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Income Tax Ordinance, 2001
CHAPTER-III TAX ON TAXABLE INCOME PART X TAX CREDITS
From: 2023-07-01 - To: 0000-00-00 1[***] _________________________________________________________________ 1-Section “62A” omitted by substituted by Finance Act, 2022, dated 30-06-2022. Before omission section “62A” read as: “62A. Tax credit for investment in health insurance.- (1) A resident person 2[***] other than a company shall be entitled to a tax credit for a tax year in respect of any health insurance premium or contribution paid to any insurance company registered by the Securities and Exchange Commission of Pakistan under the Insurance Ordinance, 2000 (XXXIX of 2000), provided the resident person 2[***] is deriving income chargeable to tax under the head “salary” or “income from business”. (2) The amount of a person’s tax credit allowed under sub-section (1) for a tax year shall be computed according to the following formula, namely:-- (A/B) x C Where-- A is the amount of tax assessed to the person for the tax year before allowance of tax credit under this section; B is the person’s taxable income for the tax year; and C is the lesser of-- (a) the total contribution or premium paid by the person referred to in sub-section (1) in the year; (b) five per cent of the person’s taxable income for the year; and (c) one hundred 3[and fifty] thousand rupees.] 1-Inserted by the Finance Act, 2016 2-Omitted for the words “being a filer” vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019 3-Inserted by the Finance Act, 2017” From: 2022-07-01 - To: 2023-06-30 1[***] _________________________________________________________________ 1-Section “62A” omitted by substituted by Finance Act, 2022, dated 30-06-2022. Before omission section “62A” read as: “62A. Tax credit for investment in health insurance.- (1) A resident person 2[***] other than a company shall be entitled to a tax credit for a tax year in respect of any health insurance premium or contribution paid to any insurance company registered by the Securities and Exchange Commission of Pakistan under the Insurance Ordinance, 2000 (XXXIX of 2000), provided the resident person 2[***] is deriving income chargeable to tax under the head “salary” or “income from business”. (2) The amount of a person’s tax…
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