Income Tax Ordinance, 2001

CHAPTER-IX

ANTI-AVOIDANCE

From: 2023-07-01 - To: 0000-00-00 (2) Where this section applies: (a) the aggregate of the person’s turnover as defined in sub-section (3) for the tax year shall be treated as the income of the person for the year chargeable to tax 11[.] 11[Explanation.- For the removal of doubt, it is clarified that the definition of turnover covers receipts from all business activities in line with expression “ turnover from all sources” used in sub-section (1) including but not limited to receipts from sale of immoveable property where such receipt is taxable under the head Income from Business] (b) the person shall pay as income tax for the tax year (instead of the actual tax payable under this Ordinance), 12[minimum tax computed on the basis of rates as specified in Division IX of Part I of First Schedule] (c) where tax paid under sub-section (1) exceeds the actual tax payable under Part I, 13[clause (1) of Division I, or] Division II of the First…