Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS

From: 2023-07-01 - To: 0000-00-00 55. Limitation of exemption.- (1) Where any income is exempt from tax under this Ordinance, the exemption shall be, in the absence of a specific provision to the contrary contained in this Ordinance, limited to the original recipient of that income and shall not extend to any person receiving any payment wholly or in part out of that income. 1[***] _______________________________________ 1-Sub-section 2 was omitted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003). At the time of omission sub-section (2) was as under:-- “(2) Where a person’s income from business is exempt from tax under this Ordinance as a result of a tax concession, any loss sustained in the period of the exemption shall not be set off against the person’s income chargeable to tax after the exemption expires.” From: 2003-07-01 - To: 2023-06-30 55. Limitation of exemption.- (1) Where any income is exempt from tax under this Ordinance, the exemption shall be, in the absence of a specific provision to the contrary contained in this Ordinance, limited to the original recipient of that income and shall not extend to any person receiving any payment wholly or in part out of that income. 1[***] _______________________________________…