Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART X TAX CREDITS

Income Tax Ordinance, 2001 CHAPTER-III TAX ON TAXABLE INCOME PART X TAX CREDITS From: 2024-12-29 - To: 0000-00-00 1[***] _______________________________________________________________________________ 1-Section 64 was omitted vide Finance Act, 2015. At the time of omission section 64 was as under:- “64. Profit on debt.- i[(1) A person shall be entitled to a tax credit for a tax year in respect of any profit or share in rent and share in appreciation for value of house paid by the person in the 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 ii[Local Government] iii[or a statutory body or a public company listed on a registered stock exchange in Pakistan] where the person utilizes the loan for the construction of a new house or the acquisition of a house.] i. Sub-section (1) was substituted vide the Finance Act, 2003 assented on 16th June, 2003 ii. Substituted for the words “local authority” vide the Finance Act, 2008 iii. The words inserted vide the Finance Act, 2004 At the time of substitution as mentioned in ‘I’ above, the sub-section (1) was as under:- iv[(1) A person shall be entitled to a tax credit for a tax year in respect of any profit or share in rent and share in appreciation of value of house paid by the person in the year on a loan by a scheduled bank under a house finance scheme approved by the State Bank of Pakistan or advanced by government. The local authority or House Building Finance Corporation where the person utilizes loan for the house.] iv. Sub-section (1) was earlier substituted vide the Finance Ordinance, 2002 (XXVII of 2002 promulgated on 15th June, 2002) At the time of substitution it was as under:- “(1) A person shall be entitled to a tax credit for a tax year…