It really is a beautiful thing to empower these women to keep their children at home in their own care. Published October 18, 2001 LAHORE, Oct 17: The Punjab government has decided to raise the exemption limit of property tax for widows, disabled, and orphans to Rs48,000 … Save my name, email, and website in this browser for the next time I comment. Explanation.— For the purpose of this clause the expression “accounting income” means income calculated under the generally accepted Accounting Principles and verified by the auditors. Incomes, or classes of income, or persons or classes of persons, enumerated below, shall be exempt from tax, subject to the conditions and to the extent specified hereunder: (3) Any income chargeable under the head “Salary” received by a person who, not being a citizen of Pakistan, is engaged as an expert or technical, professional, scientific advisor or consultant or senior management staff by institutions of the Agha Khan Development Network, (Pakistan) listed in Schedule I of the Accord and Protocol dated, November 13, 1994 executed between the Government of the Islamic Republic of Pakistan and Agha Khan Development Network. (17C) The provision of sub-section (5) of section 50 shall not apply in case of such goods imported into Pakistan as are exempt from customs duty and sales tax under SROs 360(I)/2000, 362(I)/2000 and 363(I)/2000 dated 17.6.2000. (126) Any income of a public sector university established sololy for educational. The exemption under this clause shall apply to such project which is—. (a) owned and managed by a company formed for operating the said halal meat production unit and registered under the Companies Ordinance, 1984 (XLVII of 1984), and having its registered office in Pakistan; (b) not formed by the splitting up, or the re construction or reconstitution, of a business already in existence or by transfer to a new business of any machinery or plant used in a business which was being carried on in Pakistan at any time before the commencement of the new business; and. (126N) Profits and gains derived by a taxpayer from an industrial undertaking, duly certified by the Pakistan Telecommunication Authority, engaged in the manufacturing of cellular mobile phones, for a period of five years, from the month of commencement of commercial production: Provided that the industrial undertaking has been setup and commercial production has commenced between the first day of July, 2015 and the thirtieth day of June, 2017 and the industrial undertaking is not formed by the splitting up, or the reconstruction or reconstitution, of a business already inexistence or by transfer to a new business of any machinery or plant used in a business which was being carried on in Pakistan: (126O) Profits and gains of a company from a green field industrial undertaking for a period of five years incorporated on or after the first day of July, 2019 provided that the green field industrial undertaking is not formed by the splitting up or reconstitution of an undertaking already in existence or by transfer of machinery or plant from an undertaking established in Pakistan before the commencement of the new business. Since its inception, the Foundation has been working for rescue , relief and rehabilitation of different factions of the society mainly orphans, prisoners, widows and destitute people. (114B) Profit and gains accruing to persons mentioned in proviso to sub-section (1) of section 236C in respect of first sale of immovable property acquired from or allotted by the Federal Government or Provincial Government or any authority duly certified by the official allotment authority, and the property acquired or allotted is in recognition of services rendered by the Shaheed or the person who dies in service. The proposal is also in line with the IMF that is seeking an end to the discriminatory and concessionary tax regime in Pakistan. (16) Any income derived by the families and dependents of the “Shaheeds” belonging to Pakistan Armed Forces from the special family pension, dependents pension or children’s allowance granted under the provisions of the Joint Services Instruction No. Areas forming part of the Provinces of Khyber Pakhtunkhwa and Balochistan under paragraph (d) of Article 246 of the Constitution with effect from the 1st day of June, 2018 to the 30th day of June, 2023 (both days inclusive). (126B) Profit and gains derived by Khalifa Coastal Refinery for a period of twenty years beginning in the month in which the refinery is setup or commercial production is commenced, whichever is the later. Hours-Location. (a) of company registered under the Companies Ordinance 1984 (XLVII of 1984), and having its registered office in Pakistan, as is derived by it by way of royalty, commission or fees from a foreign enterprise in consideration for the use outside Pakistan of any patent, invention, model, design, secret process or formula or similar, property right, or information concerning industrial, commercial or scientific knowledge, experience or skill made available or provided to such enterprise by the company or in the consideration of technical services rendered outside Pakistan to such enterprise by the company under an agreement in this behalf, or, (b) of any other taxpayer as is derived by him, in the income year relevant to assessment year beginning with the first day of July, 1982 and any assessment year thereafter, by way of fees for technical services rendered outside Pakistan to a foreign enterprise under an agreement entered into in this behalf :-, (i) such income is received in Pakistan by or on behalf of the said company or other taxpayer, as the case may be, in accordance with the law for the time being in force for regulating payments and dealings in foreign exchange ; and. (xlvi) Pakistan Sweet Homes Angels and Fairies Place. (3) If during service, a judge dies, exemption from tax in respect of benefits and perquisites provided to widow as mentioned in sub-clause (2) shall also be available to the widow. (iii) being a foreign individual, company, firm or association of persons in respect of a foreign loan as is utilized for industrial investment in Pakistan provided that the agreement for such loan is concluded on or after the first day of February, 1991, and is duly registered with the State Bank of Pakistan: Provided that this clause shall have retrospective effect of exemption to the agreements entered into in the past and shall not be applicable to new contracts after the 30th day of June, 2010, prospectively. (145A) Any income which was not chargeable to tax prior to the commencement of the Constitution (Twenty-fifth Amendment) Act, 2018 (XXXVII of 2018) of any individual domiciled or company and association of persons resident in the Tribal Area forming part of the Provinces of Khyber Pakhtunkhwa and Balochistan under paragraph (d) of Article 246 of the Constitution with effect from the 1st day of June, 2018 to the 30th day of June, 2023 (both days inclusive). (133) Income from exports of computer software or IT services or IT enabled services upto the period ending on 30th day of June, 2025: “Provided that eighty per cent of the export proceeds is brought into Pakistan in foreign exchange remitted from outside Pakistan through normal banking channels.”, Explanation.- For the purpose of this clause –, (a) “IT Services” include software development, software maintenance, system integration, web design, web development, web hosting, and network design, and. 42-11111.Exemption for property of widows and widowers and persons with disabilities. (xxi) International Finance Corporation established under the International Finance Corporation Act, 1956 (XXVIII of 1956) and provided in section 9 of Article VI of Articles of Agreement 1955 as amended through April 1993. (c) halal meat production unit is established and obtains a halal certification within the period between the first day of July, 2015 and the 30th day of June, 2017. vi. This type of benefit is available to a surviving spouse regardless of gender. (57) (1) Any income from voluntary contributions, house property and investments in securities of the Federal Government derived by the following, namely:- What is ‘start up’ under income tax ordinance? (57) (1) Any income from voluntary contributions, house property and investments in securities of the Federal Government derived by the following, namely: - (74) Any profit on debt derived by Hub Power Company Limited on or after the first day of July, 1991, on its bank deposits or accounts with financial institutions directly connected with financial transactions relating to the project operations. (xiib) Chief Minister’s (Punjab) Relief Fund for Internally Displaced Persons (IDPs) of NWFP. Pakistan Agricultural Research Council, Islamabad. KARACHI: The list of persons and institutions having total exemption from income tax under Income Tax Ordinance, 2001. “(xxxii)” Greenstar Social Marketing Pakistan (Guarantee) Limited. (xlv) Pakistan Mortgage Refinance Company Limited. (126K) Profits and gains derived by a taxpayer, from an industrial undertaking set up between the first day of July, 2015 and the 30th day of June, 2017 for establishing and operating a halal meat production unit, for a period of four years beginning with the month in which the industrial undertaking commences commercial production. (xlix) Sindh Institute of Urology and Transplantation, SIUT Trust and Society for the Welfare of SIUT. (b) “IT enabled services” include inbound or outbound call centres, medical transcription, remote monitoring, graphics design, accounting services, HR services, telemedicine centers, data entry operations, locally produced television programs and insurance claims processing. (103) Any distribution received by a taxpayer from a collective investment scheme registered by the Securities and Exchange Commission of Pakistan under the Non-Banking Finance Companies and Notified Entities Regulations, 2007, including National Investment (Unit) Trust or REIT Scheme or a Private Equity and Venture Capital Fund out of the capital gains of the said Schemes or Trust or Fund: Provided that this exemption shall be available to only such mutual funds, collective investment schemes that are debt or money market funds and these do not invest in shares. (52) The perquisite represented by free conveyance provided and the sumptuary (entertainment) allowance granted by Government to the Chiefs of Staff, Pakistan Armed Forces and the Corps Commanders. To qualify for the current assessment year, the ... widow, widower, or recognized disabled by VA, SSI, Federal Civil (132B) Profits and gains derived by a taxpayer from a coal mining project in Sindh, supplying coal exclusively to power generation projects. (liv) The Kidney Centre Post Graduate Training Institute. (xxxviii) Pakistan Poverty Alleviation Fund. “(xxxiii) Pakistan International Sukuk Company Limited.”, “(xxxiv) Second Pakistan International Sukuk Company Limited.”. Punjab Pakistan: Exemption of property tax: case of a widow owner What is the exemption from payment of property tax available to a widow owner of a property? (lv) Layton Rahmatullah Benevolent Trust (LRBT). It makes it tax-free. Here are the income tax rates in Pakistan for year 2022-21. (3) If during service, a judge dies, exemption from tax in respect of benefits and perquisites provided to widow as mentioned in sub-clause (2) shall also be available to the widow. (65) Any income derived from donations made by non-official or private sector sources in Pakistan to the Waqf for Research on Islamic History, Art and Culture, Istanbul set up by the Research Centre for Islamic History, Art and Culture (IRCICA). (c) 1000 units of electricity as well as (25 hm3 of gas) per month and free supply of water; and. Also Read: What is withholding tax Important Note: Please note as for these income tax rates in Pakistan where a persons is not appearing in the active taxpayers’ list, the rate of tax required to be deducted or collected, as the case may be, shall be increased by hundred percent of the rate specified to be deducted or collected. (b) an orphan below the age of twenty-five years; (d) in the case of ownership of immovable property, a non-resident person. (23B) The amounts received as monthly installment from an income payment plan invested out of the accumulated balance of an individual pension accounts with a pension fund manager or an approved annuity plan or another individual pension account of eligible person or the survivors pension account maintained with any other pension fund manager as specified in the Voluntary Pension System Rules 2005 shall be exempt from tax provided accumulated balance is invested for a period of ten years: Provided that where any amount is exempted under this clause and subsequently it is discovered, on the basis of documents or otherwise, by the Commissioner that any of the conditions specified in this clause were not fulfilled, the exemption originally allowed shall be deemed to have been wrongly allowed and the Commissioner may, notwithstanding anything contained in this Ordinance, re-compute the tax payable by the taxpayer for the relevant years and the provisions of this Ordinance shall, so far as may be, apply accordingly. Sub-clause (iii), (iv),(v) and (vi) of clause (b) of sub-section (1) of section 114 are as under: (iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory; (iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area; (v) owns a flat having covered area of two thousand square feet or more located in a rating area; (vi) owns a motor vehicle having engine capacity above 1000 CC. Tax Exemptions. Redevelopment. (a) owned and managed by a company formed for operating the said project and registered under the Companies Ordinance, 1984 (XLVII of1984), and having its registered office in Pakistan; (b) not formed by the splitting up, or the reconstruction or reconstitution, of a business already in existence or by transfer to, a new business of any machinery or plant used in a business which was being carried on in Pakistan at any time before the commencement of the new business; and. (56) The following perquisites, benefits and allowances received by a Judge of Supreme Court of Pakistan and Judge of High Court, shall be exempt from tax. Officials of Federal Board of Revenue (FBR) on Tuesday said that the Section 115 of Income Tax Ordinance, 2001 categorized persons, who are not required to file income tax returns. (i) received in respect of services rendered by a member of the Armed Forces of Pakistan or Federal Government or a Provincial Government; (ii) granted under the relevant rules to the families and dependents of public servants or members of the Armed Forces of Pakistan who die during service. (114) Any income chargeable under the head “capital gains” derived by a person from an industrial undertaking set up in an area declared by the Federal Government to be a “Zone” within the meaning of the Export Processing Zones Authority Ordinance, 1980 (IV of 1980). (22) Any payment from a provident fund to which the Provident Funds Act, 1925 (XIX of 1925) applies. Provided that where the person receives more than one such pension, the exemption applies only to the higher of the pensions received. (110B) Any gain on transfer of a capital asset, being a membership right held by a member of an existing stock exchange, for acquisition of shares and trading or clearing rights acquired by such member in new corporatized stock exchange in the course of corporatization of an existing stock exchange. Exemption from tax available through other statutes of the Government was withdrawn by virtue of overriding provision of section 54 of the Ordinance. Provided further that the profit and gains on sale of immovable property to a rental REIT scheme shall be exempt up to the 30th day of June, 2021. What is ‘start up’ under income tax ordinance? 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