For tax year 2013, the provision of section 177 and section 214C shall not apply to a taxpayer, if the tax paid on the basis of taxable income declared by the taxpayer for the tax year 2013 is at least 25% more than the tax assessed or paid, whichever is higher, for the tax year 2012.
SRO 1040(I)/2013 is an Income Tax SRO dated 5 December 2013, listed by FBR as "For tax year 2013, the provision of section 177 and section 214C shall not apply to a taxpayer, if the tax paid on the basis of taxable income declared by the taxpayer for the tax year 2013 is at least 25% more than the tax assessed or paid, whichever is higher, for the tax year 2012.".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
Government of Pakistan
Revenue Division
Federal Board of Revenue
Islamabad, the 5th December, 2013
NOTIFICATION
(Income Tax)
S.R.O. 1040 (I)/2013. - In exercise of powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in Part IV, after clause (83), the following new clause shall be added, namely:-
"(84) For tax year 2013, the provisions of section 177 and section 214C shall not apply to a taxpayer, if the tax paid on the basis of taxable income declared by the taxpayer for the tax year 2013 is at least twenty five percent more than the tax assessed or paid, whichever is higher, for the tax year 2012:
Provided that the taxpayer files separate proforma for the said exemption with return, in the manner specified in the circular issued by the Board.".
[No. 4(67) ITP/2013 (Pt-I)]
(Shahid Hussain Asad)
Additional Secretary/
Member (Inland Revenue Policy)
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