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Income Tax Ordinance, 2001
CHAPTER-II CHARGE OF TAX
From: 2023-07-01 - To: 0000-00-00 1[7B. Tax on profit on debt.- (1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division IIIA of Part I of the First Schedule, on every person who receives a profit on debt from any person mentioned in clause (a) to (d) of sub-section (1) of section 151. (2) The tax imposed under sub-section (1) on a person who receives a profit on debt shall be computed by applying the relevant rate of tax to the gross amount of the profit on debt. 2[(3) This section shall not apply to a profit on debt that- (a) is exempt from tax under this Ordinance; or (b) exceeds 3[five] million Rupees.] ___________________________ 1-Added vide Finance Act, 2015 2-Sub-section (3) was substituted vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019. At the time of substitution Sub-section (3) was as under:- (3) This section shall not apply to a profit on debt that is exempt from tax under this Ordinance.] 3-The words thirty six substituted by Finance Act, 2021 dated 30-06-2021 From: 2021-07-01 - To: 2023-06-30 1[7B. Tax on profit on debt.- (1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division IIIA of Part I of the First Schedule, on every person who receives a profit on debt from any person mentioned in clause (a) to (d) of sub-section (1) of section 151. (2) The tax imposed under sub-section (1) on a person who receives a profit on debt shall be computed by applying the relevant rate of tax to the gross amount of the profit on debt. 2[(3) This section shall not apply to a profit on debt that- (a) is exempt from tax under this Ordinance; or (b) exceeds 3[five] million Rupees.] ___________________________ 1-Added vide Finance Act, 2015 2-Sub-section (3) was substituted vide Finance Act, 2019 (V of 2019) assented on 30th June, 2019. At the time of substitution Sub-section (3) was as under:- (3) This section shall not apply to a profit on debt that is exempt from tax under this Ordinance.] 3-The words thirty six substituted by Finance Act, 2021 dated 30-06-2021 From:…
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