Income Tax Ordinance, 2001

CHAPTER-II

CHARGE OF TAX

From: 2023-07-01 - To: 0000-00-00 8. General provisions relating to taxes imposed under sections 1[5, 5A, 5AA, 6, 7, 7A, 7B and 7E].- Subject to this Ordinance, the tax imposed under Sections 1[5, 5A, 5AA, 6, 7, 7A, 7B and 7E] shall be a final tax on the amount in respect of which the tax is imposed and- (a) such amount shall not be chargeable to tax under any head of income in computing the taxable income of the person who derives it for any tax year; (b) no deduction shall be allowable under this Ordinance for any expenditure incurred in deriving the amount; (c) the amount shall not be reduced by - (i) any deductible allowance; or (ii) the set off of any loss; (d) the tax payable by a person under 2[section] 5, 3[5A, 4[5AA], 6, 7, 4[7A 7B and 7E]] shall not be reduced by any tax credits allowed under this Ordinance; and (e) the liability of a person under 6[section] 5, 6 or 7 shall be discharged to the extent that - (i) in the case of shipping and air transport income, the tax has been paid in accordance with section 143 or 144, as the case may be; or (ii) in any other case, the tax payable has been deducted at source under Division III of Part V of Chapter X 7[.] 8[***] _______________________________________________________________________________ 1-For the expression “5, 5AA, 6, 7, 7A and 7B substituted by Finance Act, 2022, dated 30-06-2022 2-Substituted for the word “sections” vide the Finance Act, 2014 3-Substituted for the “6 or 7”vide Finance Act, 2015 4-Inserted by the Presidential Order No.F.2(1)/2016-Pub dated 31.08.2016. 5-For the expression “7A and 7B substituted by Finance Act, 2022, dated 30-06-2022 6-Substituted for the word “sections” vide the Finance Act, 2014 7-For the colon, a full stop was substituted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013. Earlier for the full stop a colon was substituted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) 8-Proviso was omitted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013, which was inserted vide the Finance Act, 2007 (IV of 2007) assented on 30th June, 2007 and appeared as under:- “Provided that the provision of this…