Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS

Income Tax Ordinance, 2001 CHAPTER-III TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS From: 2024-12-29 - To: 0000-00-00 49. Federal 1[Government,] Provincial Government, and 2[Local Government] income.- (1) The income of the Federal Government shall be exempt from tax under this Ordinance. (2) The income of a Provincial Government or a 3[Local Government] in Pakistan shall be exempt from tax under this Ordinance, other than income chargeable under the head “Income from Business” derived by a Provincial Government or 4[Local Government] from a business carried on outside its jurisdictional area. 5[(3) Subject to sub-section (2), any payment received by the Federal Government, a Provincial Government or a 6[Local Government] shall not be liable to any collection or deduction of advance tax.] 7[(4) Exemption under this section shall not be available in the case of corporation, company, a regulatory authority, a development authority, other body or institution established by or under a Federal law or a Provincial law or an existing law or a corporation, company, a regulatory authority, a development authority or other body or institution set up, owned and controlled, either directly or indirectly, by the Federal Government or a Provincial Government, regardless of the ultimate destination of such income as laid down in Article 165A of the Constitution of the Islamic Republic of Pakistan 8[:]] 9[Provided that the income from sale of…