0000-00-00 1[***] ________________________________________________________________________ 1-Section 113A was omitted vide the Finance Act, 2016 (XXIX of 2016). At the time of omission section 113A was as under:- “113A. Minimum tax on builders.- (1) Subject to this Ordinance, where a person derives income from the business of construction and sale of residential, commercial or other buildings, he shall pay minimum tax at the rates as the Federal Government may notify in the official Gazette, 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 builder from the sale of such residential, commercial or other building. (3) This section shall not have effect till 30th June, 2018] Earlier Section 113A, which was added vide the Finance Act, 2004 (II of 2004 assented on 30th June, 2004), was substituted vide the Finance Act, 2013 (Act No. XXII of 2013 assented on 29th June, 2013). At the time of substitution section 113A was as under:- 113A. Tax on Income of certain persons.-(1) Subject to this Ordinance, where a retailer being an individual or an association of persons has turnover up to rupees five million for any tax year, such person may opt for payment of tax as a final tax at the rates specified in Division IA of Part I of the First Schedule. (2) For the purposes of this section, (a) “retailer” means a person selling goods to general public for the purpose of consumption; (b) “turnover” shall have the same meaning as assigned to it in sub-section (3) of section 113. (3) The tax paid under this section shall be a final tax on the income arising from the turnover as specified in sub-section a(1). b[The retailer shall not be entitled to claim any adjustment of withholding tax collected or deducted under any head during the year.” a. For (1), the “(2)” was substituted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) b. Inserted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) From: 2016-07-01 - To: 2023-06-30 1[***] _________________________________________________________________…