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Income Tax Ordinance, 2001
CHAPTER-III TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS
From: 2023-07-01 - To: 0000-00-00 1[***] _______________________________________________________________________________________________ 1-Section “60C” omitted by substituted by Finance Act, 2022, dated 30-06-2022. Before omission section “60C” read as: a[60C. Deductible allowance for profit on debt.- (1) Every individual shall be entitled to a deductible allowance for the amount of any profit or share in rent and share in appreciation for value of house paid by the individual in a tax year on a loan by a scheduled bank or non-banking finance institution regulated by the Securities and Exchange Commission of Pakistan or advanced by Government or the Local Government, Provincial Government or a statutory body or a public company listed on a registered stock exchange in Pakistan where the individual utilizes the loan for the construction of a new house or the acquisition of a house. (2) The amount of an individual’s deductible allowance allowed under sub-section (1) for a tax year shall not exceed fifty percent of taxable income or b[two] million rupees, whichever is lower. (3) Any allowance or part of an allowance under this section for a tax year that is not able to be deducted for the year shall not be carried forward to a subsequent tax year. a-Sections 64A was re-numbered as 60C vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 b-Substituted for the word “one” vide the Finance Act, 2016 (XXIX of 2016) From: 2022-07-01 - To: 2023-06-30 1[***] _______________________________________________________________________________________________ 1-Section “60C” omitted by substituted by Finance Act, 2022, dated 30-06-2022. Before omission section “60C” read as: a[60C. Deductible allowance for profit on debt.- (1) Every individual shall be entitled to a deductible allowance for the amount of any profit or share in rent and share in appreciation for value of house paid by the individual in a tax year on a loan by a scheduled bank or non-banking finance institution regulated by the Securities and Exchange Commission of Pakistan or advanced by Government or the Local Government, Provincial Government or a statutory body or a public company listed on…
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