Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART IV HEAD OF INCOME: INCOME FROM BUSINESS Division III Deductions: Special Provisions

From: 2023-07-01 - To: 0000-00-00 (5) The written down value of a depreciable asset of a person at the beginning of the tax year shall be - (a) where the asset was acquired in the tax year, the cost of the asset to the personas reduced by any initial allowance in respect of the asset under section 23; or (b) in any other case, the cost of the asset to the person as reduced by the total depreciation deductions (including any initial allowance under section 23) allowed to the person in respect of the asset in previous tax years. 7[Explanation,- For the removal of doubt, it is clarified that where any building,…