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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 30. Profit on non-performing debts of a banking company or development finance institution.- (1) A banking company or development finance institution 1[or Non-Banking Finance Company (NBFC) or modaraba] shall be allowed a deduction for any profit accruing on a non-performing debt of the banking company or institution 2[or Non-Banking Finance Company (NBFC) or modaraba] where the profit is credited to a suspense account in accordance with the Prudential Regulations for Banks or 3[Non-Banking Finance Company or modaraba] Non-bank Financial Institutions, as the case may be, issued by the State Bank of Pakistan 4[or the Securities and Exchange Commission of Pakistan]. (2) Any profit deducted under sub-section (1) that is subsequently recovered by the banking company or development finance institution 5[or Non-Banking Finance Company (NBFC) or modaraba] shall be included in the income of the company or institution 6[or Non-Banking Finance Company (NBFC) or modaraba] chargeable under the head “Income from Business” for the tax year in which it is recovered. ______________________________________ 1-Inserted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) 2-Inserted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) 3-Substituted for the words “Non-bank Financial Institutions” vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) 4-Inserted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) 5-Inserted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) 6-Inserted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003) From: 2003-06-17 - To: 2023-06-30 30. Profit on non-performing debts of a banking company or development finance institution.- (1) A banking company or development finance institution 1[or Non-Banking Finance Company (NBFC) or modaraba] shall be allowed a deduction for any profit accruing on a non-performing debt of the banking company or institution 2[or Non-Banking Finance Company (NBFC) or modaraba] where the profit is credited to a suspense account in accordance with the Prudential Regulations for Banks or 3[Non-Banking Finance…
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