Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART X TAX CREDITS

From: 2023-07-01 - To: 0000-00-00 1[***] ___________________________________________________________________ 1-Sections 64A was inserted vide Finance Act, 2015. Later on, Sections 64A was re-numbered as 60C vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 and placed after section 60B. From: 2017-07-01 - To: 2023-06-30 1[***] ___________________________________________________________________ 1-Sections 64A was inserted vide Finance Act, 2015. Later on, Sections 64A was re-numbered as 60C vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 and placed after section 60B. From: 2016-07-01 - To: 2017-06-30 1[64A. Deductible allowance for profit on debt.- (1) Every individual shall be entitled to a deductible allowance for the amount of any profit or share in rent and share in appreciation for value of house paid by the individual in a tax year on a loan by a scheduled bank or non-banking finance institution regulated by the Securities and Exchange Commission of Pakistan or advanced by Government or the Local Government, Provincial Government or a statutory body or a public company listed on a registered stock exchange in Pakistan where the individual utilizes the loan for the construction of a new house or the acquisition of a house. (2) The amount of an individuas deductible allowance allowed under sub-section (1) for a tax year shall not exceed fifty percent of taxable income or 2[two] million rupees, whichever is lower. (3) Any allowance or part of an allowance under this section for a tax year that is not able to be deducted for the year shall not be…