|
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 1[***] ________________________________________________________ 1-Section “23A” omitted by Finance Act, 2021, dated 30-06-2021, Earlier same was omitted by Tax Law (Second Amendments), 2021, dated 22-03-2021. Before omission read as: “23A. First Year Allowance.- (1) Plant, machinery and equipment installed by any industrial undertaking set up in specified rural and under developed areas 1[or engaged in the manufacturing of cellular mobile phones and qualifying for exemption under clause (126N) of Part I of the Second Schedule], and owned and managed by a company shall be allowed first year allowance in lieu of initial allowance under section 23 at the rate specified in Part II of the Third Schedule against the cost of the “eligible depreciable assets” put to use after July 1, 2008. (2) The provisions of section 23 except sub-sections (1) and (2) thereof, shall mutatis mutandis apply. (3) The Federal Government may notify “specified areas” for the purposes of sub-section (1).] Earlier Section “23A” Inserted vide the Finance Act, 2008 (I of 2008 assented on 16th June, 2008) 1-Inserted vide Finance Act, 2015” From: 2021-07-01 - To: 2023-06-30 1[***] ________________________________________________________ 1-Section “23A” omitted by Finance Act, 2021, dated 30-06-2021, Earlier same was omitted by Tax Law (Second Amendments), 2021, dated 22-03-2021. Before omission read as: “23A. First Year Allowance.- (1) Plant, machinery and equipment installed by any industrial undertaking set up in specified rural and under developed areas 1[or engaged in the manufacturing of cellular mobile phones and qualifying for exemption under clause (126N) of Part I of the Second Schedule], and owned and managed by a company shall be allowed first year allowance in lieu of initial allowance under section 23 at the rate specified in Part II of the Third Schedule against the cost of the “eligible depreciable assets” put to use after July 1, 2008. (2) The provisions of section 23 except sub-sections (1) and (2) thereof, shall mutatis mutandis apply. (3) The Federal Government may notify “specified areas” for the purposes of sub-section (1).] Earlier Section…
|