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[(13AA) concealment of income includes- (a) the suppression of any item of receipt liable to tax in whole or in part, or failure to disclose income chargeable to tax; (b) claiming any deduction or any expenditure not actually incurred; (c) any act referred to in sub-section (1) of section 111; and (d) claiming of any income or receipt as exempt which is otherwise taxable. Explanation.- For removal of doubt it is clarified that none of the aforementioned acts would constitute concealment of income unless it is proved that taxpayer has knowingly and willfully committed these acts;] ______________________________________________________ 1-Clause “(13AA)” inserted by Finance Act, 2021, dated 30-06-2021 From: 2015-07-01 - To: 2023-06-30 2. Definitions.- In this Ordinance, unless there…