Income Tax Ordinance, 2001

CHAPTER-I

PRELIMINARY

From: 2023-07-01 - To: 0000-00-00 2. Definitions.- In this Ordinance, unless there is anything repugnant in the subject or context - 1[(59A) small and medium enterprise means a person who is engaged in manufacturing as defined in clause (iv) of sub-section (7) of section 153 of the Ordinance and his business turnover in a tax year does not exceed two hundred and fifty million rupees: Provided that if annual business turnover of a small and medium enterprise exceeds two hundred and fifty million rupees, it shall not qualify as small and medium enterprise in the tax year in which annual turnover exceeds that turnover or any subsequent tax year.] ____________________________________________________ 1-Clause (59A) inserted by Finance Act, 2021, dated 30-06-2021 From: 2021-07-01 - To: 2023-06-30 2. Definitions.- In this Ordinance, unless there is anything repugnant in the subject or context - 1[(59A) small and medium enterprise means a person who is engaged in manufacturing as defined in clause (iv) of sub-section (7) of section 153 of the Ordinance and his business turnover in a tax year does not exceed two hundred and fifty million rupees: Provided that if annual business turnover of a small and medium enterprise exceeds two hundred and fifty million rupees, it shall not qualify as small and medium enterprise in the tax year in which annual turnover exceeds that turnover or any subsequent tax year.] ____________________________________________________ 1-Clause (59A) inserted by Finance Act, 2021, dated 30-06-2021 From: 2015-07-01 - To: 2021-06-30 2. Definitions.- In this Ordinance, unless there is anything repugnant in the subject or context - (59A) Small Company means a company registered on or after the first day of July, 2005, under the Companies Ordinance, 1984 (XLVII) of 1984, which, (i) has paid up capital plus undistributed reserves not exceeding 1[five] million rupees; (ia) has employees not exceeding two hundred and fifty any time during the year; (ii) has annual turnover not exceeding two hundred and fifty million rupees; and (iii) is not formed by the splitting up or the…